As a rental property owner, you know that the key to success is finding a balance between managing your properties effectively and keeping costs low. Fortunately, there are many technological solutions available today that can help you achieve both goals. Here, Robin McInnis from Heller Murch Realty presents an overview of some of the most popular tools and technologies that rental property owners should consider taking advantage of.
Virtual tours are becoming increasingly popular as rental property management solutions. By allowing potential tenants to view your rentals from their computer or smartphone, you can save time and money by not having to show the property in person. Additionally, virtual tours allow prospective renters to get a better sense of the property before they commit to renting it. This can help reduce the number of people who back out after seeing a unit in person.
Another way technology can help improve your rental business is through online marketing tools. These platforms allow you to create targeted campaigns based on demographics or interests so that potential renters see your ads when searching for rentals online. This helps ensure that only those who are interested in your properties will see them, resulting in more qualified leads and fewer “tire kickers” who are just looking around but not serious about renting from you.
Accounting software is an invaluable tool for rental property owners. It helps keep track of all their financial transactions in one place, making it easier to analyse data and spot trends that could affect the success of their rental business. Accounting software eliminates manual processes while providing accurate data that can be used for reporting purposes or cash flow forecasting. Compare several of these programs before choosing one, as it is much easier to start with good software than to change things over after time has passed.
Smart technology is becoming increasingly prevalent in rental properties these days, allowing landlords to monitor their buildings remotely while providing tenants with features like automated lights, thermostats, locks, and more. Smart technology can help reduce energy costs while also improving security and convenience for both landlords and tenants alike.
Smart Home Security
It is also important to note that smart systems can be used as an additional layer of protection against theft or vandalism on premises — especially if monitored by an outside security company. This gives landlords peace of mind knowing their properties are secure even when they’re away from them.
Online Payment Options
Online payment options have revolutionised rent collection for landlords, making it easier than ever to keep track of payments and tenants. No longer do landlords have to wait in line at the bank or worry about tracking down late payments. With a few clicks, rent can be collected quickly and securely, saving time and money for both landlords and renters.
Simplified Background Checks
Similarly, online applications and background checks can help streamline the process of screening potential tenants without having to manually review each one yourself. This saves you time and reduces headaches associated with tenant screening processes, such as verifying references or conducting criminal background checks yourself.
Digital signatures are a revolutionary way to make the rental process easier for both landlords and potential tenants. With digital signatures, documents can be signed quickly and securely, eliminating the need for physical signatures. This eliminates time-consuming meetups, improves accuracy in tracking who has seen/signed specific documents, as well as simplifies paperwork management.
Protect Yourself with an LC
Forming a limited company is a beneficial step for any property rental business. It provides protection from personal liability and reduces the administrative burden of managing the business. Using an online formation service to form the LC makes this process faster and simpler; it's a highly recommended option for those looking to quickly establish their business without sacrificing quality or security.
Protect Yourself with an LC
There’s no denying that technology has drastically changed the way we manage our businesses over the past several decades — rental businesses included! By taking advantage of various technological solutions available today, rental property owners can increase their profits while simultaneously making their lives easier. From virtual property tours and online marketing tools to digital signatures and online formation services, technology provides us with many opportunities when it comes to how we manage our investment properties.
Are you looking for a new property to transform into a rental? Then contact Robin McInnis from Heller Murch Realty to get your house search started!
Photo Credit: Kindel Medial via Pexels