The Simple Tech Tools That Will Save Landlord Time
Landlording is a challenging job. Investing in property can produce passive income, which is undoubtedly appealing. But managing properties is a challenging task. You must take care of property maintenance, vacancies, disputes, emergencies, and rent collection regularly. Any measure that makes the landlord’s job easier is welcome.
Several technological solutions can make your job as a landlord easier. Property management apps can handle rental applications, rent and security deposits, property maintenance, tenant screening, and rent collection online. You can maximize profits as a landlord by using technological solutions for apartments for rent in Chesapeake, VA.
What are some ways that technology can simplify your life as a landlord? Using mobile apps and smart home devices to run a successful rental business is the topic of this article.
Technology and landlords
Our lives have been changed by technology. With a smartphone, you can do anything. Almost everything can be done with an app, from ordering a cab to banking to keeping track of your health. Online rent payment makes sense for tenants.
With the COVID-19 pandemic in 2020, landlords needed to go digital. McKinsey reported in April 2020 that real estate investors had to find online solutions overnight. Organizing virtual showings, signing leases, and holding meetings online were all done digitally.
According to the report, online solutions increase loyalty, streamline business, and maximize profits. Tenants also benefit from digital rental solutions.
Taking back your time can be achieved using some of the most basic technology.
1. Email templates
Are you making the most of your email platform? Email templates and automated email responses are easy to respond to frequently asked questions quickly. Providing key information to potential tenants can be done using an auto-response. Furthermore, they use templates for common correspondence that can be easily accessed to reuse over and over again while they wait for a formal response. You can save time copying and pasting instead of writing the same email.
2. Electronic signatures
You’re wasting your time if you still have to wait for mailed documents or meet in person to sign lease agreements. You can use programs like Adobe, DocuSign, or even your local landlord association to send documents out for electronic signatures if you use a property management software platform. Signing a lease faster this way.
3. Payments online
It would be best if you didn’t have to wait for a rental income check, but it still happens. Due to the ease of access, tenants are more likely to pay full rent on time when they make payments online. Your business has various options depending on what works best for it, such as credit card payments, ACH payments, electronic cash payments, etc. Online payments may require a small fee, but the time you save in the long run makes it worth the investment.
4. Resolve repair requests
Repair requests can be managed more efficiently using a variety of technological solutions.
Suppose your tenant reports a leaking pipe. In an app for property management, they can request repairs directly. A photo or video of the problem can also be sent. Then you can decide what action to take based on the urgency.
Rental apps can benefit you in a variety of ways. Using the app, you can store a list of approved contractors. It’s as simple as forwarding the repair request to them. App users can also pay their bills directly.
Maintaining a repair request database can also help you maintain properties better. Consider the case of leaking faucets. Replacing the faucets with better-quality ones may be more cost-effective if you keep repairing them.
5. Automatic reminders
As a landlord, you will take another mundane task off your plate by setting up emails or text messages to remind your tenants to pay rent. Regular maintenance and inspections can be scheduled as reminders. Your job will become much easier when you eliminate the need to remember hundreds of routine tasks throughout the year.
6. Syndicated rental listings
Save time by simultaneously listing a vacancy on multiple rental sites. You need as many as possible in this case, but research which sites are popular with your target audience. You will thank yourself in the future if you include a list of frequently asked questions in your ad and explain the application process in detail.
7. Smart technology for homes
Adding smart technology to your rental properties can simplify your life. Smart home devices can control a home’s heating, lighting, security, and safety. While some smart devices are beneficial to landlords, others are beneficial to tenants. If landlords use smart home devices, they can enjoy the following benefits:
Smart smoke and carbon monoxide detectors
When smart sensors detect smoke or CO, they send you to push notifications. Make sure your tenants are okay. The alerts can also be received anywhere.
Heating bills can be reduced with smart thermostats. Smart devices adjust the temperature based on heating and cooling patterns. Paying for a tenant’s heating is a good time to use intelligent devices. You will save money and cut bills if your tenants pay heating costs.
You can live stream video in communal areas. If your tenants have alarms or you want to increase security, this can help.
8. Tenant portal
You’ll save a lot of time by creating a place where tenants can self-manage important information by setting up a tenant portal using property management software. The tenants will no longer have to call, email, or text you to request maintenance, set up automatic payments, or check their account details or payment history.
9. Contactless showings
COVID-19 challenges real estate professionals. Contactless showings allow you to show people around without being present. Each prospective tenant gets a unique code. Using this code, you can arrange a video call with them while they’re at the property.
If tenants currently live in the property, you must be present. In contrast, contactless showings can save you a lot of time when vacancies exist.
10. Approve rental applications
The use of technology makes the process of buying a home and applying for a rental easier. The application process can be streamlined by using online forms. On a standard rental application, tenants fill out the relevant information. Furthermore, the tenant gives permission for credit and background checks to be carried out and references to be requested.