Updated April 30th, 2020
In the digital era, the real estate world has undergone a significant number of changes and shifts. Even more, since we’ve undergone social distancing, “Safer-at-Home” orders and using websites, apps, and social channels to stay connected and conduct business.
More people than ever are choosing to rent instead of buy. Almost 40% of renters were aged 45 or older in 2018, compared to 2016 where 65% of households headed by people younger than 35 were renting, up from 57% in 2006.
However, if you're not keeping up with technology, there's a chance you could fall behind as a real estate investor.
• But how can technology improve your earnings as an investor
• What new tech should you be making use of?
Internet Property Listings
With so many people connected to the internet today in some way, it's easier than ever to reach renters if you know the right methods. Listing your property online with a neighborhood search tool or rental listing app can help you keep all your rental properties filled and earning you money. Listing online can reduce the length of time your properties sit empty, so the sooner you get your vacant properties posted online, the better.
A few listing sites you may want to consider are zumper.com, cozy.co, apartments.com, and even Rentometer have a listing side available to their pro clients. With Rentometer you can address two main issues of listing a rental property: where to list it online and what rental rate it should be listed.
Online Rent Statistics
An apartment is only going to get renters interested in it if it's priced appropriately. However, going through all the listings available to you to get the rental data you need to price your property correctly takes time. Luckily, online rent estimator tools like rentometer.com and rent predictors can help you gauge what your property is actually worth can help you avoid over- or under-pricing issues.
If you don’t use Rentometer, be sure the estimator tools allow you to adjust for the number of bedrooms, narrowing down the location and then being able to compare that for the whole city or neighborhood, and filtering the type of property from single-family home to apartment complex and everything in between. Using these filters will give you the most accurate and reasonable rental rate for your unit.
Rental Property Apps
There's plenty an investor has to manage, especially if you own multiple properties that you're trying to keep track of. Between monthly rent payments, maintenance, listing properties, and more, you can quickly lose track.
However, rental property apps now exist to help you manage all of these components of real estate investment and more right from your mobile device. This keeps your property management as convenient as possible so you're on top of everything you need to succeed.
Showing Via Technology
Many investors and property management companies have had to quickly adjust to virtual or video showings using apps or video calling on smartphones and other devices. By shooting a video of the property, you can share that online anytime, anywhere with a link.
This allows potential renters to see what the property looked like and what you are claiming you will return the condition to when the current renter vacates. By asking your current tenant to do a live video call with you and the potential tenant, gives them the opportunity to see the current condition.
Collecting Rent Online
If you have not been using an app or online payment system for collecting rental payments, the rental issues in the Spring of 2020 might change your mind. With the economic slowdown due to COVID-19, many renters were paying rent via credit card due to being let go or taking a pay cut.
Technology may have a cost to process your payments but instead of receiving nothing, your rent get paid. A few payment systems being used by tenants are avail.co, clickpay.com, payyourrent.com and more. You can find a comprehensive list at Bigger Pockets.
With new technology being developed and implemented constantly, there's plenty of ways to keep your real estate ventures profitable with some digital help. For more information on how technology can help you be a better landlord or to learn more about rental property apps, contact Rentometer today.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology. If you liked this article, subscribe to Rentometer's email newsletter to stay up-to-date on the latest trends in rental housing.