In today’s technology-driven property market, tech-savvy landlords are looking into more economical and time-saving ways to attract new tenants. What better way to beat your competitors to great tenants than using cutting-edge technologies. In fact, recent studies have shown that tenants expect technology to be a major part of their renting package. Moreover, with property development undergoing major changes on the technological front, landlords are more compelled than ever to follow suit. Clearly, when mastered properly, technology holds the key to outshining your fellow landlords amid intense competition.
So you want to use technology to stand out from the rest in 2019 and beyond?
Well, as a full-time real estate developer, it’s natural for you to feel like carrying the weight of the world on your shoulders. Even part-time landlords have trouble finding enough time to manage things efficiently.
Do you ever feel that your duties as a landlord take up too much of your time?
Don’t worry, there are many technologies that streamline your everyday letting activities. The property experts at Snippie have put together the perfect list of technologies that consistently deliver results.
So, simply follow these tips and tools closely to manage your properties more effectively.
Manage your projects using the right tools
Being a landlord involves juggling a lot of activities at once. Managing a property is hard enough as it is. Now throw a few tenants and letting agents into the mix, and you will be done for. This is where landlords can benefit from using a project management tool. Whether it is for managing properties, keeping tabs on your daily activities or scheduling tenant meetings, a management tool will be extremely helpful.
Snippie is a popular app that has allowed hundreds of landlords to experience the most hassle-free letting and property management.
With Snippie you can:
- manage property and tenants at reasonable rates
- Store tenant and property information
- Track and chase tenant payments
Now, if you are just starting out and looking for something free of cost, check out Google calendar. Although the basic features of the app come free, you may want to upgrade it depending on your growing business requirements.
Use mobile banks to manage transactions
Do you have a system in place to track the ebb and flow of all the property-related transactions? Well, it’s important that you get one immediately, if you haven’t already. For landlords, it’s easy to get bogged down in the details of the cumbersome traditional banking. But don’t worry, if traditional banking isn’t your cup of tea, there are other modern banking alternatives that will help track payments easily and more effectively and you can do it all free of cost.
Now you can put your past traditional banking nightmares behind you once and for all, by subscribing to easy to use mobile app banks like Monzo and Tide. These advanced mobile apps offer excellent options for landlords to manage money and are a testament to the growing influence of technology on property development. You can track payments, generate monthly reports and economise your activities on the go from your phone. If you have difficulty managing multiple properties, mobile banks will let you stay on top of them at all times. Some apps even come with the feature to request rent payment from tenants.
Protect your property with an inventory management app
Every landlord knows that inventory is arguably the most important aspect of their property and business. You are not a landlord until you have got into a heated argument with tenants over the wear and tear of your inventory. If you don’t keep tabs on your inventory, you will never be in a position to make your case when your property items sustain damage.
Having a reliable and user-friendly inventory management app can help landlords get a good night’s sleep. Sortly is one such inventory management app that lets you take care of your valuable items. The app’s photo-based feature lets users document the condition of their property. Create a clear-cut visual documentary of your valuable items, which can then be curated to tenants before they move into your place. By documenting the details of valuable items landlords will be all set for insurance purposes. More importantly, the app will make sure that everything remains fully organised and intact.
Find the perfect person for the job
It’s common for landlords to run into difficulty while looking for a reliable person to whom they can entrust the repairs of their property. Landlords of all shapes and sizes know the near impracticality of having someone so trustworthy at their service all the time. Whether you are looking for a plumber, electrician or builder, you must avoid making a last-minute attempt to find them. This is where landlords can benefit from using websites like Ratedpeople.com which can help you find the right person at the right time and it is completely free.
Ratedpeople.com will help you pick real professionals based on the reviews published by people who hired them before. If you are still not convinced by what you see, the website lets you chat with their previous employers and track records. This way, you won’t end up booking the wrong person on impulse. You can always rest assured that you aren’t booking an unqualified person.
Use effective technologies for properties
Ask yourself this over and over again: how up to speed are you with the technologies used to leverage property business? Well, most of your competitors are already using them. So if you are an ambitious landlord who sees himself landing higher-paying tenants, you should start investing in the following technologies:
- Remote security cameras – These little gadgets let you watch real-time footage of your property from your mobile phone.
- Smoke detectors – These gadgets check the atmosphere inside the property and notify you in the event of a fire and other dangers.
- Burglar alarms – Install these gadgets in your property to preempt the threat of break-in
Equipping your home with better technologies and security devices will allow you to attract good tenants who can afford bigger rent. When your place is well-protected with all the safety features, you can always feel at ease about renting it out.
Stay ahead of the curve with rental yield Calculator
When you are in the property business, you may consider buying multiple properties and let them out. It’s really helpful to get an idea about the potential return of investment from the properties that you plan on buying. Use a rental yield calculator to get an estimate of the return you can potentially gain from your investment. As a landlord, your job is to keep abreast of the latest technologies, so that you are not left behind.
Follow our tips to get the best value out of your property and stand out from the rest. We would always be happy to give any further tips to help you stay ahead of the curve.