5 must-have technologies for improving your rental property business

Landlords often find themselves caught up in a lot of tasks, from responding to tenants’ queries and managing crucial paperwork to marketing their properties to prospective renters. This can be quite a handful, particularly if you're not equipped with modern rental property technology.

But there’s good news! In this guide, we're set to show you seven clever ways to make the most of technology in managing rental properties. This approach helps you save time and it also smoothens your business processes, leading to securing tenants who are willing to pay more. It's time to release the stress and prepare for a more prosperous journey in your rental property business. Our blog will highlight 5 innovative tech tools every property manager must know about.
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1. The rise of property management apps.

Cloud-based software applications have transformed how properties are managed, bringing to the table easy-to-use, affordable, and powerful tools that improve both the services provided to tenants and the efficiency of overall management. 

As we approach the new year, the availability of various property management apps will expand. Many of these apps integrate smoothly into complete management systems like Buildium offering a one-stop solution for all property management tasks.

2. Elevating security with smart technology

For those managing apartment complexes and multi-family units, boosting security is a crucial aspect of property management. Tenant concerns about crime can greatly affect how they view the value and appeal of your rental properties. Implementing smart security apps minimizes property damage and effectively keeps unwelcome visitors away. These improvements are absolutely crucial in order to maximise the profitability of your rental property business.

A famous in the UK smart security application is the "Hollie Guard," which serves as a vital personal safety tool for landlords, property managers, and tenants alike. Its key features include the ability to send emergency alerts by simply shaking or tapping the phone. When activated, it sends the user's location and starts recording audio and video to capture the situation, which is then sent to pre-designated emergency contacts. 

Especially for tenants and their children, the "Hollie Guard" acts as a critical safeguard, enabling them to quickly notify others in case of emergencies or threats. Providing such a tool to your tenants shows your dedication to their safety and comfort, nurturing a trusting and loyal relationship with your rental property.

The app also includes a unique 'Man Down' feature that detects sudden falls or lack of movement, useful in medical emergencies or if a user becomes incapacitated. For added discretion, there's a 'Stealth Mode', allowing the app to operate silently in situations where visible use of a phone may increase the danger.

Adding "Hollie Guard" to your security strategies not only increases tenant satisfaction but also strengthens the security of your property portfolio. The app's quick alert system and real-time communication capabilities are effective in preventing incidents, thus safeguarding your property against potential risks.

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3. The future of home automation

Smart home technology is becoming increasingly popular, particularly among tech-savvy younger guests. For those who manage short-term rentals, Airbnb properties, or apartment buildings, incorporating advanced technology can greatly enhance the guest experience and justify the value for money that your property provides.

The charm of smart home devices is rooted in their effortless operation and the level of control they provide. Younger guests, in particular, value the convenience of being able to adjust lighting, climate, and security settings remotely, crafting a living space that’s both comfortable and tailored to their preferences. These features not only elevate comfort but also strengthen guests' sense of safety and connectivity.

Systems like Google Nest have established a standard of excellence in the smart home arena, with their seamless integration and user-friendly interfaces. Such technologies are becoming increasingly sought-after in rental accommodations, making them attractive amenities for potential guests.

For those managing short-term rentals, investing in smart home technology offers several benefits. It can lead to improved guest experience and repeat bookings, reducing vacancy rates and ensuring a consistent income. Satisfied guests are more likely to leave positive reviews and return for future stays.

Additionally, these smart tech upgrades give homeowners more power in controlling energy use and keeping property upkeep costs down. By managing utilities like lighting, heating, and air conditioning from afar, you can reduce unnecessary spending and keep efficiency high.

Incorporating smart home technologies ensures your rental offerings meet contemporary living standards, attracting guests who seek accommodations with a modern, technological edge. Such a strategy sets your properties apart in a crowded market and expands your reach to a diverse group of guests, maximising booking potential.‍

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4. Mobile property management 

For hosts and property managers who are often on the move, having a straightforward and effective mobile property management solution is essential. The convenience of mobile technology like smartphones, tablets, and laptops has revolutionized the way property management is conducted nowadays. These devices enable managers to oversee their properties, interact with tenants, and handle financial matters from virtually anywhere, facilitating effective remote work.

