Nobody ever said becoming a landlord was easy, thats why we outlined below 5 tech tools for Landlords. Of course, the likelihood of passive income from property ownership appeals to many people. However, property management is not a passive activity. Aside from collecting rent regularly, you must also manage property repairs, vacancies, disputes, and emergencies. So something that will make your work as a landlord easier will be a welcome relief.
How technology makes the life of a landlord easier
Let’s take a closer look at how technological advances will reduce the workload as a landlord. Not only do property management apps make your life simpler. There are smart technology systems that are suitable for rental properties.
1. Online rent collection
Landlords who get their tenants to pay rent online find that they have fewer late payments. For example, tenants can set up automatic payments so they never forget to pay. Even offering multiple payment methods—credit card, debit card, or ACH—makes it easier for tenants to pay rent on time.
2. Process rental application
Automated processes make life easier for you. Here are just a few benefits of processing digital forms:
- Details can be automatically included in the rental agreement, so fewer mistakes.
- Tenants pay for credit reports and background checks, and you automatically get a copy of them.
- Tenants make fewer mistakes filling out digital forms.
- You receive instant notifications when an application is submitted.
3. Electronically sign documents
Technology had made it possible to sign rental documents electronically. And they are just as legal as a hard, paper copy with an ink signature. No longer do you have to arrange to meet tenants in person to sign a lease agreement. All you need to do is email them the lease agreement. They eSign the electronic document and send it back to you. After you sign the document electronically, you can email the tenant a copy.
4. Manage repair requests
Let’s say that your tenant reports a leaking pipe. They can make a repair request directly from a property management website/app. Additionally, they can send photos or videos of the issue. You can then assess the urgency and take appropriate action.
5. Smart technology for homes
Let’s look at some benefits for landlords if they start using smart home devices:
- Smart smoke and carbon monoxide detectors: Some smart sensors send you, and your tenants push notifications if they detect smoke or CO. You can check up to see that your tenants are OK. They can also feel secure that they receive alerts wherever they are.
- Smart thermostats: Installing smart thermostats can save money on heating bills. The smart devices learn heating and cooling patterns and adjust the temperature accordingly. Using ‘intelligent’ devices is handy if you pay for your tenant’s heating. If your tenants pay heating costs, they will also appreciate cutting bills and saving money.
- Streaming video surveillance: In communal areas of buildings, you can live stream video to your smartphone. This can be useful if alarms go off or you want to increase security for your tenants.
Technology solutions for landlords
Property management websites/apps are packed with features to make it easier to collect rent, process applications, and run a successful business. Additionally, smart home devices can reduce the time you spend showing vacancies to prospective tenants.
Of course, being a landlord isn’t easy. But new technology combine with our services can make your life much more comfortable.
Source: https://www.biggerpockets.com/