As an LA County landlord, you need to grab the right opportunities to find high-quality tenants for your rental property. The latest technological advancements are one such opportunity that can transform the way you operate your rental business.
Technological innovations have revolutionized the landscape of the real estate industry. As a result, you can make your rental business more profitable by using automated systems and software. It can help you effectively manage multiple properties, keep track of all the critical details, and streamline your business.
Let us take a deeper look at how property management technology can make managing rental properties more efficient.
Online Tenant Portals to Facilitate Communication And Tenant Management
A tenant portal is a secure digital platform where you can perform several rental-related activities. For example, it allows your tenants to submit maintenance requests, pay rent and check out important notices. Here are some other benefits of using an online tenant portal.
Improved landlord-tenant communication
The prime benefit of using a tenant portal is the improved communication between landlords and tenants. It enables tenants to contact the landlord easily and acts as an additional medium of communication alongside email, phone, and messages. It also helps you document all correspondence between you and your tenants in an organized manner.
Automated application collection and tech-driven screening process
The screening process for selecting potential tenants for your rental is extensive, complex, and needs to be consistent with the Fair Housing Laws. It can be highly challenging for you to conduct the process without any online assistance. This is where an automated and consistent online application process comes in handy.
With the help of technology, automated application software helps collect the applications of interested candidates without any chance of unfair advantage to a specific applicant. It also ensures that documents for each applicant are stored systematically before they are screened.
Convenient submission of repair and maintenance requests
Since renters require a fast response to their requests, a landlord who fails can invite displeasure from renters. Online tenant portals can simplify the process for you. We would also recommend owner portals for tracking repair requests and tenant and vendor bills.
It can help you and your tenants to submit and review maintenance requests. Plus, since these platforms are functional 24x7, your tenant does not need to wait until business hours to submit a request. They can make a repair request right away when they see an important issue that needs immediate attention. It protects your rental and avoids more expensive repairs down the road. Additionally, you can also document and track the request and have a thorough record of the maintenance work done on your property.
Reach a Wider Tenant Pool In LA County With Property Management Technology
The rental business does not work solely on word of mouth alone as it used to a few years ago. One of the main requirements in the field is advertising and marketing the house in a way that piques the interest of potential renters. Marketing the unit can help it reach a wide range of audiences interested in renting it. Here are the two main strategies for advertising and marketing of your unit -
Social media platforms for promotion of the property
We recommend uploading the pictures of your LA County rental and its details and tenant requirements on social media platforms. You can also include a link to your website for additional details. Use hashtags, captions, and other platform-specific tools to find exposure with potentially interested candidates.
Rental listing platforms to find target renters.
Another popular way of finding an interested audience is to list your unit on an online rental listing platform. This requires you to include pictures of your rental property and a detailed description of its amenities.
Emphasize the location and surroundings to find a suitable renter already searching for a house. Online platforms like Zillow and Trulia are affordable and easy to use, even for new landlords. They help reduce the vacancy rates of your property at the lower end.
Electronic Lease to Simplify The Lease Documentation And Signing Process
Gone are the days when every document needed to be printed on physical paper. Digital records have now taken the property management industry by storm, as they are encrypted and save space. It also enables you to store multiple tenants' leases safely without having to worry about storage space.
These leases can be accessed by the tenants whenever they want. Furthermore, since they are present in an electronic format, they can be made error-free and signed digitally, saving a lot of the landlord and tenant's time.
Digital Rent Collection to Save Time And Effort
It is difficult for landlords to personally keep track of every tenant's rent status and ask them to pay the rent. To eliminate that hassle, landlords can take the help of online rent collection software. It helps efficiently collect rent from the tenant through digital means instead of physical bills.
You can use systems like Rent Manager, Appfolio and others to accept and track timely tenant payments. You can also offer incentives and discounts in return for setting auto-payment that is credited to your account on designated days. At Bell Properties, we encourage tenants to pay online to increase the convenience of landlords.
Accounting Software to Enhance Financial Management
A major benefit of technology is that it serves transparency and accountability. It can benefit you if you have trouble maintaining best practices for accounting and bookkeeping. Several online accounting software provides detailed statements, reports, and accurate information about the performance of their investment property. It also showcases how much rent is collected and which tenants have paid the rent.
Accounting software can help you with the following tasks -
The accounting software keeps detailed invoices and documents related to maintenance, repair, bills from contractors, and rent collection information of the tenant. It facilitates transparency and enables you to review maintenance invoices.
Measuring the performance of your investment property
It gives you a clear idea of the income generated from your rental and the expenses done on it, so you know how your property is performing at all times. Software like Freshbooks or QuickBooks can let you see your income and expenses at a glance and also help you plan your budget.
Tracking rent collection
If you have multiple renters occupying different properties, you can conveniently track the status of their rent payment and send them reminders if they are late. At Bell Properties, we use financial reporting tools and a fully automated web-based accounting system to track the finances of our client's rental property.
Property Management Software for the Streamlining Of Tasks
As a landlord, you have to oversee multiple complex tasks to completion. Failing to complete even one of them can cause significant damage to your rental business. So, you should be systematic with your tasks and organize them using property management software. These tasks can include rental showings, inspections, maintenance, or virtual property tours.
You can use digital calendars for scheduling and keeping track of all important events. We would recommend applications such as Google Calendar or Asana to help you track your tasks and stay on top of your commitments.
Smart Technologies to Enhance The Security Of Your LA County Rental
The safety of your renters is of utmost importance. Lack of attention in this regard can create a severe threat to the life of your tenants and your property and result in potential liabilities. We recommend integrating smart technologies to increase your rental security to avoid this.
Here are a few helpful security measures that use advanced technology to keep your property and your tenants safe and secure -
Remote security cameras
These cameras are tiny pieces of equipment installed around your rental to allow you to view live footage via a mobile device. It can help you detect unusual activity, spot intruders, and prevent damage.
Smart lighting systems
Smart lighting allows tenants to save energy by controlling lighting in the home with their mobile devices. This can help the tenants turn the lights on and off whenever they want, even when they are away.
Burglar alarms notify you immediately if a break-in occurs at your property. You can then alert the local authorities before severe damage is done.
Smoke detectors are essential to alert the tenants if there is a fire in your rental.
These technologically advanced systems increase management efficiency and help create a positive experience for both parties. Integrating them within your property can also enable you to generate more ROI.
However, as various platforms are available in the market, it can be difficult for a new landlord in LA County to choose the most affordable and secure one. Consider talking to an experienced property manager to know which can suit your requirements the best.
At Bell Properties, we have over a decade of experience in managing residential and commercial properties, using new-age technology to make life easy for our landlords and tenants. We also provide flexible solutions to our clients for all their property management-related needs.
For more assistance, connect with us at Bell Properties.