The decision of self-managing your rental property instead of hiring a property manager is undoubtedly a bold one, which means you’ve probably weighed the pros and cons of this decision. Find out how modern technology can help you effectively manage your property even when you’re away.
The US Rental Property Investment Market 2018
Currently, the rental property market in the US occupies less than half of the overall US real estate market, but this number is expected to grow steadily in the next few years. Real estate experts believe 2018 is a great time to invest in rental property, and there are many reasons why a rental property is one of the fastest developing industries right now.
Most importantly, the popularity of rental property continues to grow, with more people renting than owning right now in the US. Plus, the availability of helpful tech tools for landlords makes managing property easier than ever, attracting even more people into the business.
Why and What Rental Management Software is Useful
Skeptics claim that the rental property investment business has successfully existed long before new tech tools were introduced, but the truth is that we should use every opportunity to make the property management processes easier and more effective for everyone involved.
There are dozens of tools on offer for a modern landlord, but not all of them are equally helpful and convenient to use. Wondering how to find a tool that will work for you perfectly? Check out these features that ideally should be found in your new rental management tech tools:
- Task management will help you keep track of the new things to do and how effectively they are completed;
- Collecting tenant information needs to be easily accessible and the information should be safely stored;
- Accounting features are very important for a good rental management tool - namely, bill, income, mortgage, expenses, and deposits tracking;
- Tenant satisfaction is a way to keep your finger on the pulse of what the tenants want and how quickly and completely their needs are met;
- Clear and user-friendly interface is an essential requirement for an enjoyable experience with the software, especially if you’re new to this tech sphere.
Ready to take advantage of modern tech tools in your career as a rental property manager? Here are 5 tools that will help you become a more efficient landlord.
Wheelhouse in an online pricing platform designed for owners of short-term rentals that allows users to develop the best possible pricing strategy for their business goals. Wheelhouse Pricing promises up to 40% more revenue, and with the ability to effortlessly research your competitors and get valuable insights into the market, this platform is one of the most essential tools for a modern landlord.
2. Showing Hero
Property showing is one of the least discussed aspects of being a landlord, but it’s very important for the success of your business, especially if you own more than one piece of real estate. Eliminate the hassle of managing and scheduling your showings, and get a variety of extra important data that will help you minimize the number of days your property spends on the market.
3. DIY Landlord
DIY Landlord is another mobile app that is available for iOS. It’s a full-service tool for modern rental property management that lets you keep complete track of your rental business. Everything from the information on tenants to the property organized by location is accessible within a few taps on the screen. Moreover, you can manage payments and easily convert the payment data to PDF files and email them to the tenants.
The life of a landlord cannot be imagined without home repairs and other minor jobs, and if you don’t do this job every day, finding the right contractor may not be easy. HomeAdvisor is a big database of pre-approved contractors who specialize in all kinds of repairs and construction, from garages and garage doors to carpets, home appliance repair, and cleaning services. Get top professionals from the area to work for you!
Multi-tenants are not at all uncommon in today’s rental property market - in fact, many of the modern landlords lease their property to roommates. Collecting data from multi-tenants is usually not the easiest task, but PayByGroup, a web-based app, makes the job absolutely effortless. Receive payments from multiple tenants in a matter of seconds and use this tool, not just for property management - PayByGroup can be very helpful in a variety of situations.
Even if you’re an experienced landlord who is used to doing business the old way, ignoring the tools and tech available in 2018 is not going to get you further in your career. These 7 tried-and-tested tools can make your property management job faster, easier, and more efficient.
Author Bio: Alice Crisp is a content writer, primarily writing for 1custompapers. In her writing career, she focuses on many topics, but one of her true passions is home and office gadgets and tech designed to make life easier and more enjoyable.
If you liked this article, subscribe to Rentometer's email newsletter to stay up-to-date on the latest trends in rental housing.