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How Technology Can Help Improve Your Rental Property Business

When you are a landlord, there’s a lot to juggle.And if you own more than one property, that’s two times, even three times the work. Managing it all can seem like a daunting task, but technology can be a huge advantage if you use it the right way. With the right technology tools,you can save time, money, and streamline your business processes.

Storage Goes Virtual

Paperwork is a huge part of the landlord game with leases, maintenance reports, repair invoices, and more. Keeping up with it all can be a real headache, but cloud storage may be a viable solution. Simply put, all of your files and documents are stored online or on the cloud. You can still have your paper files as a backup but storing your documents on the cloud makes it much easier to organize and access.

Tip: Look for a good cloud storage company that will allow you to easily expand according to your storage needs.

Security Systems Get Smart

Security systems for individual units are very appealing to higher-paying tenants. This amenity not only helps keep your property secure, but it also gives your tenants peace of mind. And many are willing to pay extra for that. Smart gadgets like smoke detectors and burglar alarms are a great bonus for the property, but remote security cameras are good to have as well.

Tip: Smart burglar alarms and smart smoke detectors will add value to your property as well as help keep it secure.

Streamline Rent Payments

Collecting rent is one of the biggest headaches for a landlord, especially if he or she has multiple properties. By making it possible for tenants to pay their rent online, it can alleviate the hassle. Tenants simply access the payment portal, sign in with their unique log on information, and pay their rent.

Tip: Implement an online payment portal so that tenants can pay their rent from their computer, phone, or other electronic devices. No more checks “lost in the mail!”

Give Tenants 24/7 Access to Vital Documents

Putting important documents online and giving tenants access to them is convenient for everyone involved. The property manager can tend to other duties while the tenants can view and download their documents no matter where they are or what time it is. You can even set up lease renewal with an electronic signatureto really simplify the process.

Tip: An online tenant portal can house lease agreements, addendums, maintenance history, and more that tenants can access at any time, day or night.

Maintenance Requests Are a Snap

When you manage properties, maintenance is just part of the game. But, if you have a property management company handling your rentals, you can sit back and relax while they take care of all the tedious details. However, if you are doing it on your own, then you want to consider offering an online portal fortenants to go online and submit maintenance requests. That way, you not only provide them with the ability to submit requests any time, you also have a record of when the request was submitted, when it was handled, what was done, and even a history of maintenance for each unit.

Tip: Make maintenance requests easy for both tenants and staff with an online request tool.

Technology can help improve your rental property by increasing its value and making it less time consuming for staff to manage. It also makes the property more appealing to prospective tenants. The key is to utilize technology that is best suited for the property and tenant base you currently and plan to serve.

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