Owning real estate can be an attractive endeavor, but it’s important to note that managing a rental property can be time-consuming and even expensive. With the help of technology, however, landlords can save time and effort while still offering excellent service to their tenants. Consider these ideas from Scoop USA and start managing your rental properties with technology.
Get More Exposure with Virtual Tools
Virtual tours are most common for real estate listings up for sale, but property owners can use them for rentals, too. Matterport reports that over 70 percent of renters said they would lease an apartment after a virtual tour—without seeing it in person.
Consider incorporating virtual tours for prospective renters or recording a live walk-through tour. You can hire a company to create a 3D tour for the property or use a smartphone or tablet to record a video tour.
You can connect your virtual tour to your online listings, too. Start by reviewing comparable properties in your area. For example, apartments in Philadelphia start at around $1,700. Once you have a competitive price set, then take your pictures and either link to or upload your virtual tour, depending on the services you’re using. Then, potential renters can see why your property is the best choice when they review other online listings in your area.
Protect Yourself with an LLC
A helpful technological measure for your rental business is registering online as an LLC. You can file digitally to avoid lawyer fees and reap benefits like limited liability, flexibility, and tax advantages. Check your state’s rules regarding LLC formation before taking action.
Under an LLC, you can create multiple brands, which helps expand your business later. Shopify explains that many business owners use a DBA (doing business as) to separate brands for marketing, privacy, and banking purposes.
Use PDFs to Streamline Your Records
Digitizing important documents is a helpful step in organizing rental property records. For example, with digitized PDF records, you can split the PDF to cater to a specific audience. Plus, it’s an incredibly simple process. Just do these steps to divide your file: drop in the file, set the divider lines where you want to extract, and save the new files. It’s that easy!
Landlords can also record signatures digitally without having to meet tenants or applicants in person. Various applications allow you to send and receive contracts, deposits, and more digitally
Process Online Payments
Offering online rent payments can streamline your collection process, explains Roofstock. Depending on the number of rentals (and tenants) you have, you may choose an informal payment collection method through Venmo, Zelle, or even PayPal. Yet specialized rental payment software provides tools like late fee charges, reminders, and other helpful features.
Keep in mind, however, that not all states permit exclusive online payments. Check your state’s requirements or set up an alternative payment method (such as mail or drop-off) before implementing electronic payments.
Set Up Remote Monitoring
Part of managing a rental property is ensuring it’s safe and secure. By adding remote monitoring technology, you ensure safety and comfort for your renters. For example, smoke detectors, carbon monoxide monitors, and other devices send alerts when conditions are unsafe.
Other technology can be helpful for you and your tenants, such as remotely-controlled smart thermostats. You can even incorporate smart technology into rental units, such as voice-controlled lighting, audio, and doorbell cameras.
Utilize Digital Lockboxes
Another helpful remote tool for property owners is a digital lockbox setup. Whether you want a property manager to show a rental or need to give a maintenance person access to an apartment, a digital lockbox gives secure, one-time access without extra copies of keys.
Keep in mind that according to tenant rights laws in most states, you must provide notice to resident tenants well in advance of showings or scheduled maintenance.
Hire Online Help
Rental property owners can also take advantage of remote work technology. If you need to hire help, such as an answering service, scheduling support, or even a personal assistant. You can do so remotely. With remote, contracted staff, you won’t have overhead costs like office space rentals or insurance expenses.
Implement Technology for Your Rental Properties
Making the most of your rental property means managing it in smart, efficient ways. With these technology solutions, like virtual tours and remote management systems, you can save time, money, and effort while delivering a great experience to your tenants and team.
