The Role of Technology in Facilitating Rental Property Owners
Today, automation affects every aspect of the business industry. Several “tech trends” have become the foundation of proper business handling nowadays, and the real estate industry isn’t immune to the reach of these tools. Rental property owners should leverage technology to make their businesses as efficient as possible since everything – from accounting to housekeeping – can be automated. The pandemic has already given us a demo of how the world would look if everything became digital and automation went mainstream. Many property owners are already investing in different technologies to keep up with customers’ growing demand for digitalization. Let us review how technology can affect your property.
How does technology make your business efficient?
You should realize that most of your customers are searching for rentals where certain “tech tools” have been made available freely. Potential tenants expect property owners to offer facilities, e.g., virtual tools, online booking, contactless payment, and other services. So, incorporating technology into your startup not only appeases these tech-dependent customers but also makes your business more efficient. Thus, here are some ways technology facilitates rental property owners and makes their lives way too easier: streamline your operations and automate certain aspects of running a rental property. It’s cost-effective and can help you focus on other pressing affairs.
1. Housekeeping inspection
Business automation can make your job easier ten folds! And since we’re talking about housekeeping inspections, rental owners can opt for a housekeeping inspection software program that helps them manage any property smoothly. Everything becomes easy with automated software solutions, from domestic inspection to inventory management. However, research and read online reviews before using these programs to choose the one most suited to your business needs.
2. Online payments
Collecting payments can become complicated when you are dealing with different residents. So, business owners should rely on online payment methods to handle the financial aspect of running a property hassle-free. Contactless payment options can make this process easier while facilitating your tech-crazy modern-day tenants. Let them pay what’s due via an EFT (electronic transfer fund). Also, some internet-obsessed users let tenants pay them in cryptocurrency, e.g., BTC!
3. Accurate pricing
Estimating the correct rent can sometimes appear challenging to business owners, especially during inflation/ price rises. But technology can help you give accurate quotes based on historical data while keeping your business market competent. Certain tools are available to help property owners quote the right price after considering several factors. The factors may involve market info, house specs, and the location for a suitable evaluation.
4. Increased visibility
Creating your website, consistently uploading content, and creating social media profiles can make your business visible digitally. Remember that your tech-savvy customers are discovering their ideal places via the internet, so giving your property business enough visibility can expand your reach countrywide. The trick involves making your website faster, user-friendly, and brimming with relevant content. Hence, you rank higher on SERPs and attract potential tenants to your property.
5. Virtual reality
When discussing virtual reality, it’s essential to discuss some related aspects. Property managers should invest in virtual reality so they can easily give a tour of their premises to potential tenants as efficiently as possible. Instead of meeting would-be customers face-to-face, let them visit the property remotely. It can help you attend to customers willing to rent the place. Use VR tools to make your property digitally approachable to expand your reach among the audiences.
6. Smart locks
Statistics indicate that 3 out of 4 American residences will be broken into in the next two decades. A study also shows that installing a security system can make your property 300 times less likely to be burglarized. That’s why you must leverage technology to secure your home and install these things:
- Smart locks to prevent unwelcome access to your tenants’ rooms
- Smart cameras to monitor who is entering or leaving the premises at all times
- Smart smoke detectors to evaluate the air quality in the area to check for a possible fire
7. Digital contracts
The world has started to ditch paper and become electronic. Digitization overshadows many aspects of business operations, especially when facilities such as Dropbox have become mainstream. Rental owners, for instance, don’t have to prepare lengthy paper-based contracts anymore. So, don’t waste paper. Switch to e-contracts. Make your contracts via computers and store them online instead of printing them out. Upload this information to the cloud to make them accessible to tenants online.
8. Google forms
Property managers can easily obtain important information from tenants via Google forms. Using an electronic form isn’t difficult since anyone can create and distribute them online. These forms allow you to get contact info, maintenance feedback, or direct complaints from residents. Also, you may survey your customers to learn more about how to make your property more user-friendly. So, using simple tools will make your business more efficient at dealing with maintenance problems.
9. Smart lighting
Automated lighting can prevent the wastage of energy in unoccupied residences. Smart switches are programmed to turn on when it’s dark outside and off when morning arrives. Moreover, these lights can serve as excellent security measures by turning on when criminals attempt to target the area.
On the other hand, rental owners should consider similar technologies, such as noise detectors. These devices automatically send a message to tenants when their voices become gallingly unbearable. Use these detectors to prevent tenants from making too much noise or disturbing other residents.
10. Water usage
Certain issues, such as water leakage, can cost rental property owners dearly in repairs. You must invest in simple tools, e.g., a flow meter, to avoid the running toilet problem. Keep the water shut-off valve property functional to break off the water supply remotely in an emergency. These tips protect your property from water damage, especially when the house is vacant and you cannot even suspect water leakage. Save money on expensive water bills and make your business resourceful.
This article discusses how technology makes business operations easier for rental owners. Property owners should invest in smart devices such as locks, cameras, and lighting. Incorporate a few “tech tools” mentioned above and let automation handle different business aspects. Hone the presence of your business online to attract more customers and leverage VR to allow easy property tours. It helps when you have housekeeping-related software programs to run your business more efficiently.