With new technology coming out seemingly every day, more and more renters are looking for an easy rental experience that utilizes the convenience of modern tech. Understandably, some property owners are hesitant to do so, but running a business without adapting to the times is difficult, and technology can truly make things easier. If you’re on the fence about making the switch, let’s take a look at how technology can help you manage your rental property.
Even if you don’t have to collect payments from a lot of tenants, electronic payments make collecting rent much easier. When you give tenants the option to pay rent electronically, they’re more likely to put their payment on an automatic schedule, so it goes straight from their account to yours. This way, you get paid on time more often, and it goes directly into your wallet.
Digital payment apps keep records of deposits and payments and keep track of the amount paid and the date sent. This makes keeping track of rent collection easier and reduces the risk of disagreements about timeliness and the amount paid.
Certain apps allow tenants to send maintenance requests and log them directly into the systems. You can also provide an online submission form, so tenants can provide critical information such as when the issue started, what the problem is, the overall priority, and even pictures. These applications make record-keeping much easier, helping you follow the tips to prioritize maintenance requests.
Due to the COVID-19 pandemic, social distancing became the norm, which meant real estate agents and property owners needed to adapt. As a result, virtual tours became an easy, safe, and effective way to host a property showing. Property owners found that many buyers preferred this method, as virtual tours made it easier to assess if they wanted to visit in person. Fortunately, due to the rapid rise in virtual tours, technology has adapted, so it’s easier than ever for the average person to set up their own virtual tour.
Online marketing doesn’t require you to throw out your front yard For Sale sign; it just makes it easier for you to market your property to a wider consumer base. You can post pictures, property listings, amenity descriptions, and more on an array of websites, so dozens of people can learn what your property has to offer.
You can also make your own website or social media pages for your business to stay in direct contact with prospective tenants. If you put your contact information or a link to a contact form on your page, it’s easier for applicants to get in touch. The easier you make things, the more people will want to engage.
Now that you know how technology can help you manage your rental property, what modern tech will you employ? You don’t have to utilize every strategy listed here. Use what you’re comfortable with and what helps ease your workload.