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5 Ways Technology Is Making Property Management More Efficient

Protecting your rental property

Technology has changed the world we live in – and the property management industry is no different. If you own a rental property, or if you’re considering turning a current home into an investment property, you need to be aware of how tech is making the property management more efficient. You also need to make sure that your property manager is making the most of these opportunities to help you maximize your investment.

Marketing Properties

With the proliferation of online platforms like Zillow, Trulia, Hotpads, and many more – it has become exponentially easier (and cheaper) to market available properties to keep your vacancy rates low. An easy to navigate website and an active social media profile also goes a long way toward effectively marketing properties for rent.

More Accurate Reporting

Technology has made reporting property earnings and making projections easier and more accurate. This in turn makes it easier for property managers to make proactive recommendations based on market trends to maximize your earning potential on your property. This technology has allowed our industry to create an accurate and real time story line of your investment property from the moment you purchase it to the day you sell it.

Easy Payment Options

Online billing makes collecting rent and distributing funds to your accounts much more efficient than the traditional paper billing option. Digital invoicing is easier for tenants too – making the whole process convenient and easy to track for everyone involved.

Electronic Leases

Online leasing documentation also streamlines the process of placing quality tenants. These things have revolutionized the way we do business, cut our vacancy times down to a fraction of what they used to be, increased the security of information received and sent, made way for unlimited amounts of documentation, information and resources.

Tenant Repair Portals

One key element to a successful rental property is tenant retention. It is better for the longevity of your investment to keep quality tenants happy on your properties. The ease of making repair requests online is one added convenience property managers can offer your tenants.

Let us show you how owning a rental property in the Treasure Valley can be easier than you think with the right partner in property management.

 

Communication & Property Management

Communication can make or break any relationship. This is especially true when it comes to property management. From tenant repairs and new leases, to recommendations for improving profit margins on your rental – effective communication is key to success.

No one wants to be in the dark; and when they are – things get messy, confusing, and frustrating. Here are three key areas where you want to make sure your property manager has a clearly defined communications procedure.

Tenant Repairs

Tenant retention rates are a vital component to turning your rental into a profitable investment. When a client needs a repair, efficiency goes a long way toward keeping quality tenants in your rental. Your property manager should have an easy to use portal where your tenant can easily make a request, and get a response with a plan for repair quickly. This portal should enable the property manager to assign repair projects to trusted professionals who will perform the work according to your contract.

New Leases

You need to be kept up to speed on your properties and their vacancy rates. A quality property management team will have systems in place to notify you when leases end, and when new leases are signed. Staying on top of this process will help you make informed decisions about your property.

Lease Renewals

If you have a quality tenant in your rental, you’ll want to keep them there as long as possible. Your property manager should have a clearly defined communications procedure in place to notify you when that tenants lease is coming due for renewal. That way, you can make informed decisions on how to keep that well-paying, trusted tenant in your investment property.

A qualified property management team will provide you with as much information as possible to allow  you to be as involved or as passive as you would like in managing your investment. Your input matters, and you also need to have a clear view of what’s going on to make an educated decision when reviewing recommendations regarding your rental.

Choosing the right property manager is essential to owning a profitable and successful investment, communication is the key to open that door.

Considering renting your property? Schedule a free consultation with RentWise!