How to Keep Up With Tech Trends as a Landlord

Being a successful landlord in the modern world means keeping up with the fast-paced changes in how we use technology to find and manage rental properties. This can be both an exciting and daunting task, but luckily there are some easy ways to make sure you stay ahead of the curve and keep your business running smoothly.

Stay Up-to-Date on Technology

The best way to keep up with changing tech trends is to stay informed. Read industry blogs, magazines, and articles from experts to keep your finger on the pulse of the tech world. If you’re a fan of podcasts, there are plenty of great ones out there devoted to emerging technology and how it affects the rental market. Sign up for newsletters from companies offering updates on tech trends in the real estate world. Joining a landlord association is an excellent way to meet with other experienced landlords and learn what’s new in the industry.

Choose the Right Tools

Once you familiarize yourself with what’s available, it’s important to select the right tools for your business. Some of the most popular tech tools for landlords include online application systems, automated rent collection services, digital signing platforms, and digital advertisement platforms. Depending on the size of your business, you may opt for different systems. For instance, a smaller landlord may find an app like Cozy useful, as it helps with tenant screening, rent collection, and digital signing, but a large landlord with multiple properties may want to use a property management system like AppFolio or Propertyware.

Be Accessible to Tenants

No matter the size of your business, it’s essential to be easily accessible to your tenants. Provide them with multiple ways to contact you, including phone, email, text message, and online chat. Also consider allowing tenants to pay their rent and submit maintenance requests online. Many landlords choose to create a portal on their website for tenants to manage their accounts and transactions. This makes it easy for tenants to keep up with payments and contact you when necessary.

Adopt a Mobile-Friendly Approach

As more and more activities move online, it’s essential to have a mobile-friendly presence. Ensure that your website is optimized for tablets and smartphones, and try to make sure that all your digital tools, such as rental applications and tenant portals, can be accessed on any device. Mobile-friendly tools are key for today’s tenants, so offering these options is likely to win you more customers.

Take Advantage of Automation

Automation can take a lot of the mundane tasks off your plate so that you can focus on more strategic activities. There are a number of different automation tools available to landlords, from calendar and communication systems to accounting and lead tracking tools. By leveraging automation, you can manage your properties with ease, save time, and work more efficiently.

Discover Social Media Platforms

Social media can be an excellent way to reach potential tenants, as well as to build a relationship with your existing tenants. Platforms like Instagram, Twitter, and Facebook can be great marketing tools when used wisely. Consider setting up profiles for each of your properties, and don’t forget to add your personalized contact information for potential tenants. This can be a great way to attract new tenants and give current tenants a place to connect.

Offer Services That Make Life Easier

Giving your tenants reasons to stay with you is always a good business move. Offering services that make life easier, such as on-site laundry, access to a gym, free parking, and an online store, can be a great way to attract new tenants and keep existing ones happy. You can also look into offering services such as virtual tours, 3D modeling, and augmented reality (AR) to give potential tenants a more immersive experience of your listings.

Get Feedback from Tenants

Getting feedback from tenants can be a great way to stay up-to-date on the latest trends. Try to catch up with tenants on a regular basis to get their opinion on what’s working and what isn’t. This will help you know what services to add and which services aren’t necessary. You can also use feedback to create a better overall experience for tenants, which may lead to more tenants signing on for longer periods of time.

Leverage Data Analysis

It’s essential to use data to inform your decision-making. Utilize local market trends and analytics to keep up with the competition. Invest in a data-driven property management platform to make sure you’re making decisions that are backed up by data. With a good system in place, you can take advantage of visualizations and predictive analytics to stay ahead of the curve.

Keep an Open Mind

Finally, it’s important to keep an open mind about tech trends. Even if something seems strange or unnecessary at first, give it a try before turning it away. Technology is constantly evolving and it’s essential to be willing to try new things.

Conclusion

Keeping up with the latest tech trends is essential for landlords looking to stay competitive. By staying informed, choosing the right tools, providing great services to tenants, and keeping an open mind, you can ensure your business is on the cutting edge of the rental market. Don’t forget to keep up with feedback from tenants and learn to leverage data to make the most informed decisions possible. So if you want to stay ahead of the game and keep your business running smoothly, follow these tips on how to keep up with tech trends as a landlord.

What types of technology can landlords use to better manage their properties?

1. Property Management Software: These systems enable landlords to manage multiple tasks, from tenant onboarding and rental payments to maintenance and reporting.

2. Video Surveillance Systems: These systems are designed to monitor and record activity on properties to deter crime and ensure tenant safety.

3. Smart Locks: Smart locks allow landlords to grant and revoke access to the property with ease, as well as monitor when tenants lock or unlock the door.

4. Automated Maintenance and Repair System: Automated systems allow for work orders to get dispatched to maintenance technicians with ease.

5. Online Payments and Tenant Portal: By utilizing online payments or a tenant portal, landlords can streamline the collection of rental payments and improve tenant experience.

6. Building Management Systems: These computerized systems enable landlords to monitor temperature, lighting, and security from a centralized platform.

What technology can landlords use to screen tenants?

1. Online tenant screening services: These services provide access to credit, eviction, and criminal history reports on potential tenants.

2. Automated tools: Many online services offer automated solutions for landlords to screen tenants by running reference checks, verifying forms of identification, and collecting credit and financial data.

3. Smartphone Apps: Mobile apps can be used to speed up the tenant screening process with automated checks and on-demand databases.

4. Computerized rental applications: Online rental applications allow potential tenants to fill out all necessary information in one application.

5. Background checks: Landlords can run background checks on potential tenants to uncover identity fraud and financial problems.

6. Verification of employment: Landlords can call potential tenant’s employers to verify a tenant’s employment history.

7. Security deposits: Requiring a security deposit from a tenant can act as a form of screening, as tenants who are unwilling to pay upfront may not be reliable tenants.

What online services can landlords use to screen tenants?

1. TransUnion SmartMove

2. Avail

3. Cozy

4. RentPrep

5. TenantVision

6. National Tenant Network

7. Rent Juju

8. Experian RentBureau

9. ClearNow

10. Credit Decisioning Solutions