Use These Five Technologies to Attract and Retain Renters.
Technology is becoming increasingly important in real estate--and landlords are beginning to take notice. The cost of technology may seem overwhelming, but the payoff is huge. Landlords are able to earn back costs in just a few months while attracting potential renters to their properties. In today’s climate, multi-family landlords must have the following five technologies to be more efficient.
1. Digital Rent
There are numerous online payment applications available that will provide rent reminders to tenants and allow them to pay by check, debit, or credit card. These apps improve cash flow, reduce delinquencies, maximize renter retention, and boost resident satisfaction. In addition to accepting online payments, use one of the programs that will allow you to accept rental applications and complete credit checks. This way, you have the information in the same place, which cuts down on your work. Some options include Avail
, and Cozy.co
2. Smart Technology
The first thing people think of when it comes to smart technology for the home is the electronic thermostat. Start there, but don’t stop there. Install remote cameras along with burglar alarms that notify you when there is a break-in or abnormal condition. Check out your properties from your phone or desktop, and install smart lighting and outlets to reduce energy bills for tenants. Connect smart smoke and carbon dioxide detectors (such as Nest
brand ones) to the smart thermostat for added safety and peace of mind.
3. Online Maintenance and Inspection Requests
Make it easy for tenants to report maintenance issues in their apartments to further reduce problems. Similarly, have tenants schedule move-in and move-out inspections online. Not only can they make the appointments, but several applications allow for the uploading and inclusion of records, photos, and notes. Make it easier for both the tenant and yourself.
4. Operations Software
Use financial applications and document storage. These applications can store rental applications, rental contracts, certificates, and inspection and maintenance documents. The application then sends rent-due reminders and keeps track of when a lease ends. Be better prepared for quarterly taxes and other reports to track operations. You will be glad you did.
5. Personalized Resident Services
With wireless buildings and interconnectedness, tenants will be notified on their smartphones when a package arrives. They can then sign for it and open their door from their phone to have the package put in their apartment. Enabling residents to perform simple “doorman” duties from their personal devices will attract tenants.
These five items are extremely important to attracting and retaining renters and keeping your vacancy rates low. This, in turn, improves your cash flow and allows you to keep a pulse on your Los Angeles commercial real estate.