How are you keeping track of your to-dos? If you’re still writing down your to-dos in a notebook, collecting rent in person, and more, it’s time to trade it for more modern tools. In this post, we’ll break down a few of the ways you can start running your South Florida rental property like a real 21st-century landlord.
#1 Cloud-Based Software
Cloud-based apps make it possible for you not to be present at your rental property at all times. With software that uses the cloud, you no longer need to interact with your tenants in person – instead, you can download their information at any time, and anywhere. You have the power to review your tenant’s rent payments, rental applications, repair reports, and more on the go.
With cloud-based software, owners will be able to oversee their investments even when they’re thousands of miles away. If you’re a long-distance landlord (e.g. your rental is in South Florida, yet you live in California), you can oversee even the tiniest detail from afar.
#2 Property Management Software
As a modern-day property owner, you need to learn how to use property management software. Software such as a tenant portal allows you to streamline your services and resolve issues as they arise. An such as AppFolio allows tenants to pay their rent, report repairs, file complaints, and more from the tenant portal.
Plus, through the property owner’s portal, you’ll be able to have a bird’s eye view of what tenants are complaining about, when they complained about it, and what was done to resolve it. In other words, you’ll have a visual overview of everything that your tenants have gone through, as well as what your property management agents are doing.
Property management apps also make it possible for tenants to make their payments on their mobile phones. They no longer need to run to the bank, and you no longer need to cash their checks. They can pay online, and the rent will appear in your account in real-time.
#3 Paperless Transactions
No property owner wants to go through piles of paper. Not only does it waste time, but it’s also a waste of materials. Besides, your rental-related files won’t always be available to you – there will be times when you need to refer to your tenant’s information, but you won’t have their data on hand.
If possible, store all of the rental-related information on a cloud-based app. That way, you can download the data whenever and wherever. You no longer need to flip through your folders to find that one specific file on your tenant. All it takes is a “CTRL + F” of your keyboard to find what you need in no time.
Going paperless also protects you from losing everything you’ve worked so hard to have. Even if you lose your papers, you can still reproduce those files from their digital copies. With that said, make sure to store information in digital format, as this safeguards you in the event of a fire, flood, etc.
Keep in mind that the Internal Revenue Service (IRS) takes documentation seriously. If you don’t have the data to support your tax returns, you’ll have an extremely hard time if they decide to audit you.
Planning on partnering with a property management company? Be sure to ask them about how they keep rental-related records like paid rent, rental applications, and more. It would be best to team up with a property management company that has gone paperless.
#4 Automation of Administrative Duties
Administrative duties tend to be repetitive. How often do you have to remind your tenants that their rent is due? If you’re like most landlords, you do this multiple times in a month.
By automating your to-dos, you’ll be able to save time and delegate your property managers to more important things, such as repairs, maintenance, etc. It’s also one way to ensure that you stay on top of your to-do list. For instance, you will no longer forget to do the things that tend to be overlooked, such as reminding your tenants that their lease term is at its end.
As part of your property marketing strategy, you should also look into automating your social media posts. That way, you can maintain an online presence and attract more potential tenants.
You can also look into chatbots for your website. Chatbots allow you to send pre-written replies to people who want more information about your rental property. By automating your responses, you won’t have to hire somebody to send out replies one by one.
#5 Tenant Communication
Instant communication (i.e. texts) isn’t that modern, but real estate investors haven’t used it to its full extent. SMS lets you send out reminders to your tenants in real-time. It can be incredibly beneficial in times of natural disasters such as forest fires, floods, and so on, as it allows you to maintain communication with your tenants at all times. In fact, it would be best if it were part of your disaster preparedness plan.
If you’re wondering, “why can’t I call my tenant?” the answer is that it can be a bit bothersome. Not only to them but to you, too. If you own a multi-unit, such as a condominium it would be incredibly time-consuming to call tenants one by one. However, if you sent an SMS blast, you’d be able to contact all of your tenants at once. Besides, in a flood, forest fire, storm, or more, your tenants’ loved ones are probably worried about them, too. They’ll probably be too busy coordinating with their loved ones to pick up a phone call from you or the property management firm.
It’s Time to Embrace Modern Property Management
Partner with Luxury Property Care today for expert property management of your South Florida single-family home, multi-family property, and more. We’ve been in the business for years, and we’ve embraced innovations in property management long ago. With us by your side, you can ensure that your property is managed properly, and in the most effective and efficient way.