How Rental Property Owners Can Use Technology to Stay Competitive

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While owning and renting out properties can be a lucrative business, the job is far from easy. Property managers have a lot on their plate! You’ll need to manage tenant requests, deal with complaints, handle maintenance issues, collect rent, market your properties, find new tenants, and tackle several other ongoing tasks. Luckily, technology can make it far easier for property managers to stay on top of everything. Here are some tech investment ideas from Entrusted Property Management to get you started.

Online Business Formation

Starting a short-term rental business can be a lucrative way to turn real estate into a flexible income source, ranging from modest earnings for a spare room to significant revenue from prime properties. It requires an initial investment, which varies depending on the type and location of the property. Key to success are skills in property management, customer service, and understanding local tourism. Before beginning, it's crucial to thoroughly understand how to start an Airbnb LLC, develop a detailed business plan, choose an appropriate market, and ensure compliance with local regulations and tax requirements.

Utilize Virtual Tour Software

Showing properties to potential tenants can take up a lot of your time. By using virtual tour software to show properties online, you can save time, reduce costs, improve your marketing efforts, and streamline the leasing process. By providing detailed 3D floor plans and virtual tours, property managers can showcase the unique features and amenities of a property, making it more attractive to potential tenants and reducing vacancy rates. Before creating your virtual tours, take a look at competitor listings to get an idea of what tenants expect. Seeing how other landlords are marketing their properties can help you optimize your virtual tours.

Invest in Property Management Software

According to SoftwarePundit, property management software is an all-in-one solution for managing rental properties. It streamlines many of the processes involved in property management, including tenant screening, lease signing, rent collection, and maintenance requests. With access to a centralized platform, landlords can manage their properties efficiently and cost-effectively. Property management tools can also include automation features like automated rent reminders and lease renewal alerts so you can free up your mental bandwidth for higher-level business tasks.

Add Smart Home Features

Making smart home improvements to your rental property can significantly enhance the ease of monitoring and managing it, especially if you're not always on-site. Upgrading to smart home technology, such as installing smart locks, thermostats, and security cameras, can provide remote access and control over the property. This allows for efficient energy management, improves security, and offers convenience to both landlord and tenant.

Online Rental Payment Systems

Online rental payment systems have become increasingly popular in recent years as more and more tenants prefer online payment methods. These systems allow tenants to pay rent online through a secure platform, eliminating the need for paper checks and reducing the likelihood of late payments. For landlords, RentPrep explains that online rental payment systems provide a convenient and reliable way to collect rent, improve cash flow, and reduce the risk of fraud. Many online rental payment systems also offer additional features like late fees and detailed reporting which can help you manage your finances.

Energy Management Systems

If you cover utilities for your tenants, energy management systems can help you save a lot of money. These systems are designed to help landlords monitor energy usage in their rentals and identify areas where energy is being wasted. Energy management systems can also help landlords meet environmental sustainability goals by reducing carbon emissions and promoting green practices. This can make your rentals more desirable in a competitive market!

Technology can have a profound impact on the efficacy, efficiency, and profitability of your rental business. From business formation services and virtual tour software to specialized property management tools, the right technology will make your job easier! By combining modern technology with a commitment to tenant care, you can build a successful rental property business and provide high-quality housing to your tenants.

Unlock the full potential of your Maryland rental property with Entrusted Property Management. Explore the website to discover how our expert services can simplify your property management and maximize your investment.