Technology is changing the way you run businesses, especially for rental properties. This isn’t a bad thing, it’s just the reality of today’s business world. You can use technology to expand your business, improve your rental process, and even build a mobile-first company that lets you travel with ease. Technology can not only help you get started, but help you make wise decisions along the way. Here are eight ways technology helps rental property owners become more efficient:
Technology Shifts for Business
The world has changed dramatically in the past few years with the onslaught of technology. Smartphones, tablets and laptops have become a part of our daily lives, and they are changing everything we do – even how we work. Technology has made it possible to work anywhere at any time, so you can conduct business wherever you want, regardless of where you live.
For example, if you’re an accountant who needs to meet with your client on Monday morning but they live 30 miles away and their schedule is tight (meaning they don’t want to take off from work), all you need is a computer or smartphone to be able to access all of your financial records at any time during the weekend or over the weekend itself.
It’s All About Mobility
As a rental property investor, you are probably like most business owners in that you have to be on the move a lot. You have to hunt for property and tenants, manage your finances, deal with maintenance issues, and more. All of this has always required some level of mobility. With today’s technology, however, it is easier than ever before to do all your work on the go. You can even use business intelligence tools to make better business decisions.
When you’re comparing tools like Mashvisor vs AirDNA, you’ll find that both tools have important strengths and weaknesses that can help you. This can be especially helpful when it comes time for analyzing profitability information on one or more of your properties.
You Can Use it to Expand Your Business
You can use technology to expand your rental property business. Use technology to make it easier for you to attract, screen, and qualify prospective tenants. Use technology to give you more time to focus on things that are more important than responding to emails or phone calls. Use technology so that you can spend more time with your family instead of working late hours in the evening or on weekends due to the need for manual record keeping and accounting tasks. Expanding your rental property business can be done online. From finding properties to buying it and then marketing it, all of it can be done using technology.
Better Tenant Screening
You can screen tenants faster, better, and cheaper. You can check for rental history, credit score, criminal history, and more online with a tenant screening service or software that you download to your computer. This saves time because you don’t have to manually access databases from multiple sources, but it also allows you to quickly access more detailed information than was previously available through paper-based reports.
Technology helps with tenant credit checks as well. Instead of waiting for the tenant’s landlord to supply a reference on their behalf—and hoping that their previous landlord is willing to share—you can get your own report from one of the many companies now offering this service. The benefit is that it will include any derogatory information about them (such as evictions) so that you know what kind of risk they pose before they even come in for an interview.
You Can Automate all Your Rental Business Tasks
You can automate your rental property business in a number of ways, from taking pictures and videos to generating reports. You can also use technology to make your life easier by streamlining tasks that would otherwise be time-consuming and expensive. Automation through MTD for landlords can help produce accurate and timely tax reports. Automation is a good way to save time and money. You’ll experience reduced costs because you won’t need as many employees. You can do more with less. You’ll have more room to grow without needing to onboard and train people right away. And you gain greater control over operations—you will have more insight into what’s happening at every level of your organization because there are fewer human errors when using software rather than people as part of the process.
Founder Dinis Guarda
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