Being a landlord requires a lot of time and effort, as they often have the responsibility of finding tenants, collecting rent, paying for utilities, and maintenance. Even when you have a staff, it can still be a lot of work managing your employees and keeping abreast of the situation on all your properties. It’s no wonder people opt to skip the hassle altogether by seeking out local property managers in their area.
Thankfully, today, property owners have a plethora of modern technology to help them manage their businesses more productively. Keep reading to find out 6 ways you can reduce stress, save time and boost your profit.
1. Cloud technology
In the modern world, you now have multiple options to help you store data safely while making it more accessible. Apps like Dropbox and Google Drive give property owners more flexibility when managing several documents because it’s all stored online. That makes it easier to organize and track compared to their physical counterparts. Plus, you don’t have to worry about your files sustaining damage from the elements or other home accidents because you can always retrieve a copy on any of your devices.
Cloud technologies also offer property managers the opportunity to collaborate more effectively. Suppose you have employees working for or with you. In that case, you can easily upload, edit and review information about your rental properties together, despite being in different time zones or geographical locations.
2. Automated rent payment
While many people still rely on physical cash and checks as a form of payment, there are now online payment platforms that make it easier and safer for tenants to pay rent. Offering your residents the opportunity to go digital gives them more flexibility because they can pay at any time with their credit card or Paypal using their device. Providing auto-pay options also reduces the pesky problem of late rent payment. It also makes receiving payment a breeze for you, as you can have the money sent directly to your account, which makes tracking payment easier.
Landlords that refrain from using online rent payments are often cautious about security, but on the contrary online payments can be a lot safer. Why run the risk of moving around with a lot of physical cash when there are secure platforms like Clickpay, Rentmoola, and more that specifically make rent processing easier?
3. Online marketing
These days people spend more time on their phones than they do flipping through a newspaper, and while traditional forms of media can still be effective in their way, there’s no denying the shift towards the online market. People looking for a place to rent are more likely to start with a Google search, so why not advertise where your audience is looking?
You could set up a social media account or website where potential tenants can contact you directly if they have questions. Or sign up on online listing sites like Realtor.com, Zillow, Apartments.com, and more. Remember that visuals are essential in attracting customers, so ensure you add high-quality photos and include a description of everything your property has to offer. For example, tenants might lookout for features like wheel-chair accessibility, kid-friendly neighborhoods, proximity to stores, pharmacies, and so on.
4. Smarter devices
Residents gain more satisfaction and comfort from knowing their home or building uses the latest technology to keep them and their property safe. So if you’re looking to make your property more attractive, and increase your profit, consider investing in newer and more innovative gadgets.
Improve your surveillance with remote security cameras and sensors that offer you live footage on your device or state-of-the-art alarm systems that notify your tenants of intruders. Amenities that guarantee your residents’ safety and security will always be a massive plus on your side when considering their options.
5. Digital connectivity
The digital world continues to grow, especially since the appearance of COVID-19. More than ever, people are working from home, and houses that provide the most advanced mobile connectivity are gaining more traction. So if you haven’t upgraded your internet services to support 5G and enhance digital workflow, now is as good a time as any.
You’ll receive faster insights from your smart devices, which can go a long way in improving the maintenance and security of your buildings. Also, you’ll find it easier to attract newer and higher-paying tenants because of the better service, which is a great selling point for people who work remotely.
6. Property management software
Property management software is like the all-in-one solution for the modern landlord. Many of the leading ones on the market, like ManageCase, Buildium, and Appfolio, are user-friendly, so you can set them up quickly and start managing your business more efficiently. They’re like a buffet of other technologies, including lease management, bookkeeping services, maintenance tracking, and even cloud storage.
They’re the ideal management tool because they help property owners reduce their workload, set up automated reminders, monitor inspection checklists, and even automate rent payments.
Of course, each software varies according to services and prices; many of them still offer users a test run in the form of a free trial or account. So if you like what you see, you can upgrade to a paid version.
Property management technology makes managing your business easier in different ways, from storing information, advertising, and collecting rent. Adapting newer and more efficient ways to manage your properties goes a long way in increasing customer satisfaction, boosting your income, and saving you time and money.