Although manual methods served a purpose in their day, managing rental properties is no longer confined to spreadsheets and manual processes. Technology has revolutionized the entire industry by offering tools that increase efficiency, improve tenant satisfaction, and boost profitability.
What can you do with software? There’s an application for everything, including accessing local market trends, checking competitive rental rates, finding new investment opportunities, managing tenant requests, accepting online rent payments, and more.
If you’re a property investor curious about how technology can help you become more profitable, here’s what you need to know.
1. Property management companies have all the tech
Working with a professional property manager is the best way to get access to all the benefits of real estate management technology without having to get your own subscriptions.
Let’s face it, if you sign up for the best real estate investment software applications, you can expect to pay thousands of dollars every year. Property management companies pay the same fees, but they work with enough clients to absorb the cost. If you’re only managing one or two rental properties, software might not be cost-effective.
When you hire a property manager, you’ll get all the benefits of running your investment business with the latest and greatest technology, but without having to pay for all the accounts yourself. On top of that, you’ll have top-notch service from a team of professionals dedicated to taking care of your tenants and your properties.
For example, Green Residential, a Houston property management company, offers Texas investors a full suite of services that makes owning rental property mostly hands-off. They take care of everything from tenant screening and rent collection to drawing up lease agreements and handling evictions. Property managers are already good at what they do, and technology just makes them even more efficient.
2. Online rent payments are essential
If you haven’t started offering online rent payments, now is the perfect time to introduce this feature to your tenants. Most people want to pay rent online and don’t like having to get a cashier’s check or money order to make each payment in person. Online rent collection software simplifies the payment process, encourages more on-time payments, and makes it easier to manage your finances.
With online rent collection, you can offer multiple payment options, including credit or debit cards and ACH transfers. There’s also an option for tenants to have rent automatically deducted from their account each month. An online rent payment application will also send automated payment reminders and apply late fees to the total rent due according to each tenant’s lease.
3. Tenant screening is easier with technology
Screening tenants requires a handful of separate processes, including application processing, credit checks, background checks, reference checks, and more. When you use an online tenant screening platform, you’ll get access to streamlined applications, in-depth background reports, credit history, criminal records, and eviction history all in one platform.
4. Online portals are the key to happy tenants
Online portals can be used to collect rent, streamline communication, receive maintenance requests, and provide tenants with self-help resources, like contact information for local electric and internet companies.
With instant messages and real-time notifications, you can communicate online with tenants without using email or text messages. Sometimes it’s just faster to communicate online without making a phone call.
Maintenance and repair requests are essential to tackle quickly, but they can be overwhelming and difficult to track without using software. The best method is to have tenants submit requests through an online portal so you can track, organize, and prioritize each task effectively.
If you’re looking for feedback to enhance tenant satisfaction, a tenant portal is a great way to collect insights from your current tenants.
5. Automate routine maintenance
Whether it’s a routine inspection, gutter cleaning, or time to sprinkle moss-off on the roof, automating routine maintenance tasks will prevent minor issues from turning into major problems. Setting reminders will ensure nothing slips through the cracks while you’re busy with life.
6. Online tours save time
Showcasing your properties online with 3D virtual tours will save you plenty of time by reducing the need for in-person showings. You’ll still need to show properties in person, but virtual tours will help you weed out a lot of casually interested parties without having to do any work.
Technology is the future of property management
Using tech to manage rental properties is no longer optional. Whether you hire a property management team or handle it yourself, the right applications can enhance efficiency, improve tenant satisfaction, and make your rentals more profitable.