As rental property owners, maintaining and improving your investment properties can be challenging, especially if you are taking on the majority of the workload on your own. Fortunately, there are a number of technology tools available to help you streamline and optimize your property management. Today, Quality Title Group covers how property owners can make use of tech tools to make their rental properties more profitable and easier to manage.
Provide Virtual Property Tours to Your Listings
Virtual property tours have become a staple in the rental community as the first point of contact between potential renters and their next home. Many of those interested in renting may not have the flexibility to attend an in-person viewing, so virtual tours offer a detailed look at the property without the need for physical attendance. Rental property owners can check out comparable online listings to learn more about what features to offer with their virtual tours to draw in prospective tenants and stand out in a crowded rental market.
Stay on Top of the Financials
Keeping track of the various financial intricacies involved in rental property ownership can be overwhelming, especially when handling multiple properties. This is where accounting software comes in handy. This software can automate bookkeeping tasks such as tracking rent payments, expenses, and invoices.
Showcase Your Property With a PDF
A great way to showcase your properties is by creating a PDF that lists their amenities, supplemented with high quality images. If you aren’t sure where to begin, start in Word, make sure you include plenty of great photos, then save the file as a more professional-looking PDF. From there, if you ever need to convert the file to help with your search and accommodate different platforms, there are plenty of free online tools you can use.
Provide Ways for Tenants to Pay Rent Online
The ability to pay rent online is a convenience that tenants have come to expect. As a rental property owner, online payment options offer speed and flexibility to the rental payment process and can be done securely through software such as Venmo, PayPal, or Stripe.
Add Tenant-Friendly Smart Technology
Smart technology is becoming more popular among rental property owners, offering a range of benefits. These devices can monitor the property when vacant or help keep tenants safe and secure. Features such as smart locks, security systems, smart thermostats, and even some light bulbs offer varying degrees of convenience and energy savings while being easily programmable.
Screen Tenants and Run Background Checks Online
Tenant screening is a vital part of the rental process. Moving past a tenant’s application and credit check, background checks are useful for verifying information and ensuring that the tenant has no prior eviction or criminal record. As an added advantage, rental property owners can also offer online applications that can be sent to any number of applicants via a secure online portal, streamlining the rental process.
Accept Online Maintenance Requests
Maintenance requests can be a disruption to the daily routine of a landlord or property owner, but online maintenance request systems allow tenants to quickly submit requests, which can reduce the amount of time it takes to respond to those requests. Additionally, online maintenance requests can help rental property owners track work orders more effectively.
Register Your Rental Property Business as an LLC
Landlords can significantly benefit from registering their rental property ownership entity as a Limited Liability Company (LLC), which offers personal asset protection against any claims that may arise from injuries or damages that may occur during the rental process. This means that a landlord’s personal assets will not be at risk if an issue occurs on the property. Using an online formation service can help simplify the confusing registration process and ensure quick, correct filling.
In conclusion, technology tools offer great benefits to rental property owners, such as eliminating paperwork, automating specific processes, and simplifying communication. These tools help increase efficiency, reduce stress, and enhance profitability. So if you’re a rental property owner, consider investing in these tools and streamlining the rental property process. From online tenant applications and smart technology to accounting software and virtual tours, there’s a wide range of tools out there to help property owners make their properties more profitable and easier to manage.
Quality Title Group offers a wide variety of buying, selling, closing, and escrow services. Call 901-249-4787.
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