Being a landlord in the technological age may be a bit more complex than it was a few decades ago, but it can also be much more streamlined, as well.
Modern technology makes it possible for landlords to accomplish tasks in a fraction of the time it took in the past, leaving you with more time to do other things.
Take a look at five ways technology can make your property management tasks faster and easier:
1. Smartphone Apps for Landlords
There are actually quite a few smartphone apps out there that can make it easier to be a landlord.
These apps can help you stay more organized by keeping all your documentation together in one place.
For example, there are landlord apps on the market that:
- Alert landlords about deadbeat tenants
- Keep track of tenants’ rental payments
- Update maintenance requests from tenants
- Remind landlords to update rental paperwork
- Keep track of utility payments
At the touch of a button, these apps help you streamline your filing system and access all of your important day-to-day tasks from your cell phone or tablet.
2. Digital Document Signing
In the old days, landlords had to print out documents that needed to be signed before delivering them by courier, fax, or mail to prospective tenants.
Through advanced technology, you can now save time and money by signing all of your tenancy documents online using a digital signature.
Online document signing can revolutionize the way you do business as documents can now be signed in mere seconds through a safe and secure interface.
Plus, digitally signed documents can quickly be shared online with all parties involved.
3. EFTs and Online Rent Collection Services
Paper checks are becoming a thing of the past for many tech-savvy landlords and tenants.
Nowadays, tenants can pay their rent through an electronic funds transfer (EFT) or an online rental payment collection service.
By using these types of digital payment services, funds will be automatically transferred from a tenant’s bank account into the landlord’s account.
If you’re trying to streamline your business by initiating digital payments from tenants, you may find it easier to persuade them to use an automatic debit service by offering tenants a small discount on rent.
This way, there’s no waiting around for a tenant’s rent check to clear.
Plus, an online rent collection service can send out payment reminders and invoices with just a few mouse clicks.
4. Online Rental Listings
Does anyone really use the newspaper to find an apartment nowadays?
Today’s renters are accustomed to communicating and shopping online, so why not list your vacant property rentals on the web, too?
By using an online rental listing service, you can reach many more prospective tenants than a printed paper.
In addition, most people who show up for a tour have already seen the listing’s online photos which helps narrow down your pool of prospective tenants and avoid unnecessary showings, saving you time.
Online rental listings can be as interactive as you wish with videos, reviews and 3D walkthroughs.
5. Digital Tenant Screening
Not only is it possible for applicants to fill out rental applications online, it is possible for you to perform the tenant screening process online, as well.
This both cuts down on the time it takes to do a traditional screening, but necessitates less time-consuming back-and-forth between you and potential tenants.
Digital tenant screening can perform background checks, criminal history checks and credit checks.
You can now find the right tenant for your rental property faster than ever.
By integrating modern technology into your business, your job as landlord can get much easier and hands-off.
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