Landlord Upgrades: Using Technology to Get The Most Out of Your Rental Property
Article by Laurie Abner, author of Safe Happy Houses.
Landlord Upgrades: Using Technology to Get The Most Out of Your Rental Property
As a rental property owner, you should always be looking for ways to improve cost efficiency and streamline management processes. Fortunately, technology has made it easier than ever to do both. Today, the experts at Wholesale Invest Pro present a few technological strategies that rental property owners can add to their playbook.
Virtual Property Tours
In the age of the pandemic, it’s important to minimize in-person contact as much as possible. One way to do this is by offering virtual property tours. This can be as simple as creating a video tour of the property or using virtual reality technology to give potential tenants an immersive look at the space.
Online Marketing Tools
Marketing your rental property online is crucial for attracting tenants. There are a variety of tools available to help with this, including social media platforms, classifieds websites, and property listing sites. These tools allow you to reach a wider audience and make it easier for potential tenants to find and contact you.
Accounting Software
Managing the finances of a rental property can be time-consuming and complex. Using accounting software can help to streamline this otherwise tedious process by automating tasks such as invoicing, tracking expenses, and generating reports. This can save you time and reduce the risk of errors.
Online Payment Options
These days most rental transactions take place online – you can help make it easier for your tenants to pay by offering several options, including online payment portals, mobile apps, and automatic debit systems. If you are not comfortable with this aspect of your business, consider hiring property management to take care of it for you.
Smart Technology
Smart technology can make properties more energy-efficient and safer for tenants. This can include things like smart thermostats, which allow tenants to adjust the temperature remotely and can help reduce energy consumption, and smart fire and CO2 alarms, which can alert tenants and property managers to potential dangers. Look at a few similar listings in your area to see what kinds of technologies they are offering tenants. This information can help you to decide what to add to your own properties.
Automated/Smart Home Security
Smart home security systems can help protect your property and give you peace of mind. These systems can include things like door and window sensors, motion detectors, and cameras. They can be controlled remotely and can send notifications to your phone if there is any unusual activity.
Digitized Paper Records
For better organization and reduced clutter, it’s often worth taking paper records and converting these into a digital format. You can use online tools to help you with this – a PDF splitter tool, for example, helps you to split large PDFs into multiple, smaller files, simultaneously allowing you to easily rename or share these new PDFs with others.
Business Formation
For some landlords, it makes more financial sense to operate under a company alias – for example, a Limited Liability Company (LLC) can provide you with tax advantages, as well as reduced personal liability and less paperwork. Thankfully, you can easily learn how to start an LLC in Texas yourself or hire a formation service to establish your LLC for you without the lawyer’s fees.
Background Checks
The process of screening tenants can be time-consuming and tedious. By offering online applications and background checks, you can make it easier for potential tenants to apply and for you to review their information. This can help speed up the process and allow you to make more informed decisions.
Let Technology Make Your Job Easier
For rental property owners, you’re likely to spend a lot of time looking for ways to make your property profitable and easier to manage. Thankfully, with advances in digital technology, there are more strategies than ever to help with this. Take a leap and try some for yourself!
Wholesale Invest Pro has the experience, courtesy, and professionalism you need to help you find the investment property you deserve. Call (281) 560-3648.
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