Technology is very important to the efficient management of rental properties, and property managers need to utilize all of the technology they have at their disposal. Today, we are explaining the importance of that technology and how it helps us do our jobs.
One tech feature that is extremely important is the use of online portals. These portals enable owners and tenants to go online and access information about their accounts. This is especially important if you happen to be out of state or out of the country. It provides full transparency so you can see exactly what is going on with your property. You can quickly run P&L reports across specific properties or your entire portfolio. You can see all financial transactions, including the documentation attached to those transactions. You can access property management agreements, leases, inspection reports and anything you need. There is no need to wait until the end of a statement period to see what you earned and spent. You get the information in real time.
More and more businesses are moving away from paper. Tenants need the ability to pay their rent online. They should be able to put in their bank account information or sign up for auto debits to pay their rent. They can even put in their credit card number or debit card number if that’s easier. This eliminates the need to rely on mail in order for a rent check to be collected. We have noticed that over 80 percent of our tenants at DKRentals.net use electronic methods of payment. On the flip side, we also pay owners electronically. You don’t have to wait to receive a check.
The application process is streamlined with technology. In the old days, people would fill out applications by hand and turn in a check for the application fee. This means the process would take a few days to complete. Today, the application can be completed and submitted online and the application fee can be paid online. The property manager can then pull a Save you time and moneycredit report and run a background check immediately, based on the information that has already been submitted to the system. There’s no delay for data entry and the whole process is far more efficient.
These are three areas where technology has had a huge impact in property management. If you’d like more information, or you have any questions, please contact us at DKRentals.net.