4 Ways Technology Is Changing Property Management
The growing number of conveniences found in technological advancements have improved all professions and tasks, which also includes rental property management. Specialized software, mobile apps, and other technological innovations have streamlined the process and have made it easier for landlords to perform their duties without setting a foot inside the rental building. Continue reading to learn more about some of the ways that technology has changed property management for the better.
Property management is a field that creates a necessity for large amounts of paperwork. Landlords, property managers, and investors would have to dig through large file cabinets anytime they ran into a question about rental applications, contracts, maintenance bills, leases, and other matters. Now, both landlords and tenants can access digital versions of these documents via property management programs to read and sign them without taking up a large amount of space or having to organize them. You may still print out any necessary documents, but electronic paperwork greatly simplifies the process.
When tenants report a problem and send a maintenance request, some details may get lost during the process, which can lead to the situation at hand not being immediately fixed, or to escalate into a worse problem. An automated or online maintenance scheduling feature allows tenants to describe the problem in detail and landlords or property managers to submit a response and contact the required contractors. In addition, maintenance programs also provide a detailed account of the steps and procedures taken to fix the problem. This information is useful for the procedure itself and for bookkeeping reasons. Finally, maintenance records can inform you when a specific appliance or unit needs a check-up or procedure with easily-accessible data.
Streamlined rent payment provides a large amount of benefits to both the tenant and the landlord. Tenants can easily pay from the comfort of their units without cash or check and can even set up automated payment, so they do not forget. This practice reduces cases of late or missing payments. You can also keep payment records through this service to settle disputes or for other reasons. As a bonus, online rent payment spares you several trips to the bank to deposit funds that may not always come to you at the same time.
Another aspect of property management that technology has made more efficient is rent listings. Landlords and property managers can use websites, apps, and special software to list every detail in vacant properties, including photos, features, amenities, potential restrictions, contact methods, and more useful information that a prospective tenant can view from their computer or mobile phone. This allows the future tenant to decide on whether a property is right or not, without having to waste your time scheduling unfruitful showings. In fact, you can even schedule online showings through these programs or apps for greater convenience.
Several of these services are provided by property management programs that use cutting-edge technology to streamline the process. Home365 handles rental listings, tenant matters, maintenance, and more. Learn more about our innovative features here.