How Does Technology Improve Property Management

In today’s fast-paced lifestyle, keeping up with how technology has helped manage properties is a good idea. This change can seem strange to some, and while you don't have to use it, you should be aware of how it’s changing the real estate industry. 

Technology has many advantages to improving how you manage your property. Below are five ways technology has been shown to do just that.

Rent Collection

Technology doesn't just mean physical devices. Many smartphone apps have helped many landlords collect rent. Much of modern life has become digital, and while different, it has its benefits. Consider a time when collecting rent from tenants in cash, which was standard. You would run the risk of counterfeit bills and having to go to the bank with a large sum of money, which can be risky. Personal checks would run the risk of bouncing or taking weeks to clear. 

Giving tenants many options to pay their rent helps ensure rent is delivered on time. While there are few perfect solutions to collecting rent, many applications are on the market to meet your requirements and needs. Some banks allow agreements for monthly withdrawals, which can be used to pay rent. Other popular digital payment platforms include PayPal, Venmo, and Zelle, to name a few.

Property Management Software

For owners and landlords who are comfortable navigating applications, there are many options for property management software. Not only can these applications be used to collect rent, giving tenants a consistent payment method, but they can also help manage your properties. There is only one best property management software solution for every investor. However, much like the digital payment platforms, there are many to choose from. Avail, Apartments.com, and Zillow Rental Manager are some of the more popular software available, though many more fit your needs.

Smart Home Technology

While it may not seem like it at a glance, smart home technology can be helpful in property management. Although it's seen as a feature or amenity for tenants, smart home technology can automate several tasks. For example, watering laws can be automated, controlling the amount of water used and reducing the risk of a tenant over or under-watering a garden or lawn. Being able to control the thermostat remotely by a tenant can help them reduce energy consumption and the load on the HVAC system. In the long run, this can reduce maintenance costs.

Virtual Tours for Listings

When listing a vacancy, providing a virtual tour of the rental is becoming increasingly important. Many young adults looking to rent typically use their smartphones to view listings. While high-quality photos are important, a virtual tour can save time and money. A tenant can immediately see if they’re interested in your rental property. Virtual tours provide a more accurate representation of the rental. They can also be reused in between listings multiple times. With virtual tours, you can also list the rental property before a property is ready for a tenant. Finally, it gives a competitive advantage, as a virtual tour can better demonstrate the property than photos.

Security

Security systems can be implemented to protect your tenant if you also want to protect your property. Security cameras, smart locks, and keyless entry systems can protect your property through remote monitoring. High-definition security cameras can help to identify any would-be intruders while using a cloud-based storage system means you reduce the risk of systems failing.

As technology evolves in the real estate industry, it's up to you to take advantage of it. It may seem odd or different at first, but it can be greatly beneficial with time. If you’re looking for better ways to manage your properties, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online.