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Thursday, October 3, 2019

How Technology Can Help Improve Your Rental Property Business

Becoming a landlord, or a property manager of one or more rental properties, often means you have to wear many hats. One minute you may be up to your elbows in a clogged drain, and the next, you may be trying to decide the best media channel to advertise a vacancy.

Fortunately, the technology available today can save you time, money, and frustration associated with rental property ownership. Whether your biggest challenge is listing vacancies, qualifying prospective tenants, or responding to inquiries promptly, technology can help you overcome obstacles.

Property Business

This article will discuss three ways that property management software can help improve your rental property business.

Three Ways Technology Can Help Immediately Improve Your Rental Business

#1 Immediately Respond to Messages

Leasing activities can be very stressful. Today's renters expect a quick answer to their inquiry and may want you to respond with their communication channel of choice. So, if a person sends you an email about pricing, they should get an email response as quickly as possible, but at the very least within 24 hours. By using technology with built-in artificial intelligence features, you can ensure they get a response instantly using their preferred communication channel. This means you'll never lose a prospect because your response was sluggish, or you missed an email alert while you were on the roof checking a leak.

#2 Offer Self-Guided Tours

When you have several rental properties, finding a convenient time to meet a prospect to view a property can be challenging. Automated scheduling can virtually eliminate all scheduling conflicts. Your virtual assistant can answer the call, check the property viewing calendar, provide a one-time access code to the digital entrance or lockbox, and even make a call after the tour to follow-up with the prospective tenant. And, you can establish alerts that keep you informed as the process progresses. If time permits, you can drop by the property to introduce yourself or make a personal call to follow-up after the tour.

#3 Streamline Property Inspections

Every experienced property management team can agree that seasonal or annual property inspections and preventive maintenance extend the life of appliances, structures, and fixtures. Technology can make the process easier while ensuring you have a comprehensive record that includes photographs of issues that need further attention, digital notes of services performed, and detailed repair reports. All of these are usually available with nothing more than a smartphone or tablet and an internet connection with access to the property management software, which most small business owners already have—no substantial financial investment required.

What Is Your Dream Technology?

Along with the above three benefits, technology helps landlords set competitive prices, list vacancies to multiple online sites simultaneously, screen tenants, and provide mobile lease signing solutions. Cutting-edge property management software empowers custom-focused landlords and managers to meet their customers’ needs with less stress.

If you are facing a particular challenge or issue in your rental business, there is probably already a technology solution that could eliminate the pain. Dream big, and then do some research or contact a property management software provider in your area today to learn more.

About the writer: Patrick Freeze is the President of Bay Management Group, which manages about 4,000 units in the Mid-Atlantic Region. The company is overseeing more than $700 million worth of real estate as of October 1st, 2018.

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