Property management doesn’t have to be a one-man show. With these innovations by your side, you can provide your tenants with expert property management, and guarantee a fuss-free experience. Embrace these seven innovations to retain tenants and put the day-to-day duties of rental property ownership on autopilot.
#1 Virtual Showings
Why limit yourself to potential tenants within your rental property’s market? What if there are potential tenants outside of that? Invite the whole world to view your property with virtual showings. A virtual showing gives potential tenants a 360-degree view of your real estate investment – they will feel like they’re really walking through it. They are perfect for prospective tenants that live far away, or who don’t have the time to attend showings in person.
Virtual showings can be pre-recorded, however, it would be ideal to do it live. That way, you or your property management agents can encourage interaction. Potential tenants can raise their concerns.
#2 Online Rent Collection
Who has the time to drive all the way to the bank to make a deposit every month? The answer is not your tenants. From your point of view, collecting rent in person can be time-consuming, too. Do you really want to knock on your tenants’ doors to ask them for this month’s rent? Do you even have the time to do that, and to follow up every time your tenants “forget” their rent is due?
If you don’t want to deal with this burden, then collect rent with software. With rent collection software, you don’t need to chase after your tenants each time they fail to pay up. You’ll also be able to provide your tenants with convenience – that way, they’ll have no excuse not to pay their rent on time.
With rent collection software, you’ll also be able to automatically remind your tenants whenever their rent is due. And when they pay, all there’s left to do is to transfer the amount to your bank account.
#3 Online Applications
Provide your potential tenants with convenience from the moment they show interest in your rental. The steps to submit their documents should not be too complicated. They shouldn’t have to hand in their rental application in person, but instead, be able to submit it on the internet – it would be even better if they could fill out an online form from their smartphone.
Not only is this better for your potential tenants, but it’s also safer for you. As a rental property owner, you will have to retain records of every piece of information that you receive from rental applicants. Hard copies can be bulky, and there’s also the risk that they’ll get damaged – or worse, get lost among the thousands of other files.
However, when you receive your prospective tenants’ application via the internet, you can practice secure record-keeping. Since their documents are stored on the cloud, you can access them at any time, anywhere. Whether you’re at home or vacationing in Greece, this allows you to review your potential tenants’ applications on the go.
#4 Tenant Portal For Maintenance and Repairs
Don’t want your tenants to call you every time they have a concern related to repairs, maintenance, and more? With a tenant portal, they can direct their concerns to your point person (e.g. your property manager). You’ll also be able to record every repair and review how and when they were resolved. This can protect you in case your tenant falsely claims you failed to repair or maintain the rental property.
What’s more, it allows you to put certain repairs on priority. For instance, if your tenant files a request for a roof repair, and another tenant reports that they don’t have water, you can clearly see that the second request should be resolved first. Remember, you should be able to provide your tenant with water at all times. If you fail to resolve it in time, you will be in trouble with the law.
#5 Smart Security Systems
Invest in smart security systems such as smart locks, smart doorbells, and more to provide your tenants (and yourself) with peace of mind. With smart security systems, your rental property will be safe, even when it’s vacant. If you’re a long-distance landlord, a smart doorbell such as the Ring Doorbell can provide you with a live feed of your front door – that way, you can always check if something is going on.
If you’ve invested in a vacation home, install a smart lock so you can change the code every time there’s a reservation. That way, you won’t have to change the lock itself for each tenant that rents your short-term rental.
#6 Smart Thermostats
Modern-day tenants are more eco-conscious. With that said, it would be worthwhile to provide them with options to save on their electricity bills (and save the planet at the same time!). With smart thermostats or Wi-Fi thermostats, your tenants can change their settings to align with their day-to-day life. For instance, if they’re not at home from 9 AM to 5 PM, they can “tell” the thermostat to power off from 9 AM to 5 PM and power back on by 5:01 PM.
Not only that, but smart thermostats allow you to keep tabs on your electricity bills. This can be beneficial if your tenants want to lower their bills – or if you’re responsible for your tenant’s utility bills!
#7 Communication Tools
What if you need to inform your tenants about something urgent, let’s say a flood warning? You can call your tenant, but that’s only doable if you have one tenant. What if you have two or more tenants? You can’t call them one by one, as that can be time-consuming. Plus, by the time some of your tenants get the news, it’ll be too late.
This is why you should use communication tools that allow you to connect to all of your tenants at once. You can contact your tenants fast to inform them about important matters – sometimes, matters that concern their safety.
If you want to invest in all of these innovations, partner with a professional property management firm. At Luxury Property Care, we’re experts when it comes to the management of single-family homes, multi-family properties, and more. When you partner with us, you and your tenants can use these seven innovations – and more.