While the effects of technology on rental property hasn't been as tumultuous as it's been around some of the other industries, it's been every bit as powerful. That is due to the unique character of the industry.
You see, in this market, the majority of the critical decisions continue to be performed by individuals -- not tech. And that is something which is unlikely to change. Fantastic thing is, the effects of technology on rentals is less about disturbance and more about empowerment.
I’ve listed 5 ways to use technology that are among the most effective ways to empower your property investment business. Here’s how you start to leverage technologies to enhance your rental business.
1. Property Searches
The world wide web has leveled the playing field in regards to looking for real estate value. In yesteryear, it required a specialist to determine where and when new possessions would eventually become accessible, and of course figuring out exactly what the similar home sales in that certain area may be.
But not now.
This is info that just requires a few clicks to access.
Locating a property is as straightforward as looking this up on any commendable property site. If you want to know more about foreclosures, it is possible to get a whole lot of these on Auction.com.
Sure, the precision on those websites can't be regarded as laser-point true, but they do a fantastic job of providing homeowners a fantastic ballpark in which to operate.
2. Lead Management
If you want to leverage technology to cultivate your small business, keep on top of prospects and add some team members later on, then a CRM will be convenient.
If you're investing copious quantities of money and time developing prospects, then it's useless not knowing where these prospects are throughout the several phases of your deal flow.
Podio includes a fantastic CRM targeted at property investors. And the best part is that they have a free version that you may update once your company grows. At Latchel, my sales team uses HubSpot to manage our customer relationships.
3. Direct Mail Campaigns
If your marketing strategy includes direct email, it's highly advisable to take advantage of a trusted list supplier for example Listsource, and then upload the listing to a mailing services.
You are able to schedule the mail to deliver months beforehand in keeping with your targets and budget, providing you with the chance to consistently prod your targets until they respond.
4. Buyer List Administration
Wholesalers can't reverse contracts without shareholders. However, it may be dispiriting to go in search of fresh money buyers each single time you've got a new home under contract.
Rather, you ought to be placing your energies in finding distressed properties, all of the while creating a record of credible buyers that will not have any issue buying the property.
Or you may just take advantage of an email supervisor like Mailchimp and use their forms to handle your contacts. At Latchel, we use a combination of Mailchimp and Woodpecker to create email campaigns for interested property managers and landlords. You may also want to consider SMS Magic for this type of communication.
5. Enhancing Tenant Relationships
Technology may also help property investors improve the experience of the tenants in the beginning through their entire lifecycle. Latchel is completely focused on making the tenant experience amazing after move-in. The #1 way to do this is through communicative maintenance.
Outside of Latchel, you must leverage online management applications to ensure it is feasible for the tenants to rent your home on the internet, make payments (deposits, rents, and charges ) and submit maintenance and repair requests at one location. Don’t assume all tenants will submit maintenance requests through a portal. Tenant’s want immediate attention for emergency situations. This is why Latchel excels at the tenant relationship. We provide guidance and troubleshooting to tenants during emergency situations.
When it's keeping closer track of your costs, tracking the job being performed, or coordinating land information, tech-enabled property management must be among the greatest breakthroughs in the industry.