These days, advances in technology have a major impact on industries and businesses of all sizes. Nowhere is this more obvious than in real estate rentals and property management.
Although the United States is predominantly a nation of homeowners, about 35 percent of the country rents their residence. Property management software solutions, especially, are providing property managers with tools that allow them to focus more on maintaining their properties and attracting high-quality tenants. Below are a few examples of how exactly this is happening.
Technology makes it easier to market your property
One of the biggest challenges with filling your rental is getting the word out. With the majority of renters searching for potential places to live online, it’s important to have your properties listed on the internet. That said, gone are the days of posting an apartment listings to Craigslist and calling it a day.
In addition to searching dozens of popular websites like Rent.com and Apartments.com, tenants also look on social networking websites such as Facebook when it comes to finding somewhere to live. How is a landlord expected to list their rental on all of these websites in addition to running their business?
Modern property management software offers a way to quickly market your listing on a variety of platforms, usually through service packages offered by companies like Turbo Tenant. With the click of a button, you can share your listing across the web, including quickly sharing your property on social media.
This simplifies the marketing process and allows you to attract great tenants quickly, making it easier to focus on running your business.
Technology streamlines your rental process
With a successful marketing plan, you’re likely to generate mass interest. As a result, you’ll have a large pool of leads looking to rent out your space. Manually sorting through inquiries from various portals can be time consuming and extremely overwhelming. Not to mention, asking everyone to automatically fill out an application won’t help, either, as this will only make the screening process more complex with so much information and applications to sort through.
Using technology and property management software, landlords are able to tackle this problem with ease. Lead questionnaires can be automatically sent to renters interested in your property. These can be customized to screen tenants for criteria such as when their expected move-in date is, how much their monthly salary is, and if they have any pets. Once an applicant fills out the questionnaire, landlords will be notified to review the information. If they truly seem like a match for the location, you can proceed with an online rental application. Like the initial questionnaire, an online rental application can provide landlords with all the information they need to help determine whether the prospective tenant is fit to rent the property. Be it references, information about living habits and lifestyle, and current financial standing, landlords can have access to all of this and more in one convenient application.
Technology simplifies background checks
Another benefit of using property management software is the ability to simplify background checks. Screening your tenants is crucial for ensuring that you find a tenant who lasts and who respects your property. While important, background checks can also be time-intensive because they often require analyzing an applicant’s credit score, eviction history, credit report, and criminal history.
It’s important that your credit check is a soft check so that it doesn’t adversely affect your tenant’s credit scores. It’s also important that your credit check is extensive enough to uncover whether or not they have any other outstanding loans or bills in collection which could impact their ability to make rent payments.
Once again, software solutions are making this easier and simpler. With the right software, you can run these kinds of checks whenever you receive a new applicant so that you can evaluate your tenants all at once with the information you need to make an informed decision. More and more companies are designing software like this with landlords in mind.
Technology allows for quicker, more secure payment
Technology makes it much easier for property managers to handle payments. In addition to offering near-instantaneous rent collection, technology also helps you offer better customer service when collecting rent.
It’s estimated that of the millions of independent landlords in the country, a high percentage still use paper checks for rent. But handling rent payments this way can be a potentially dangerous way of accepting rent because check fraud is unfortunately still very possible. Thus, offering your tenants a more secure and easy way to pay their rent is a win-win for all parties.
Requiring tenants to pay rent online or through an app is slowly growing more popular. Your tenants don’t need to worry about their security or whether or not they can trust the mail, and you know you will get your rent on time, too.
Thanks to property management software, it’s possible for you to handle many aspects of running your rental business with an all-in-one solution. From attracting new tenants with advanced listing features to screening applicants and collecting rent, it’s never been easier to manage your properties.
With the right software solution, you can make your management approach more efficient to help you run your business better.