Managing real estate property effectively takes time, monetary investment and, in today’s world, the proper technology. While technology has seemingly touched just about every part of our lives, many landlords still do not realize how useful it can be when it comes to property management. For those looking to streamline the process for their rental properties, here are the top five advantages to investing in a property management company that utilizes the latest and most innovative real estate and property management technology.
1. Marketing Your Rental Vacancies
These days, marketing your rental property involves so much more than simply advertising your rental vacancy. It involves creating a brand, reaching a very specific group of potential tenants, getting the word out more effectively through the proper different channels, and making it easier to generate and contact leads.
Property management companies can use the latest cutting-edge technology to maximize listing exposure, so vacancies are filled quickly and with the highest quality of tenants. This includes the ability to show off the property on the website using interactive tools such as 3D virtual tours, being able to schedule in-person showings through a simple online form and being able to view detailed floorplans and amenity descriptions. Having technology that allows you to deliver information in a clean, visually appealing package says a lot about your rental property and the way it is professionally managed.
2. Reduced Property Management Expenses
The key to reducing management expenses that are typically associated with property management really comes down to simple automation. Through this tailored approach, many of the processes become more streamlined, quicker, and efficient. Technology allows property managers to automate many things that would normally require manpower and an abundance of hours to complete.
Some of these processes include data entry regarding potential leads, scheduling routine maintenance, sending out responses to simple inquiries, and organizing and prioritizing tenant requests. Property managers can also take advantage of software that monitors usage of appliances and items in the rental units, such as water heaters and air filters. This way they are maintained or replaced when needed, reducing costs that would otherwise incur when not fixed properly or on time.
3. Improves Overall Quality of Service to Tenants
For many tenants, being able to easily communicate with the property management company is one of the most important requirements when searching for the ideal place to live. Communication is crucial when it comes to providing the absolute best service, and tenants want to know that their questions or concerns will be addressed quickly and efficiently. Technology plays an important role when it comes to communicating in the most effective way possible.
Property management software allows tenants to easily submit maintenance requests or general comments through an online form. Some larger companies also have highly optimized websites, mobile apps, and/or special software that simplify the process even further, allowing renters to have immediate communication with the property management company no matter where they are. Additionally, these specialized websites, apps, and software provide a way for tenants to pay their rent online directly from their bank accounts in a matter of seconds. As a result, landlords utilizing this technology generally receive rent payments in a more efficient and timely manner.
4. More Accurate Accounting and Tax Records
Although there are several accounting tools on the market today, technology that is specific to property management caters to the needs of the industry. This means accurately documenting how much rent is collected and when, tracking costs associated with maintenance, accurate payroll records, marketing expenses, etc. The numbers can be broken down in several ways, allowing property owners to know exactly how much profit they are making and what expenses are costing them the most. This also allows for quick adjustments to better maximize profits on their investment.
Having these numbers already prepared and ready to go also makes tax season much less stressful for rental property owners. Landlords can often spend a substantial amount of money when accounting records are not accurate and an outside professional needs to be hired in order to make corrections to the numbers on file. This is another way technology is greatly helping landlords avoid unnecessary costs and save more money in both the short and long terms.
5. Advanced Security and Monitoring Technology
Advances in security technology have come a long way in the last decade. Smart security cameras can now be operated remotely and allow landlords to view real time footage directly from the camera on their mobile phones, tablets, or desktop devices from any location worldwide. Motion detection and recordings are also more accurate and clearer. Advanced digital imagery can now clearly record nearly any movement, no matter how subtle or dark the surroundings.
This is a huge advantage for landlords, who are now able to monitor their properties more closely and accurately. Additionally, this gives tenants an added sense of security while occupying the rental property and deters potential intruders or vandals from targeting the property. By preventing these occurrences, property owners can potentially save thousands of dollars each year in repairs or potential claims of negligence.
Overall, technology is enabling landlords to manage their rental properties more efficiently in ways that save them both time and money. By investing in a property management company that understands the value of these advanced, high-tech approaches, landlords are able to have more flexibility, a simplified process, and a higher return on their initial investments.
Black & Cherry continues to lead the Henderson and Las Vegas property management scene by utilizing cutting edge property management technology to serve clients in the best and most cost-effective ways possible. If you have questions about the methods we can apply for your rental property, contact Black & Cherry today to learn more.