An optimal property management tool designed for mobile usage is crucial in achieving this level of productivity. It should have a user-friendly interface and be compatible with various devices. With such a tool, landlords and property managers can effortlessly perform critical tasks like communicating with tenants, collecting payments, addressing maintenance requests, and retrieving property details, all through their mobile devices.

Security is also paramount in mobile property management. Handling sensitive information requires a secure platform to safeguard against unauthorized access and data breaches. A reliable mobile property management system provides the assurance that both their own and their clients' data are secure, enabling them to conduct business confidently and safely.

For making quick, well-informed decisions, having immediate access to essential apps and information is vital. A comprehensive mobile property management solution integrates seamlessly with key applications, including financial tracking, communication channels, and document management systems. This ensures that property managers have all the tools they need at their disposal, no matter where their work takes them.

‍Here are examples of apps and tools that can be seamlessly integrated into a comprehensive mobile property management solution:

1. Rent collection and financial management:
   - Baselane: For collecting rent payments, tracking expenses, and maintaining financial records.
   - QuickBooks: Widely used for accounting, tracking income and expenses, and financial reporting.
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2. Communication:
   - Slack: Useful for quick, direct communication with tenants or maintenance teams.
   - Buildium or AppFolio: These provide comprehensive platforms for managing tenant information, lease tracking, and communication.
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3. Maintenance:
   - Fixflo: Allows tenants/guests to report maintenance issues directly, with photos and detailed descriptions.
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4. Document storage and management:
   - Google Drive or Dropbox: Cloud storage services for securely storing and sharing important documents like leases, inspection reports, and compliance documents.
   - DocuSign: For electronic signing and management of leases and other official documents.

5. Ineractive property viewings

Virtual home showings have become a valuable and time-saving tool for landlords and property managers. Ideal for handling properties remotely or aligning with renters' schedules, these digital tools are both efficient and cost-effective.

For landlords with properties in various locations, virtual showings are a game-changer, eliminating the need for travel and associated costs. This technology enables you to manage and display your properties effectively from any location, attracting a broader audience of potential tenants.

Moreover, virtual showings offer flexibility for both landlords and renters. Landlords can easily adapt to a potential tenant's schedule, making viewing the property more convenient without unnecessary delays. Real-time communication during virtual tours lets you respond promptly to any inquiries or issues the renters may have, fostering a positive and responsive rental experience.

Live virtual tours, like those offered by Tour24, create an engaging and interactive viewing experience, akin to an in-person visit. This live interaction allows for personalized attention and real-time responses to any questions. 

However, it's crucial to consider security and authentication when using virtual showing apps. Robust security protocols and renter verification are essential for protecting your property and ensuring a safe rental process.

For short-term rentals, pre-recorded tours can effectively showcase your property's highlights at the viewer's convenience. The emerging trend of 360 Virtual Tours and 3D Models offers a more immersive experience. These advanced digital viewings allow potential tenants to explore properties in detail, providing a comprehensive understanding of the space.

In summary, interactive property viewings are becoming vital in the property market, offering efficiency, expanded reach, and better engagement with potential tenants, while also prioritising safety and convenience.

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Conclusion 

Property management technology is a game-changer for landlords, offering tools that save time, streamline tasks, and enhance financial control. Modern technologies simplify communications, improve tenant screening, and facilitate property maintenance, making the rental process more efficient and effective for both landlords and tenants. Features like virtual viewings, smart home integrations, and online payment systems elevate the rental experience, while security features offer valuable support to the tenants and hosts.

Unlock your property business potential with Smarthost

Step into a new era of property management with Smarthost. Our expertise and advanced solutions are tailored to drive your property business to new heights. With our innovative technology your operations streamline, while increasing productivity and freeing up your time.

Join the Smarthost family and easily integrate your portfolio into our state-of-the-art system, ensuring a smooth transition with zero disruptions. Partner with us today and explore how we can help unlock the full potential of your rental business. 

Contact us for a personalized consultation and take the first step towards operational excellence!

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