A rental property is a great way to generate passive income and build wealth. It’s also a great way to drive yourself crazy: landlords are responsible for all sorts of tasks and expenses, from listing properties and screening would-be tenants to fixing leaks and maintaining roofing. It’s a lot to handle — but there are ways to make things a little bit easier.
In particular, the rise of new technologies has allowed landlords to move quickly and tackle tasks more efficiently. More responsibilities can be taken off of your plate, freeing you to focus more on the things you do best — or to just take a break and relax! With that in mind, here are three ways to use technology to run your rental property more efficiently.
Use landlord software to list properties and screen tenants
Before your income property can generate any income, you’ll need to land a great tenant who will treat your property well and pay rent on time and in full each month. That’s easier said than done, though — there are some nightmare tenants out there who might destroy your space or refuse to pay rent, forcing you to bear the steep costs of things like evictions and emergency repairs.
Fortunately, landlord software makes landing the right tenant a bit easier. A modern landlord software solution will let you list your property online with photos and even videos. You’ll be able to set up a free rental application and perform background checks on would-be tenants so that you can be as confident as possible that the tenants you choose are law-abiding, responsible people with the financial ability to make rent each month.
Use apps to find contractors and get quotes
Need a plumber right now? Want to know the cost of replacing a roof? Where you once might have turned to the phone book, you may now want to turn to an app. There are a lot of apps out there that will show you reviews and connect you with the best contractors for your needs. Consider using specialized apps for specialized jobs, such as apps that focus on helping you find contractors specifically for roofing jobs. The specialized apps will give you more in-depth coverage for the specific tasks that you need to be done.
Use apps and technology to protect your property
Your real estate property is valuable, and you need to protect it from vandals and criminals. While your tenants may invest in security solutions of their own, it is important for you to consider what you can do yourself as a landlord.
Installing security cameras in stairways and other non-private spaces to prevent crooks (or even your own tenants) from messing with things like maintenance areas, storage spaces, dumpsters, and your vehicles can be a smart move. Just be sure to obey any relevant laws about surveillance on rental properties. Remember that your tenants have a right to privacy, too.
Depending on the layout of your rental property and the relationship between public and private spaces therein, you may want to set up alarms and pay for security system monitoring solutions, too. And many modern security systems will allow you to combine their services with things like smart home devices and AI assistants like Amazon’s Alexa.
With mobile apps, voice commands, and more, you could control things like lights and thermostats from afar. Keeping tabs on your property is a big part of being a landlord, and it’s just one more thing that technology can make easier.