We’ve said it before, but we’ll say it again – managing multiple properties can be challenging. More things can go wrong and more responsibilities will be on your plate. But there is a way to make multi-family property management more manageable: tech tools.
Over the last few years, innovations have allowed real estate investors to oversee their properties more effectively and efficiently. Gone are the days when landlords needed to collect rent in person – nowadays, they count on tenant portals to collect (and record) rent on time, all the time. Property management tools such as tenant portals have enabled investors to streamline processes that would otherwise be time-consuming.
Below, you’ll find a few tech tools that will enable you to serve your tenants much better.
1. Virtual Property Showings
If you own more than one rental property, you may be wondering how you can show your properties, particularly if they’re far apart from one another. If only there was a way to show your property in Miami Beach while you’re at your other property in Broward…
Fortunately for you, there is. With the use of property management tools, you don’t have to drive to your property to show it to prospective tenants. Virtual showings allow tenants to get a tour of the property wherever they are – they can even be across the world! It eliminates the cost of having to go to your property, not to mention the time you and your potential tenant need to set aside for it.
So, if you have to oversee repairs at your Fort Lauderdale property but you want to show and rent your Boca Raton property to potential tenants, you can simply provide them access to your virtual tour.
2. Smart Security Systems
For obvious reasons, if you’ve invested in multi-family properties, you won’t be able to oversee every one of them at the same time. You can’t be on-site to ensure that no crime comes to your tenants. You also can’t make your presence known because you’ll be elsewhere. That’s why multi-family property owners use smart security systems.
Smart security systems such as CCTVs protect your tenants and your property. You’ll be able to keep tabs on your properties at all times – that way, in case something is wrong, you’ll be reported and you can call law enforcement immediately.
Not only will smart security systems keep bad people away, but they can also boost tenants’ perception of your property. The safer they feel, the more confident they will be to renew their rental contracts.
3. Tenant Communication
It’s critical to maintain an open line of communication at all times. Your tenants should be able to call you in case they need to file a complaint, report repairs, and more. If you own only one property, this should be a no-brainer, but if you own more than one, the line can become full fast. Problems will overlap, and in turn, you will be overwhelmed.
With tenant communications tools, you won’t have to put anyone on hold. You’ll receive every tenant’s complaint, and they can rest assured that you’re on top of it. They can even track their ticket’s status on the portal.
With the use of tenant portals, you can receive communication from all of your tenants whenever and whenever they want to contact you. Their communications will be logged, and you’ll be able to go through their requests one by one.
4. Maintenance Requests
Maintenance to-dos can pile up if you own more than one rental property. To make sure you stay on top of repairs, use tech tools that will compile tenants’ repair requests. It will enable your tenants to submit tickets at any time, as well as track their ticket status. Some tenant portals will even pre-sort tenant requests so you can deal with the most critical ones first.
Accurate record-keeping will also lower the risk of a tenant claiming that you failed to conduct repairs. If, for instance, a tenant says you didn’t repair their heater, you can use the records in your tenant portal to prove that you did. Bear in mind that tenants can decide to sue you if you don’t conduct repairs in a timely manner, so it’s best to use a portal to stay on top of your repair list.
5. Online Payments
It would be impossible to collect rent in person if you own a multi-family property. Knocking on doors one by one would be so time-consuming, let alone be a disturbance to your tenants. It can also be a headache to collect rent if your multi-family properties are scattered across the state. You wouldn’t want to drive from county to county, would you?
To save yourself time, use rent collection tools that let tenants pay their monthly rent on time, and sometimes, automatically. Not only is this convenient, but it also creates an accurate record of payments. You’ll be able to have a bird’s eye view of who paid on time, who hasn’t paid in full, etc.
6. Tenant Screening
Property management companies take tenant screening seriously. That’s why it takes a lot of time – they want to make sure you only rent to responsible tenants, not bad ones who’ll likely pay their rent late.
Fortunately, with the use of cutting-edge tools, your property management agent can cut the time it takes to screen tenants. There are AI-powered tools that pre-select your tenants for you according to certain criteria that you set. For instance, if a tenant’s credit score doesn’t meet your minimum standard, they’ll be eliminated from the pool of potential tenants. That way, you won’t have to waste your time going through their rental application.
Manage Multi-Family Properties With Ease
For a property management company that stays up-to-date on trends, choose Luxury Property Care. When our expertise is combined with the conveniences of our tenant portal, multi-family property management will be a no-brainer. We have the tools you need to provide your tenants with the services they expect, and the expertise it takes to make the most out of your investment.