Technology plays a transformative role in property management. In this blog post, we’ll explore the evolving landscape of technology in modern property management, from online platforms to smart home features.
Online Rental Platforms:
Gone are the days of post-dated cheques and receipt books. Get on board with mobile and online apps and websites that bring property management to the 21st century. Not only does it ease the process of tracking and reporting for the Landlord, but it also provides tenants with online portals to access their receipts.
Some platforms enable you to automate rent payments through electronic bank withdrawals, which automatically track in the app, and, seeing as tenants can pay through whatever means they choose, most of the apps can account for those various options, too.
Smart Home Features for Rental Properties:
Property management companies are implementing more smart features to increase efficiency and increase property safety. Here are two great features and uses for them:
- Smart Locks
If you choose to rent out only a part of your home, and retain some of it for your own use or personal storage, having a smart lock can come in handy if there’s ever a need for the tenant to access the space. - Water Shutoff Valves
Whether combined with water sensors or used as a standalone feature, it’s not uncommon that a tenant may panic and call the Property Management company when there’s a flood instead of dealing with the problem, and many people are uncomfortable or unaware of how to handle situations like that. Shutting off the main water supply remotely could be a lifesaver.
Virtual Staging, Virtual Tours, and Professional Photography:
Real estate agents aren’t compensated much for handling rental listings, and therefore, the industry suffers from the plague of horrible listings. Photos, if you get any at all, are often from a 10-year-old phone with a dirty lens, properties are empty or messy, and you may even get a Google Street View screenshot if you’re lucky.
When trying to locate a tenant, do not take shortcuts. The rental properties that get the extra TLC they deserve often outperform the others. Leveraging modern cameras and utilizing virtual tours and virtual staging will set your property apart. After all, we are big advocates of properties attracting tenants of similar quality to the quality of the listing and property. Produce a great listing with beautiful photos and clean the house, and you’ll be met with a line of qualified, respectful, and cooperative tenants to choose from.
