Tech Solutions for Managing Real Estate Investments
If there is one lesson that investors and property management teams will be carrying forward from the social distancing required in spring 2020, it is the importance of having technology that lets you complete required work no matter where you are.
From online bill pay to service orders to even video conferencing, our entire industry like so many others has learned some valuable lessons during this time.
We’ve all been reading about the rise of tech in the property management world for the past few years, but now we are facing some new realities. As a real estate investor, here are some things to help you provide a better tenant experience going forward.
Cloud-based Information Hub
Where is that invoice from five years ago? When was the roof reshingled? When was the last time the sidewalks were swept? What used to be left up to memory and files in a box now can and should be saved in the Cloud where you, your property management team, and any of their successors can access. That is, if information as correctly put in there. Finding a system or app that makes the job easy to manage is a must.
This includes information about a property and about tenants. Remember that if you are storing tenant information, you need a secure cloud solution that protects personal data and saves you from liability.
You likely have an online deposit system for you tenants. But have you thought about features that includes rent and late fee reminders? This real-time data should be easily filtered for customized reports and be capable of working with multiple devices. There are many software options for this, but not al of them are the same. Do they offer credit card and ACH payments? Do they allow you flexibility to adjust tenant accounts quickly?
There are a lot of apps and programs that allow you to screen your tenants without ever having to fill out a paper application. Tenant quality is the lifeblood of any multifamily or SFR property investment, because you want tenants you can trust to pay on time. By conducting quality tenant screening procedures, you will ensure you’ll acquire a problem-free tenant who pays rent on time. Doing it intelligently does have a dollar value, so you may choose to invest in a screening software or service. And make sure you are able to video conference with tenants for interviews if that is a step in your process.
Do your properties have technology amenities like free wifi? That may seem like an unnecessary expense, but think of it this way—by making sure your tenants can get online, you make it easier for tenants to pay rent on time and report maintenance problems. Plus, you may be able to charge a premium. The same goes for video doorbells, smart thermostats, and more.
Technology doesn’t solve every problem for real estate investors, but when deployed strategically it can help you overcome roadblocks. The result is streamlined processes, cost savings, and ultimately happier tenants who pay rent on time and live in your property longer.