By: Cody McBride of TechDeck
(December 19, 2023) - Being a rental property owner comes with all kinds of challenges. Among other things, it entails managing a property, collecting rent, and keeping your tenants happy. However, managing properties has become a lot easier with the rapid advancement of technology. Countless tools can help you streamline your processes and automate tasks to reduce stress and boost your profits. Real Estate Daily News introduces you to the seven best rental property technologies to embrace in 2024.
- Property Management Software
Property management tools have significantly changed the way property owners manage their rentals. The right software lets you automate a wide range of tasks – from rent collection to tracking maintenance requests and lease renewals. You can also use a project management platform for insights into your rental property’s performance, allowing you to make data-driven decisions. Most importantly, you can have all your data centralized in a single place, so it’s easier to organize, access, and review.
- Digitize Your Records
To avoid the stress and hassle of keeping all that paperwork organized, try digitizing your records and saving them on your devices. You can even convert the files to PDF format and merge them to make organization easier. You can use this if you’re looking for a free tool to get the job done! Digitizing your documents will make the tax season much easier, too!
- Utility Tracking
Keeping up with utilities is often the most challenging aspect of managing a rental property. The good news is that there are technologies that can help you track all your bills in one place while saving time and money on essential utilities.
- Virtual Tours
Finding tenants can be tough in today’s market, which is where virtual tours come in. These tours allow potential renters to view a property without physically visiting it. You can create a virtual tour by taking 360-degree photographs or videos of your property. This will save you time and reduce in-person visits while providing a more immersive experience for potential tenants.
- Smart Home Devices
These are becoming more popular among homeowners and renters alike. By installing smart thermostats, lights, locks, and other smart devices, you can significantly reduce energy costs, boost security, and make it easier to manage your rental remotely. For instance, you can set the thermostat to a specific temperature to lower your energy bill. And you can control the lighting remotely via an app, no matter where you are!
- Tenant Screening
Ultimately, tenant screening technology can help you weed out bad renters before they move in. These services can check an applicant's credit score, criminal history, and rental history, among other things. Armed with this information, you’ll be able to make better-informed decisions about who to accept as a renter, greatly reducing the risk of problems like late payments, property damage, or evictions.
- Smart Payment Systems
Payment systems are essential for collecting rent, but traditional methods like checks or cash can be inconvenient and time-consuming. You can simplify the process through a smart payment system. That way, tenants can pay their rent online and reduce the need for in-person transactions. You can save time and avoid late payments!
Technology has unquestionably revolutionized how we manage rental properties. Property management tools, utility tracking software, and digitizing your documents will help you streamline your processes, lower your costs, and improve your profitability. Embracing any kind of technology requires an investment, but the right tools will pay off big in the long run by making your job easier and more efficient!