How are you managing your rental property? If you’re still doing everything manually, then you aren’t optimizing your investment. Digital solutions streamline the management process, reduce your time spent actively managing your property, and ultimately improve your ROI.
There are one-stop solutions and others that provide a single specialized service. The one you choose will depend on what you’re looking to optimize, how many properties you own, and your budget.
Consider using these digital solutions to improve the management of your rental properties.
1. Payment Processing
Moving your rent collection efforts online will make it easier for you to collect rent. You will no longer have to wait for the mail or travel to each property to collect the rent in person. An online payment process eliminates the “check is in the mail” excuse.
Tenants are also more likely to pay their rent on time when you make it easier for them. An online payment option means that a tenant can pay the rent any day or time that’s convenient for them.
2. Document Management
The old school method for managing documents was to have them in a file cabinet. However, this method is obsolete in today’s world. The first dilemma is that you’ll have to meet your tenant’s in person to sign the rental agreement. This isn’t always possible, and mailing the agreement is tedious. Make it easy to have a contactless lease signing with signing software that produces signed documents that are legally enforceable in court.
The next step is utilizing software that stores and organizes your documents. This includes both your leases and vendor contracts. You’ll be able to quickly and easily reference a particular contract when needed. For added benefit, look for one with a cloud service. You’ll be able to access your important documents from anywhere in the world.
3. Tenant Screening
Wouldn’t it be nice if you could have applicants fill out an online form and then easily screen them? Tenant application and screening software allow you to do just that. This streamlines the application process and ensures you follow the same procedure for each applicant.
There are strict anti-discrimination laws in place, and you’ll want to be careful to not violate them. A potential tenant may be unhappy that you’ve denied them and claim discrimination. Your screening software can make it easy to prove that you denied them for valid reasons and followed the same screening process for each applicant.
4. Property Management
You should have a long-term repair and maintenance plan for each of your properties. This is how you’ll ensure you put the proper amount aside for future maintenance needs. If you plan to own more than one rental property, digital solutions will make it significantly easier to manage each property. You’ll also be able to pool tasks to take advantage of volume discounts when multiple properties need similar work.
5. Finances
Your real estate investments can provide you with several benefits. One of which is on your yearly taxes. Thorough financial records make it easy to file your taxes. Financial software should have the ability to record purchases, payments, and anything else money-related. You’ll need this documentation should the IRS ever audit your filings.
Have Access to the Best Digital Solutions
Finding the best software can be a tedious and potentially expensive venture. A much simpler solution is to work with a property manager. Experienced property managers know what software is the most effective and have subscriptions for their use.
Contact our skilled team of property managers and experience the benefits of digital solutions for yourself.
