How Technology Can Help Improve Your Rental Property Business

Property management technology continues to evolve. When a rental property business transitions from a paper-based business model to a digital, or hybrid model, productivity, efficiency, and transparency all improve.

Many landlords are turning to property management technology to help them control operating costs and boost client retention. But, when it comes to leveraging the power of digital tools, it all starts with knowing what is available.

Rental Property Technology for 21st Century Landlords

With the below rental property solutions, you can solve problems for owners, tenants, and investors. Let’s take a look and see how:

Cash Flow Management

Online payment portals today can accept virtually all forms of currency, including credit and debit cards, eChecks, ACH transfers, money orders, and cash options. There are even rumors that cryptocurrency is positioned to enter into the rent capture cycle in the near future.

Cash options for tenants are possible because modern property management software allows brick-and-mortar community businesses to accept cash, and immediately post the payment via an application similar to instant ACH transfer.

The advantage for rental property businesses are, faster, accurate rent capture, a time-stamped digital record, efficient integration with accounting software, and increased satisfaction for tech-driven customers.

Maintenance Department Workflow Optimization

Rapid response to service requests is critical in our digital world, especially when it comes to renters—they expect a response almost immediately. But, with dozens of options available, it’s easy to meet those expectations.

• Proprietary apps integrated in property management software allow tenants to request service online and follow progress.
• Stand-alone time management apps, scheduling apps, and applications are designed specifically for property management to empower company leaders to streamlines service request processes.
• Large companies, and those who manage multiple properties, use mobile technology as a documentation tool for exit inspections and make-ready preparation. Capabilities such as the ability to upload images and speech-to-text dictation, provide an added layer of protection against deposit retention challenges.
• Some companies use features to automate supply inventory tracking and replenishment, and pay vendors directly through a payment portal. Automated supply management often leads to discount pricing, saving time and money. Plus, you never have to ask an owner or renter to wait while you track down a thermostat for the HVAC system or send someone to the parts store for a new refrigerator filter.

Overcoming Communication Gaps

Almost everyone communicates via email these days, and email continues to be near the top of the list of preferred methods. By using digital communication tools, smartphones, and text technology, it helps rental property managers save time that is normally spent talking on the telephone. It also provides an exact transcript of every conversation—something that is important when you are juggling a host of projects at the same time. With integrated features, it’s even possible to receive text and email directly to the management pane of your software platform, giving you access to every conversation all in one place.

Marketing Like the Professionals

Technology exists today that allows you to instantly broadcast vacancies to hundreds of listing sites with just a few clicks. By maintaining an updated file on each unit, complete with price per square foot (to meet compliance mandates), photos, and a full listing of features and amenities, you can list a property as available now, or with a projected move-in date. There are even tech tools that compare your available unit to similar units in your area to help you set competitive rates.

Key benefits include, saving time and money, reducing vacancy days, and establishing competitive rent tiers.

Technology can help you save time, increase productivity and efficiency, and improve revenue management. How will you use technology to improve your rental property business?