Whether you are a newbie property investor, an independent landlord, or a property manager handling a few properties under your care, it is crucial to be good at your duties and responsibilities.
There are various classifications for landlords or property investors. The digital landlord is a new type that emerged because of modern technology. The manual tasks landlords had to deal with before are now made easier because of property management apps.
This article will define what is a digital landlord, how to become one, and the advantages of using modern technology.
Definition of a Digital Landlord
A digital landlord takes advantage of the fruits of modern technology in managing a rental property. Advances in technology make simple and seamless the process of property management. A landlord can use property management software, high-tech security devices, and keyless technology to streamline his landlord responsibilities.
You may not think of yourself as a digital landlord now, but you are probably already being techy in handling your rental business processes.
For instance, many landlords utilize spreadsheets to record and organize particular aspects of rental management. These can include tenant screening, accounting, tracking rent payments, and monitoring leases that will expire soon.
How Technology Caused The Rise of Digital Landlords?
It is almost a stretch to imagine someone dealing with rental management will not become a digital landlord. Modern technology plays such a huge influence on people’s lives nowadays that you cannot just ignore its importance in your rental business.
The many solutions modern technology provides to landlords cannot be underestimated. On the communication side alone, landlords can use an application to notify tenants of their rent payments and receive requests or complaints from renters.
Compared to the present, rent collection and other aspects of property management had to be done manually two decades ago. The convenience and efficiency of using modern technology in handling crucial tasks in the rental business caused the rise of digital landlords. Being in sync with technological advancements means more chances of succeeding in such ventures.
Features to Consider in a Property Management App
Your life as a landlord will be a lot easier because of the many useful features you can find in property management software. When considering which areas of your business you can improve using digital technology, determine the tasks you are doing manually and the challenges that check the progress of your business.
Take note of these areas in managing a rental property that gives landlords difficulty and how technology can streamline or improve them.
- Tenant screening
- Tenant communication
- Maintenance requests or complaints
- Rent collection
- Tenant payments
- Late fees
A landlord can utilize property management software to solve typical issues in handling a rental property. For instance, technology can automate rent collection using automatic scheduling and auto-generating late fees. Collecting checks and adding up numbers will be much simpler if you go digital.
Another area of managing a property that you can improve using technology is tenant communication. Notifying a tenant of future rent payments, maintenance, or garbage pickup, will be a no-hassle if you are using property management software. You can just send an email and push alerts to your tenant’s smartphone.
Choosing to be a digital landlord can give you the freedom to manage your investment property from anywhere. Even with the use of your laptop or smartphone, you can tackle some of the tasks related to your rental business. You can also have free time to focus on the money-making side of property investment or diversify your portfolio.
Using modern technology also boosts the value of your rental business by providing renters the option to sign up for credit-building. They can pay rent on time, and their payments will be reflected on major credit bureaus.
Typically, tenants cannot build their credit by paying rent through cash or check. So, you have to make tenants pay rent through digital means to boost their credit.
How to Become One of the Rising Digital Landlords
You can create your reputation as a digital landlord by using modern technology to streamline certain areas of property management. Look for an application suited for property managers which can help you automate tenant screening, rent collection, maintenance requests, and complaints.
Make sure the software you will use allows you to save time and money. It should offer you the freedom to tackle some of your responsibilities from anywhere.
Now you know the advantages of using modern technology in managing a rental property. Landlords should consider going digital because technology makes property management tasks more convenient and efficient. Since many landlords are now using apps to tackle their responsibilities, there is no reason why you should be left behind. Always stay ahead of the race by looking for new ways to improve some aspects of property management.