in

6 Ways To Improve Your Rental Property Business

Here are 6 ways you can improve the running of your rental property business for optimal success and profit.

architecture, single family home, houses
Photo by 652234 on Pixabay

There’s much more to running a rental property business than meets the eye. Marketing, tenant screening, legal documents, adhering to regulations, property maintenance, and so on. 

Without the suitable systems and technologies, running a rental property business can become overwhelming, particularly if you have multiple buildings to manage.

1. Get online

Having physical for rent signs outside and including your vacancies in the local newspaper can still draw some interest, but the power of online reach has become impossible to ignore. 

These days, everyone is online. Therefore, to best reach your target audience as effectively as possible, you must be too. 

List your vacancies on property sites such as Zillow and alternatives like Craigslist for maximum reach. You can also use Facebook Marketplace for rentals. Showcase not only the property itself and its amenities and stand-out features, but highlight the area it’s located in too. Be sure to include information about the area that attracts your ideal renter. 

Make sure you are regularly active on social media. Social media platforms are highly visual and engaging, with many real estate agents and landlords taking full advantage by posting eye-catching images, videos, and information. Make it easy for your key demographic to find and engage with you online. 

You can also request a potential tenant’s social media links to assist you in the tenant screening

2. Virtual property tours

While we are on the subject of finding new tenants, it’s a good time to outline the benefits of using virtual tours to market your properties. The pandemic has made virtual tours more prevalent in the real estate industry, including the rental sector. 

Virtual tours allow potential tenants to view your rental property from the comfort of their current home, allowing them to determine whether it may be a good fit. This, in turn, helps you to ensure that anyone viewing the property in person already has a strong interest. 

3. Accounting software

Many people in business dread tax season, but if you put some special software in place and maintain your records well, it needn’t be such a headache. 

Accounting software allows businesses to stay on top of record-keeping and how the business performs at any given time. In addition, modern accounting software is cloud-based, allowing for remote access and management. 

When you organize your rental business figures into cloud-based accounting software, you can access reports for on-the-spot decision-making. Instant access to various data insights can help your business grow, as you can quickly identify which properties are performing well and when is a good time to focus on further growth. 

4. Project management systems

If you have multiple properties, having a project management system can make all the difference in staying ahead of all that needs doing. 

Project management systems designed for the rental sector can significantly reduce the time spent on routine tasks. Tasks such as marketing units, collecting rent, conducting inspections, completing work orders, and more can be organized and, in many cases, automated, freeing up time to focus on business growth. 

5. Handling maintenance requests digitally

Especially if you manage your rentals remotely, being able to handle maintenance requests digitally is a significant advantage. 

Once you have set up digital maintenance request options, you and your tenants can submit and review requests remotely. Tenants can easily report issues and upload relevant information or photographs for your attention. From there, landlords can track and supervise the repair process and ensure it is handled efficiently.

6. Smart technologies

Smart homes have been evolving for some time now, with many of the latest technologies being implemented into rental properties with the help of the Internet of Things (IoT). Not only do smart technologies attract tenants willing to pay more, but they can significantly improve the economic efficiency of a rental while also assisting with its smooth running of it. 

Here are some key examples of smart technologies that could improve your rental business:

  • Smart smoke detectors: Alerting you directly when a fire is detected.
  • Smart burglar alarms: Notifying you immediately if the property is broken into.
  • Remote security cameras allow you to view the property’s live footage remotely.
  • Smart access technology: Superior security systems for added protection when paired with cloud-based technologies, landlords can manage access permissions remotely.
  • Smart lighting systems: Savings on money and energy through remote control and added energy-saving insights.

Summing up

There are so many tasks related to running a rental business. Most of these once took a great deal of time running around or crunching figures. Now, thanks to such technological advancements, many landlord tasks can be streamlined and even automated, leaving plenty of time to focus on growing the business.

Avatar

Written by Luke Fitzpatrick

Luke Fitzpatrick is an academic speaker at Sydney University. He enjoys writing about tech, productivity, lifestyle, and is a contributor to Forbes.