Rental Property Technology: How To Make Your Investment More Profitable
As a rental property owner, technology can be your best friend when it comes to making your investment more profitable and easier to manage. In this article, shared below by Jonathan Gillman, we’ll cover some of the most important ways you can use tech to make sure your rental properties are running smoothly and bringing in consistent income.
Check Out Comparable Online Listings
To get an edge on the competition, it’s important to stay informed about what other landlords offer. Research comparable rental listings online with helpful search tools and take note of their amenities. This will help you determine where best to invest in your rental property for maximum appeal. It may also be worth considering offering virtual tours so future tenants can explore from afar without having a physical showing or needing someone present in-person. Don’t just research the rental market, either.
Invest In Accounting Software
Improve your rental business operations and increase accuracy with accounting software. This type of software can help you keep track of expenses and income, manage tenant payments, create invoices, generate reports, and more. All this data can be used to make more informed decisions about your rental business. Plus, the less time you spend on paperwork, the more time you have to focus on developing and managing your investment.
Get Your Business Set Up as an LLC
Forming an LLC for your rental business offers several benefits, such as limited liability protection, tax advantages, less paperwork, and flexibility. By creating an LLC, you can safeguard your personal assets from business debts and liabilities while potentially enjoying pass-through taxation. Instead of hiring a costly lawyer, you can save money by filing the LLC yourself or using an online formation service like Zen business. However, research your state’s specific regulations regarding LLC formation to ensure compliance and a smooth process.
Offer Online Payment Options For Tenants
Landlord Gurus notes that rental property owners can take the stress out of managing their investments by giving tenants the ability to pay online. Online payment options are convenient for both tenants and landlords, as payments can be made quickly and easily. Plus, this type of system may also help you save on administrative costs associated with receiving tenant payments. No more worrying about lost or late checks in transit, plus fast access to funds and accurate record keeping, all thanks to secure payment platforms.
Stay on Top of Repairs with Apps
When it comes to maintaining your rental property, a home maintenance and repair app can be an invaluable tool. With the right app, you can easily explore the various home repair options available and schedule service appointments with just a few taps on your smartphone. You’ll be able to monitor the progress of your repairs and access crucial information about your home’s systems and appliances. Additionally, the app connects you with skilled service professionals who can offer quotes for repairs or maintenance work, ensuring you get the best value for your money.
Use Online Platforms For Applications And Background Checks
Landlords now have the option to streamline tenant selection with online applications and advanced background checks available at discounted rates. On sites like SmartMove, you can review potential tenants in no time — saving yourself from hours of paperwork. From criminal records searches to credit reports, these services give landlords invaluable insight into finding their ideal renter.
Update Old Appliances
To maximize rental value and ensure tenant satisfaction, consider adding appliances like high-efficiency refrigerators with ice makers or a washer/dryer combo (which some cities now require). Upgrading to energy-efficient models not only saves electricity costs but also makes the unit more desirable to potential tenants. Upgrading existing units to energy-efficient models also helps avoid expensive repair bills from outdated systems breaking down.
Use Content for Promotion
For rental property owners looking to promote their properties effectively, content marketing stands out as a useful and cost-effective approach. This strategy involves creating valuable content to attract and engage potential tenants. Spending time learning about key content marketing techniques, such as search engine optimization and the strategic use of keywords, is crucial. Fortunately, many free online resources are available to help you master these skills. By understanding how to optimize your content for search engines and using the right keywords, you can increase the visibility of your rental properties online. This not only enhances your marketing efforts but also connects you with a broader audience, potentially leading to quicker and more profitable rentals.
As a rental property owner, technology is your ally when it comes to making your investment more profitable and easier to manage. From researching comparable listings online and investing in accounting software to offering online payment options for tenants, there are plenty of ways you can leverage tech solutions to help improve the success of your rentals. Investing wisely in these technologies will not only help save time but also maximize profits — leading to increased satisfaction from both yourself and tenants alike!
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By: Lance Cody-Valdez