If you are reading this post, you are well on the way to becoming a landlord who understands and appreciates digital property management. You have already built a good foundation for doing business on the internet. You’ve searched for locations of restaurants or shops that interest you. You have undoubtedly ordered at least one gift online. You’ve probably made some hotel reservations or purchased some airline tickets through a travel website. So, consider yourself ready to take the next step. Read on to learn a few tips about property management online.

Who wants to go digital with managing their rental properties?

Maybe that would be you. Are you someone who needs accurate records of all your communication and business transactions? Do you want to protect your investment from careless errors? Would you like to justify a higher rental fee by providing an extra layer of security for your tenants? Did you know that online promotion of rental properties works more effectively than “For Rent” signs and newspaper ads?

Perhaps you are indeed a landlord who could appreciate the benefits of digital property management. Please continue reading to uncover ways to take advantage of these and other property management tips.

 

Can software make quick work of communication and record-keeping?

The short answer is, “Yes.” You will be able to streamline the process of reaching potential renters, screening them, completing documents, and collecting rent. Whether you choose a suite of software applications or select a property management service, you can simplify your work using technology. You will create a set of document templates that make communication with prospective tenants almost effortless. Each letter and document can be personalized according to the facts about the property and needs of the tenant. Applications, leases, reminders of rent due dates, even requests from tenants for repairs can all fit into the online scenario.

Some documents will require official signatures, but there’s an app for that, too. DocuSign and Adobe are two popular e-sign applications that produce legally binding signatures. 

You will also find a variety of software products that collect all the income and expense data you will need. Online rent payments and payments to vendors generate entries in the accounting software, and those entries feed into end-of-year reports. Or, you can also develop month-to-month status reports.

 

Do smartphones and smart technology give landlords a competitive edge?

The combination deals a winning hand to the landlord with a digital property management plan. Security cameras, electronic locks, smart lights, digital thermostats, smart smoke detectors, and smart burglar alarms give tenants a sense of security. These devices can help your tenant save on utility costs while giving them that added safe and secure feeling. Parents of college students appreciate the extra layer of security. They rest more comfortably knowing that their offspring has a fallback plan for forgetting their keys and protecting against intruders.

From the landlord’s point of view, these features provide more than smart technology with benefits for the tenant. They give you the comfort of knowing that if something goes terribly wrong, the system will alert someone to respond quickly. Best of all, they add a dollar value to your rental rate. 

 

Is hi-tech the only game in town?

Not exactly. Well, not yet anyway. Still, you should consider the lifestyle of your potential tenants. If you are targeting a senior citizen market, you will likely find that they are not only content with mailing a rent check and calling on the phone to request service, they actually look forward to doing those things. They have checkbooks, envelopes, stamps, and a leisurely routine.

On the other hand, if you want to attract younger adults, expect them to be very tech-savvy. They will surely hope for a landlord who takes a digital approach to the whole rental relationship. They will undoubtedly hope to do business the simplest way possible; and for them, that’s online. They will probably take a dim view of mailing checks, faxing documents, or having phone conversations.

The trend, even among the seasoned citizens, definitely points to more technology-driven transactions. Since products and services improve continually to meet rising demand, you will find that property management products and services are also improving. You may even find that going digital is a strategy that saves time and even reduces stress.

 

Is your schedule packed to the hilt already?

Does being a landlord in this digital age crowd your planner leaving precious little time for family, community projects, and recreation? Perhaps you could benefit from having a conversation with one of the members of our property management service team. If so, we would enjoy visiting with you about the various services we offer landlords like yourself. We hope you will take a minute to look through the many helpful ideas that our website offers for landlords and potential renters. Here’s a link to one of our blog posts that might interest you.