How to Manage Rental Properties in the Digital Age
Years ago, managing rental properties used to be quite tricky. Before today’s technological advances, every aspect of property management was done manually. It was difficult to handle the day to day operations of properties, especially when owning several homes or buildings. Thankfully, today we live in a digital age which allows landlords to manage properties with software systems and other digital channels efficiently. If you are an older rental property owner, it is essential to learn how to adapt to today’s technology, allowing you to streamline your investments.
If you’re new to the property management industry, keep the following in mind to manage your property effortlessly in the digital age.
- Social Media
Property brokerage firms have also been utilizing popular social media networks to promote brand awareness, engage with prospects, advertising promotions, and generate leads and website traffic. While social media is a term that is used to refer many social media networks like Facebook, Twitter, Pinterest, Instagram, YouTube, Snapchat, LinkedIn, etc., the truth is that each social media network has its great features that work in their unique way and style. For example, Facebook is a fantastic tool to post news, engage with prospects, post contests, etc. and by using Facebook’s advertising tools, you can drive a lot of website traffic to a particular audience.
- Software Platform
With online software platform, property managers can easily conduct background checks and tenant screenings on individuals with a click of a button. Rent can be paid with payment programs by existing tenants and any repair needs simply added to a queue by renters. There are so many extras and features that can be found with property management software that managers can easily take care of in their day to day operations, never missing a beat.
Overall, today’s technology makes it much easier to stay on top of property management. Whether you are a property owner or Management Company, investing in quality management software will ensure that the properties you are associated with stay rented and provide a profit.
- Benefits of digital videos & photos
People today want anytime access to information on properties. So when managing rental properties, be prepared to become an encyclopedia of information on those properties. Take a copywriting class so that you can write detailed copy that sells. Learn to take and post outstanding digital photos and 360° videos so potential renters see a full view of the property. Learn all about the neighbourhood and units so that you can talk knowledgeably about them. Take full advantage of the MLS listing—using all the features, bells, and whistles—so that you can capture prospective renters’ attention and encourage them to schedule a showing.
- Mobile Application
One of the core components of property management in 2017 is accessibility. The use of a property management app for mobile is one of the best ways to improve accessibility. Mobile application makes it possible to monitor or respond to tasks no matter where you are. A mobile app allows announcements, service requests, amenity bookings, visitor registration, security console and unit file right on your phone. You are able to access all of your software’s information from your phone. Contact residents by phone or email, and pull up unit & resident information with a tap.
- Online Marketplaces
With almost all home-buyers and renters today starting their search online, real- estate search websites like – OLX, MagicBricks, 99acres, Housing.com, and Sulekha in India, have been witnessing lots of demand. With over 90% of renters and home-buyers starting their research and property search online, property management firm now spending most of their marketing budgets on digital.
Managing rental property in the digital age has become a lot easier than it used to be. Be a modern property manager instead of being a traditionalist.