Did you realize that 27 percent of the American population rents a home or apartment? If you are looking for a great long-term investment, buying rental properties is a great idea. While owning and managing a rental property can be extremely challenging, it is well worth the time and effort you invest.
One of the best ways to make managing a rental home or apartment complex easier is by using the right property management software. Luckily, there are a number of programs on the market that are designed to make the life of a rental property owner easier.
Choosing the right software is only possible with a great deal of research. Rushing through this process can lead to the wrong programs being chosen.
The following are just some of the tech tools you need to use to make property management easier.
1. Keep Your Properties in Pristine Condition With Collaborative Operations Software
The backbone of any successful rental property is a well-informed and experienced maintenance staff. When problems arise in one of your units, you need to know that the management team you have in place can handle it. If you are looking for a way to make the job of managers and maintenance personal easier, using collaborative operations software is a great idea.
This cloud-based software allows your managers to create and expedite maintenance and repair requests in a matter of seconds. Once these requests are created, the crew you have handling this work will be notified.
With this software, you can manage the progression of a particular project from just about any smart device. Being able to see this progression in real-time will help you evaluate whether or not your tenants are receiving the timely turnaround they deserve.
2. Showcase Vacant Properties With the Help of Social Media
As any rental property owner knows, filling vacancies in a hurry is not nearly as easy as it sounds. The longer your properties stay vacant, the harder you will find it to maintain this source of income. For the most part, modern property owners don’t use newspaper ads or other traditional advertising methods to showcase their rental homes or apartments.
The best way to show a large audience the rental properties you have to offer is by putting them on social media. Creating an online presence will help you reach lots of people in your area.
Taking the time to make videos that provide potential tenants with a virtual tour of a property is a fantastic idea. When done the right way, this type of social media marketing can help you keep your properties full. Failing to take your property listing strategy into the 21st century can make it hard to edge out the competition in your area.
3. Use Property Management Software That Simplifies the Tenant Screening Process
Most newcomers to the world of rental properties are usually surprised to learn just how many people are looking for a quality home o apartment to rent. Finding a way to narrow down the list of potential tenants should be one of the main priorities you have.
Implementing the use of technologically advanced tenant screening systems is essential when trying to avoid the headache of bad renters. These programs will allow you to look at a potential tenant’s criminal and rental history. Once you have entered all of this information into the system, it will give you a risk assessment.
If a tenant screening system says a tenant is risky, you probably need to avoid renting them one of your properties. While it may be hard to tell a person you can’t rent to them, it can help you avoid damage to your rental homes and apartments.
4. The Power of Data Integration
One of the most powerful tools you can have as a rental property owner is an endless supply of relevant data. Getting data on things like how much properties around you are selling for and even the crime rate in an area can be beneficial.
As you collect this data, you can start to make decisions regarding whether you need to hang on to a piece of property or sell it before it loses value. Working with IT professionals is a great way to find out how to keep the data you collect safe and accessible.
When choosing new property management software programs, you should find out if it has integration capabilities. The future of data collection and management is all about programs co-existing and feeding each other important information. By investing in software that features this type of integration, you can future-proof your tech solutions.
5. Online Rent Payments Are Very Convenient
Collecting rent is one of the most time-consuming things you will have to do as a landlord. If you are like most rental property owners, finding a way to make this process less stressful and more efficient is probably a top priority.
One of the best ways to make rental payments easier for you and your tenants is by allowing them to pay online. An overwhelming number of Americans pay their bills online due to how easy it is. When looking for an online payment processing software, you need to pay attention to the security measures they have in place.
The last thing you want is to use a system that will sell information to a third-party. By taking your time to research all of your online payment processing option, you can find a safe and effective program to use.
Technology Can Simplify Property Management
Embracing the power and convenience of property management software can be a bit intimidating at first. With the right technology in place, you can manage your properties more efficiently than ever before.
Are you looking for more information about how to manage your rental properties? If so, be sure to register for The Landlord Property Management Academy today.
