26 Feb Property Management Technology
Property Management Technology
In today’s digital world, technology is key in property management. The more mobile activities like paying rent online a rental property owner offers, the more likely tenants are to use these services. Which is great when you consider that this type of property management technology is one of the best ways to ensure your rent is always paid on time. Prospective tenants in today’s environment are already using their mobile devices for a multitude of things. From banking and applying for a new job to communicating with family, friends, and colleges, the more you can get your tenants to engage with property management technology, the more efficient and successful you will be.
For rental property owners, this means offering completely mobile software that is compatible with multiple mobile operating systems and devices. From maintenance requests and follow-up services to online payment solutions, access to property resources, and secure mobile rental and lease applications will help make you efficient. Not only does property management technology help automate efficiency and effectiveness, but also your success when it comes to managing your rental properties.
Effectively Managing Rental Properties
Finding the perfect property is one thing, but effectively managing tenants while also managing your rental property requires an entirely different set of skills. In fact, a landlord has to be great at many things like marketing their rental property. Moreover, a landlord also has to be good at determining rent prices, screening and processing tenant applications, collecting rent payments, performing maintenance and understanding all the legal aspects that govern the tenant-landlord relationship.
In addition, they must always be available for tenant phone calls, day, and/or night. Neglect one of these functions and the outcome could be a catastrophic loss that negates your earnings. It’s no wonder many landlords choose to hire a property management company. For this reason, it’s important to understand what technologies your property management company should offer.
Improving Renter Engagement
Communication is not just great for keeping tenants informed, it can also lead to a better landlord tenant relationship. Today’s prospective tenants and residents have a high expectation of the quality of content and the ability to communicate with a landlord in whatever way suits their style. Whether by phone, text, email, or chat, it’s important to appeal to the modern renter with technology they use every day. By using technology that makes residents’ lives easier, you in turn make your business more efficient, effective, and as a result, more successful.
Online Rental Applications
Modern renters expect online rental applications they can access from anywhere, on any device. As the use of online applications increases, renters will gravitate toward property management companies that offer them. In fact, today people are more likely to apply for your rental if you offer online rental applications. Online rental applications are quick and easy. Not only do they allow people to apply for your property when they are browsing online, people prefer them for their convenience and ease of use. Online rental applications allow prospective tenants to submit rental applications, and authorize credit checks and background checks.
Collecting online rental applications requires no additional effort because all data is automatically entered into a database. It removes the need to sort through stacks of paper applications and manually enter the data. This means less time on paperwork, and more time on people. Finding the right tenants is one of your most important jobs as a landlord. And an online rental application not only makes your job easier, they also help to attract more applicants ultimately helping to fill vacancies faster.
Online Lease Agreements
Online lease agreements can help you secure a renter on the spot. Ultimately keeping the leasing momentum going. Remember, competition is fierce; the winning rental property must act quickly to win the ideal tenants. And, one of the most successful ways to do that is to manage your leasing flows effectively. With the right property management technology, information entered by your prospective tenants for the online rental application can be automatically merged into the online lease agreement. As a result, the process moves quickly and easily. Modern residents are mobile and tech savvy. For this reason, they actively seek companies who embrace modern technology.
Online Rent Payments
Using inconvenient payment methods, such as requiring your tenants to pay by check, means you will have to deal with late rent payments. That’s because, when it is inconvenient, what should have been done today gets pushed off to tomorrow. As a result, your tenants put off paying their rent until the last minute. Or worse, they simply forget to pay it. Other examples of inconvenient payment methods include:
- Requiring them to drop the rent check off at a specific location
- Or having them deposit a check at your bank
The modern renter relies on technology to stay on budget and on schedule. Having the ability to make rent payments from the road (without worrying about old school paper checks) is the new norm. By moving the rent payment process online, you save time, reduce your labor costs, thus improving your cash flow consistency.
Online Maintenance Requests
Let’s be honest, maintenance tasks are not fun. But, when issues arise, tenants expect a quick resolution especially when it comes to a maintenance emergency. And, for a busy landlord, that can be hard to take care of. However, just like your advertising, screening, and moving in processes need a system, so does your maintenance and repairs. One of the greatest things about property management technology is that it cuts down on the time you will need to deal with issues. That’s because everything is in one place and communication is electronic. Having the ability to address any maintenance concerns quickly and efficiently contributes to happy tenants and higher renewal rates.
On The Move Lifestyles
Love it or hate it technology is firmly rooted into our daily lives. And your tenants are no different. Landlords who manage their rental properties with Rancho Mesa Properties have less stress and more time. That’s because our mobile-friendly technology simplifies communication, streamlines maintenance requests, and reduces late rent payments. As a result, it saves you time, money, and the stress that comes along with managing your own properties.
Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, we can help. We take care of all types of residential properties including homes, condos, multiplexes such as duplex and triplexes, and even small apartment buildings. Let us manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176.