Investing in rental properties can be a lucrative business, even if managing them can be a time-consuming task. By embracing tech, you can simplify the task of managing rental properties remotely to a certain extent. Let’s discuss how to leverage technology to manage rental properties remotely, including hardware and software solutions.
The Challenges of Owning Rental Properties
Owning a rental property isn’t as easy or straightforward as some people would lead you to believe. The notion of generating “passive” income from rental properties is inherently flawed. Yes, it can be very lucrative, but it does require time, energy, and effort. It’s not exactly a passive investment. This includes challenges related to:
- Finding and screening tenants
- Collecting rent
- Maintaining the property and scheduling repairs
- Complying with laws and regulations
- Dealing with tenant turnover
- Managing evictions
- Insuring the property
- Keeping organized tax records
Using Technology to Make Property Management Easier
The right technology can ease some of the challenges that rental property owners traditionally face. Here are a few suggestions:
Smart Locks and Security Systems
One of the biggest challenges of managing rental properties remotely is ensuring that the property is secure. Smart locks and security systems can help address this issue. Smart locks allow property managers to remotely grant and revoke access to rental properties.
Security systems, on the other hand, can alert property managers of any suspicious activity on the property. By installing these systems, property managers can ensure the safety of their tenants and properties.
Property Management Software
Investing in a property management software is a great way to deal with your rental properties remotely. Property management software can help you keep track of lease agreements, rent payments, maintenance requests, and more.
It also allows property managers to easily communicate with tenants, vendors, and contractors. Some popular property management software includes AppFolio, Buildium, and Propertyware.
If you want more hands-on service, you might want to opt for a professional property management company instead. With the right property manager on your side, you can even invest in out-of-town properties. Just make sure the company is local, so that you have some “boots on the ground.”
Virtual Tours and Video Conferencing
In today’s digital age, virtual tours and video conferencing have become essential tools for property managers and realtors. Virtual tours allow potential tenants to view the property without physically being there.
Video conferencing, on the other hand, allows property managers to conduct meetings with tenants, vendors, and contractors remotely. By leveraging virtual tours and video conferencing, property managers can save time and money, while still providing top-notch service to their tenants.
Online Payment Systems
Collecting rent payments can be a hassle, especially when managing rental properties remotely. However, with the help of online payment systems, this task can be made much easier. Online payment systems allow tenants to pay their rent online, eliminating the need for paper checks.
These systems also help property managers keep track of rent payments and late fees, and they can even send automatic reminders to tenants who are late on their payments. Some popular online payment systems for rental properties include RentPayment, PayYourRent, and Rentec Direct.
Energy Management Systems
Managing energy usage in rental properties can be a challenge, especially when dealing with multiple properties remotely. However, with the help of energy management systems, property managers can monitor and control energy usage in their rental properties.
Energy management systems can track energy usage, identify areas of inefficiency, and even automate energy-saving measures. This can save landlords money on energy bills and reduce the size of your carbon footprint.
Home Automation Systems
Home automation systems can help property managers remotely control various aspects of their rental properties, such as lighting, heating, and cooling. With the help of home automation systems, property managers can easily adjust the temperature, turn lights on and off, and even lock and unlock doors remotely. These systems not only provide convenience for tenants, but they also help property managers save money on energy bills.
As you can see, managing rental properties remotely has become much easier with the help of technology. By leveraging hardware and software solutions, property managers can ensure the safety of their properties, keep track of lease agreements and rent payments, conduct virtual tours and video conferencing, collect rent payments online, manage energy usage, and control various aspects of their rental properties remotely.
Investing in technology is not only convenient, but it can also save property managers time and money, while still providing excellent service to their tenants.