Education and news for smart DIY landlords!
Are you looking for ways to boost your landlording business? If you’ve been in the industry for years, you know that the market is becoming tougher. Unless you’re willing to lose your best tenants to competitors, you need to invest in technology.
But how does technology help you? In what ways can it make your life easier, more convenient, and even improve your relationships with tenants? This article will give you good reasons to integrate technology into your business.
While leveraging newspaper ads remains to be helpful, more and more people are now relying on the internet to do their research. Not to mention, there are over 2 billion smartphone users worldwide. The convenience of handheld devices speeds up the process of scouting for good rentals.
There are many ways to use digital marketing to reach your prospects no matter the place and time. Online listing websites like Zillow and Craigslist allow you to showcase your properties together with their descriptions. You can also promote your properties by sharing them on social media. Facebook and Instagram are great platforms because of their visual nature.
It’s no secret that videos have become an indispensable marketing tool. Utilizing videos to showcase your properties compels customers to pay attention. With so many pieces of information and ads competing for a prospect’s attention, visual content in the form of videos creates higher engagement.
Fortunately, there are many apps and open source platforms that help shoot high-quality videos. Business owners are also using Facebook Live to host Q&A sessions. This would be a great idea for audiences wanting to know more about renting.
It can be hard to stay on top of things if you manage several tenants and got other responsibilities on the side. And because your rental business comes with many financial details, you need an accounting software to automate managing your finances. Keeping track of your expenses and ROI shouldn’t be a stressful experience.
You can choose from many available accounting software options such as Freshbooks and QuickBooks. Even when you’re on the go, you’ll be able to create professional looking invoices. However, if this is not something you’re comfortable with, you can start with an Excel spreadsheet.
Owning a rental property comes with a lot of responsibilities. A common concern you may have is safety. Remote security cameras give you a greater peace of mind even if you live far from your rental property. You get a live footage from your mobile device of what’s happening even if you’re not around. This saves you time and effort in traveling to the property just to check on things.
Remote security cameras attract high paying tenants. They also make sure that tenants behave according to your rules. Just remember that you’re not allowed to record videos in areas of your property where privacy is expected.
In the past, landlords had to print their documents to be signed by tenants. If prospect tenants live far, landlords had to mail these documents. This increases the risk for the documents to get lost and delays the signing process. Thanks to technology, contracts and lease agreements can now be signed online.
Digital signatures allow all your tenancy documents to be signed in a secure and fast manner. Tenants can do the signing from their personal computer or handheld device. This convenient process eliminates many tedious and time-consuming steps – printing, scanning, and storing piles of papers.
Landlords could find themselves in a better position by welcoming technology. It simplifies complicated processes which can spare you from headaches and future problems.
Need more landlording advice and tips? Join the Landlord Prep: Video E-Course and How-To Tutorials get the complete DIY landlording course. This will help you stay confident and knowledgeable as a landlord!