Tools to Help You Manage Your Rental Properties

Guest post by Andrea Needham

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People often say rental properties are a “passive” income stream. In reality, they require time and effort. You’ll have to take care of all kinds of tasks, from finding renters to keeping the property in good condition. If you have multiple rental properties to oversee, this gets especially tedious. The good news is that there are tools and technologies that can make managing rental properties easier. The below guide from PRK Williams Building Group provides an overview.

Get a smart security system to protect your investment

You want to keep your property safe and secure. After all, it’s an asset worth protecting! Smart home security systems can help. CNET offers a roundup of top-quality systems from providers like Ring Alarm Pro, Wyze, and SimpliSafe. A comprehensive system can include features like motion detectors, cameras, and doorbells with video. When you hook up the system to a smartphone, it can be controlled remotely.

Set up an automated maintenance service

Regular maintenance is another important step in protecting your property investment. You can proactively tackle certain maintenance tasks yourself, like landscaping and gardening. Your tenants may also request maintenance services if things break. To simplify this process, use property maintenance management software where they can automatically log complaints and request repairs.

Embrace digital document signing and management

Being able to digitally sign documents like leases streamlines paperwork processes between you and your tenants. When drawing up leases, you can use a PDF filler that simplifies matters by accommodating digital signatures. You can even password-protect the PDF and securely share it once it’s signed. You can also use PDF tools to compile paperwork related to your properties, like maintenance contracts, tenant histories, and income and expense notes.

Get software for managing income and expenses

A comprehensive accounting tool will make it easier to manage your income and expenses. For example, your rental income is taxable and needs to be recorded and declared, so you can pay the right amount of taxes on it. You can also claim certain expenses related to your rental property as tax deductions. There are also digital tools you can use to simplify money-related tasks like rent collection, including Zillow Rental Manager and Rentec Direct.

Invest in video tech for creating virtual tours

Finding good tenants is one of the biggest challenges of managing a rental property. You want to have people who are reliable, quiet, clean, and orderly. To attract high-quality renters, you need to invest in marketing. Virtual video tours are one great technique to try. This can be especially useful for a first viewing. According to Lemon Light, real estate listings with video receive 403% more inquiries.

Try out online marketing technologies

Video is just one marketing technique you can try. There are plenty of other tech tools you can implement to attract renters. Start by building a website where you can showcase your property. Then, leverage SEO tools to make your website easier for search engines to find. Social media is another great tool, as it’s cost-effective, user-friendly, and gives you great reach. You can use graphic design tools like Canva to create great social posts.

Learn how artificial intelligence can help you

Everybody seems to be talking about AI these days. It’s promising to revolutionize many industries, including real estate. ButterflyMX provides a comprehensive guide to how AI can be used in property management. For example, AI can send reminders to staff to follow up with tenants about renewing their leases. AI tools can also be integrated with payment processes, for instance, to send reminders to renters to pay their rent.

A rental property is a great way to make extra money, but it does require some effort. By using the suggested tool and technologies for tasks like recording e-signatures and organizing maintenance requests, you can minimize the administrative burden.