Property management is constantly evolving, and technology is transforming every facet, from managing rent collection to maintaining buildings. Landlords can leverage technology to manage their properties better, improve tenant satisfaction, and increase profits. Today, Johanna Sicat Altman will explore how landlords can use technology to their advantage for better property management.
1. Streamline Rent Collection With Online Payment Platforms
One of the most significant advantages of leveraging technology for property management is streamlining rent collection. Landlords can collect rent seamlessly and efficiently by using online payment platforms such as Zillow Rental Manager, RentRedi, and Cozy. These platforms allow tenants to make payments directly from their bank accounts, saving landlords the hassle of collecting cheques, depositing them, and keeping track of receipts.
2. Automate Maintenance Requests
Maintenance requests can be a significant hassle for landlords, as they often require organizing schedules, coordinating with contractors, and communicating with tenants. By automating maintenance requests using software like Building Engines, Appfolio, and Yardi, landlords can streamline this process and better manage their properties. Such software can also help schedule preventive maintenance, track repair expenses, and quickly issue work orders.
3. Use Innovative Home Technology For Energy Efficiency
Innovative home technology makes it easy for tenants to control their rented space’s temperature, lighting, and other home systems. By installing energy-efficient thermostats, intelligent lighting systems, and similar technologies, landlords can help their tenants lower their energy consumption, reducing utility costs. This can help to attract more environmentally-conscious tenants, which can also improve overall tenant satisfaction.
4. Utilize Virtual Touring To Speed Up The Leasing Process
With virtual touring, landlords can save time and money on in-person viewings. Landlords can use software like Zoom, Skype, or Matterport to give prospective tenants a virtual tour of their property from their homes. This saves landlords time and money and helps attract tenants from any location, boosting the property’s visibility and reach.
5. Monitor Your Property With Remote Viewing Systems
By installing remote viewing systems, landlords can keep their eyes on their property without being physically present. These systems include video cameras, motion sensors, and other equipment that can be accessed remotely through personal devices or cloud-based surveillance systems. This can help prevent unauthorized entry, monitor tenant activities, and resolve possible disputes.
6. Engage With Tenants Through Social Media
Landlords can use social media to interact with tenants and build better communities. By creating social media accounts for their properties and posting about events, updates, and news, landlords can make sense of community among tenants, fostering a positive relationship between them and the landlord. Moreover, social media is a great tool to address concerns or queries quickly and efficiently, further improving tenant satisfaction.
7. Ensure Compliance With Property Management Regulations
With so many rules and legal compliance requirements to consider when managing a property, landlords can struggle to stay on top of everything. However, with software such as Entrata and RealPage, landlords can manage compliance tasks, track documents, and ensure that their property meets all industry regulations.
8. Leverage Data To Make Informed Decisions
Data is a powerful tool in property management, and by leveraging it effectively, landlords can make more informed decisions about their properties. With software such as Buildium, landlords can collect data on tenant profiles, lease renewals, maintenance costs, occupancy rates, and other metrics to gain insight into the performance of their properties. This can help landlords optimize their strategies and maximize their profits.
Concluding thoughts…
Johanna Sicat Altman recognizes that technology offers landlords many tools to improve their property management practices. By embracing these tools and services, landlords can save time, reduce expenses, and improve their overall rental property management. From automating rent collection and maintenance requests to engaging with tenants through social media, there are countless ways to leverage technology for better property management. So, explore the possibilities and see how technology can help your property management business.
