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How Technology Can Help Improve Your Rental Property Business

How Technology Can Help Improve Your Rental Property Business

As a rental property owner, there are several tasks and responsibilities to juggle, especially if you own more than one property. You may have to deal with handling paperwork, tending to tenant requests, and managing the marketing for vacant units, and more. However, the latest technological advancements and innovations that we have access to today can ultimately help you streamline your business, saving you time and money in the long run. Learn more about the numerous ways that technology can help you manage your rental property business more efficiently.

Maintenance Records

When a tenant requests maintenance, it can be easy for some details to get lost in the request, leading to inefficient services that may need a do-over. Prevent miscommunication on these procedures by using the latest in property management software. This technology allows tenants to enter precise information and managers or landlords to respond and schedule repairs promptly. It also gives you access to the full history of a unit, location, or device, which can be useful information if future repairs or maintenance are needed. Most software will also allow you to track keys, fobs, garage door openers, and lock boxes so you can do away with spreadsheets!

Smart Home Technology

Today’s younger tenant desires automated, personalized services, as well as new technology and innovations in his or her home unit. Provide some smart home technology to the building to attract high-paying customers. Some of these innovations include energy-efficient HVAC systems, detection of the building’s overall water usage, and smart burglar alarms or smoke detectors which can be seen here. These devices make the maintenance and protection of the building, and everyone in it, easier, while also attracting new, more modern customers.

Paperless Paperwork

Tenants must sign multiple documents and agreements when applying and staying at a rental unit, and landlords must keep track of every single document. This is particularly difficult if they also own multiple rental units. Online property management programs allow the tenant to sign various documents, easily track them, and if you use the cloud, you can even make them easily accessible to the tenants.

Online Listings

With online rental listing services, it’s much easier to get marketing information about your property out to the public. Websites like Craigslist or Zillow provide you with a variety of information slots that you can fill out for each building or rental unit. The more detail you add to the property’s online listing, including high-quality photos and descriptions, the more likely prospective tenants will choose your building or featured unit for their new home. Also, most software allows you to create one ad that will blast out to dozens of online platforms!

Online Tenant Payment

Online payment provides plenty of convenience for both tenants and landlords. A tenant will find it more convenient to pay online from the comfort of their home or a smartphone than through check, cash, or other methods. Setting up an autopayment system can even reduce the number of late payments. Paying online also saves you the trouble of going to the bank multiple times to deposit payments and makes it easier to keep track of and access payment records in case of disputes with the tenant.

Take advantage of these technological advancements to improve the way you run your rental property business. Even though being a landlord comes with an overwhelming amount of responsibilities, you can always seek help from a property management company in handling them.

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by Brian Perry // Brian Perry is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.