Simply put, automation frees up your time to build your business and increase your ROI, provided you’re ready for it.
Consider this interesting stat: there are more than 48 million rental properties in the United States alone. That’s a lot of property management tasks and tenant communications. As a real estate rental property owner, wouldn’t it be great to save time and make more money all at once? The key is automation.
As a rental property owner, you’re familiar with the daily hassles of property management — sifting through piles of paperwork, managing tenant requests, and handling maintenance issues. By adding at least some automation into the equation, you will have more time to focus on growing your rental business and your profits.
So, what is automation, and how can it help you? Simply put, automation refers to using technology or software to streamline and simplify the management of rental properties. It covers everything from lease administration and payment processing to preventive maintenance scheduling and tenant communication. The benefits are obvious, but here’s a breakdown.
1. Organized financials: There’s no escaping the financial paperwork and calculations, lost receipts, and late payments from tenants. Automation makes it easier to manage rental payments, track expenses, generate reports, and stay tax compliant.
2. Improved tenant communication: In the wise words of Maya Angelou, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Keeping tenants happy is essential– especially when it comes to lease renewals and your property reputation. Automating your tenant communication with scheduled alerts, reminders, and updates makes the process seamless, efficient, and empathetic.
3. Maintenance made easy: Interesting fact – did you know that water damage is the second most frequent reason for homeowners’ insurance claims? Regular maintenance and quick remediation of issues can save real estate rental property owners a fortune in the long run. With automation, you can create preventive maintenance schedules, track repairs or replacements, and easily communicate with contractors.
4. Time-saving wonders: As a property owner, your time is valuable, and you likely wear many hats already. Why not let automation take care of those tedious, time-consuming tasks? Freeing up your schedule allows you to focus on more essential aspects of your business, like property acquisition and tenant relationship building.
5. Data-driven decision making: Automation helps you access insightful data regarding your property’s performance, allowing you to make better-informed decisions. By analyzing trends and anticipating changes, you maximize your rental property’s profitability.
Other Profit-Driving Technologies
1. Virtual Tours: Virtual real estate tours make the viewing experience much easier and more efficient. When prospective renters don’t have to travel long distances to view a property, it can encourage decision making faster. It’s as simple as scheduling a viewing time, then seeing the property from you smartphone or computer.
This technology is advantageous to landlords who don’t have flexible schedules. Simply prerecord a viewing of the property and share the link with a potential tenant. You could then schedule a live stream when you’re available. This lets potential tenants see the entire property in real-time, with you available to answer any questions they might have.
2. Smart Technology: Smart home technologies now conveniently let homeowners manage and monitor their homes remotely. Landlords can also use this technology to provide a safe environment for their tenants. Investing in smart home technology is also an excellent way to attract high-paying tenants. Remote security cameras, smart smoke detectors, and smart lighting systems are examples of smart technology. Such systems will undoubtedly make tenants feel safer and may improve retention, especially since most tenants place a high value on security.
If you’re ready to incorporate automation into your real estate rental business, you will undoubtedly benefit over time from increased efficiency, streamlined processes, and ultimately more revenue. However, if you’re not quite ready to make the jump, consider the huge advantages of working with an experienced property management company such as Cousin James Management.
Cousin James Management provides comprehensive real estate management with a focus on owners and investors who expect and appreciate a higher quality of service.
Our full-service property management services include property maintenance, reporting, accounting, tenant screening, marketing, leasing, rent collections, evictions, property inspections, and more. We strive to provide the highest quality service to our owners, investors, and tenants. Download our free Tenant Screening Checklist to help you ensure finding and keeping top quality tenants!