Technology has revolutionized how we perform daily tasks, making it a crucial component of property management for homeowners and investors. Technology streamlines many processes, from signing contracts to managing tenants and handling finances. Many homebuyers and renters use technology to search for homes, while realtors implement them in their business procedure through software tools. Despite the popularity of technology in real estate, the National Association of Realtors® reveals that keeping up with technology is challenging for 41 percent of firms.
Investment property owners may be in the same boat, as some technologies can be expensive or difficult to navigate. The good news is some platforms are readily available to simplify property management, and you can learn more about them below.
Software to Manage Clients & Tenants
Many innovative software is available today to help investment property managers manage their clients and tenants. Thanks to modern technology, you no longer have to write down your tenant’s names and dates for appointments or rent due dates. Property owners looking to manage potential homebuyers can use software to track client information and showing dates. On the other hand, property owners renting out their homes can use software to perform tenant screening and track rent payments.
The limitations on in-person interactions became challenging for the property management industry. How can realtors or property owners show their property to potential clients? Virtual showings eliminated this barrier, allowing clients to view a home they are interested in without leaving their couches.
Although the restrictions to limit social interactions have been lifted for most regions, many property managers and renters continue to conduct virtual showings due to their popularity. In fact, a survey found that 59 percent of buyers are willing to purchase a home after viewing a pre-recorded virtual tour or a live virtual tour.
Digital Finance Management
One of the most crucial aspects of property management involves effectively handling finances. This can include tracking rent for occupied properties, handling utility bills for vacant homes, or managing loans. Some aspects of finance can be completed through a single app. Other tasks, such as managing loans, require a different approach. But thanks to technology, you can apply for a loan and receive funds entirely online.
If you need a loan to fund property investments or pay unexpected bills, consult a reputable online lender that can give you quick access to cash. A platform well-known for its application flexibility is FlexMoney – a fast and straightforward online installment loan solution. The ability to apply for a loan and receive it online can help you better control your finances and improve investment property management.
Smart Home Features
You can implement various innovative home features to streamline investment property management. In unoccupied properties, managers can allow access to showings or property maintenance. For rentals, property managers can use unique codes to grant access to different individuals, such as service providers, friends, tenants, and property owners.
Other smart features that can contribute to a positive living environment include a smart home system. This includes smart home surveillance systems that send notifications, water management and leak identification, and smart energy consumption. Enabling smart features into your investment property will allow you to get higher profits on your returns, attract more buyers or renters, and streamline property management.
Technology is an asset for the investment property industry. Use the different tools and resources available to improve investment property management.