The technology of the modern day has made a lot of difference in the lives of landlords and property managers in 2023. It continues to create ripples in the market even at the moment. Several industries have already embraced modern-day advancement tools and the real estate sector is not far behind. If you as a landlord want to remain relevant and become an innovator in your field, it is time to pay a little more attention to the blog right here. Let’s begin:
Landlords are now making use of online application platforms and background-checking tools. Gone are the days when they used to perform manual background checks and set up meetings with their potential tenants just to collect important information. Property managers today invite online applications and also perform credit checks over the internet. Background screening is done with the help of a well-connected network of applications and a government-verified database. The rent application goes through several stages and if the landlord finds the credibility and the background of the tenant suitable, the application is accepted.
The pandemic has been a game-changer for a lot of industries. The property management sector has also gone through a lot of changes. One of the biggest revolutions that have happened is the digital signature collection trend that seems to be catching on with everyone. There are numerous software platforms that allow landlords to collect digital signatures from all their potential as well as existing tenants. The same can be deployed for any of their contractors, repairmen, servicemen, and technicians such as electricians, plumbers, roofers, and many more professionals. It has reduced the time taken to enter into contracts whether it is with a technician or a potential tenant.
Now, this is a feature that is specifically designed keeping in mind the various responsibilities that a landlord has to complete. There are numerous mobile applications and other web-based landlord software platforms as well that allow property managers and similar professionals to keep a track of when their rent is due and when they have to renew their lease. They can also keep a track of their receipts and purchases in addition to tax-related information. Document storage when digitized can help them get the relevant online certifications as well. As a property manager or landlord, you can also combine these software platforms with accounting software, an on-the-go digital document storage platform, and many other tools that are specifically designed for the real estate sector.
There is a host of online property inspection apps that allows landlords to ascertain whether the tenant in question has moved into the property or has moved out of the apartment on the pre-decided date or not. This app can store photos, videos, and also a preloaded checklist for both the tenants and landlord. The tenant can easily get access to the information updated in this app to know whether the property has been occupied or vacated or not during a particular timeline.
Landlords and property managers all over the country have started using smart digital thermostats. They let them save money and become more energy efficient. The heating and cooling patterns are already embedded into these smart thermostats. They can identify when they need to turn on and turn off to maintain a comfortable environment for the tenant. The best part is that these thermostats can be controlled remotely using a smartphone and other smart devices without any additional investment.
This is definitely an asset and less of an expense for a digitally aware landlord. When you are trying to make your rental property more tenant-friendly, the one gadget that you must invest in is a carbon monoxide detector or a smart smoke detector. These gadgets would even notify you when their own batteries are about to die. Needless to mention, they also do a super fine job of detecting smoke and other harmful chemicals on your property. This is a very effective way not only to keep everyone safe but your property away from any potential harm as well. Combine this tech with an air purifier and you have the means to provide your tenants with clean air 24/7.
It is going to be very easy for you to become a great landlord in 2023. You just have to be a lot more welcoming of the changes in your industry. Modern-day technology has simplified a lot of that for you already.
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