How tech can make your life easier as a landlord
Technology has made impressive strides, to the point that no one needs to physically be in the same room to see an issue with their own eyes.
Landlords have an undeserved bad reputation for doing a job that is necessary for society. It can be a thankless trade, with calls at all hours to sort out issues that may or may not be considered a genuine emergency. For many landlords, these tasks are fulfilled while juggling a full-time job, family life, and ensuring that their books are balanced.
It’s pretty easy to see why being a landlord can become stressful. The financial security that comes from having passive income is appealing when it is passive, but when the myriad of roles that a landlord must meet gets overwhelming, filling the boots of a part-time landlord can feel like trudging through quicksand to get to the finish line.
Technology has revolutionized how we do almost every task, including how renters find and compare properties. Similarly, tech can make your life easier as a landlord. Whether you are looking to increase your reach on Instagram or perform credit checks, there is typically an app that has been built to provide a solution to any isolated issue. When it comes to being a landlord, the end goal is to make the role more passive while maximizing profits and keeping your investment property in the best possible condition. We are here to show you how technology can make that happen.
Showing rental homes can take hours or even days, and not every landlord has the luxury of flexibility. Rather than taking time off of work, you can use technology to show off your rental. With video calls, you can show your property to potential tenants wherever they may be, as long as there is a Wi-Fi connection. Alternatively, vacant properties could be shown to potential tenants without you even being there. A unique code for a smart lock can offer access to the property when it is most convenient for all parties.
The right tenant can make life as a landlord much easier, but the wrong tenant can make your life a nightmare and jeopardize your financial future. Luckily, technology has made it more straightforward to weed out the good from the bad with online tenant screening. Rental applications can be completed 24/7 online, and then landlords can screen potential renters by credit score, criminal background checks, eviction histories, and more. As a landlord, you can then whittle your list down to only a few potential tenants for viewing.
Finding time to meet tenants in-person to have them sign a document is a wearisome process, but digital signatures are legally binding under the right conditions. Don’t waste valuable time worrying about printed hard copies of contracts, and keep these documents electronically and filed in your cloud.
Technology has made impressive strides, to the point that no one needs to physically be in the same room to see an issue with their own eyes. Repair requests can be streamlined with digital photos and videos, and a property management app can allocate a pre-approved contractor to make the repair. Some of these property management applications can also assist with budgeting by reporting on repair and maintenance expenses.
The passive income gained through renting a property can be a fantastic way to ensure your long-term financial security. However, when the problems outweigh the benefits, it is time to see how technology can help simplify your business and make your life easier.