5 Ways Technology Is Making Property Rentals More Efficient

Everyone on the planet today has been living in a time where technology has advanced very quickly, allowing their lives to be continuously made easier. Things have not always been this way historically, but it looks likely that there will be new advances and lots more automation in the future. 

One business that doesn’t enter much into discussions about technology, but has been significantly impacted by it, is renting out property. Many of the tasks involved in being a landlord can now be handled by or integrated with technology such as the Internet. However, just because they can be doesn’t mean that every landlord is aware of that fact. So here are some helpful technologies that you could be using to make renting out your property more efficient today. 

1. Online property listings

This is one of the oldest ways that technology has been helping both landlords and tenants, and probably most landlords today do post their properties online. These offer landlords instant and easy access to a very wide range of prospective tenants, increasing the chance that they will find a good one and saving them money on alternative marketing strategies like placing ads in newspapers and shop windows. 

However, online property listings today can be much more than just some descriptive information and a few photos. Some allow visitors to the website to virtually tour properties so that they can get a better idea of the size and layout of the property. 

2. Document handling

Something else that’s helping to cut down on paper use and improve efficiency is document handling technology. By allowing landlords to send contracts electronically and tenants to upload their application and documents online, the chance of documents getting lost is reduced. It’s also much faster than waiting to receive a physical copy. This tech can easily keep track of what has been sent and received, and tenants can see the outcome of their applications instantly. 

3. Payment

Using digital payment platforms is much easier for tenants, and as a landlord your goal should be to make paying as easy as possible for them. It’s a lot less hassle than going to the bank to make a transfer or delivering a cheque. It’s also a lot easier to find transaction details when using an online payment service, and some offer useful automated features such as sending out reminders to tenants that their rent is due soon.  

4. Security

Today, solutions such as smart doorbells can help keep you and your tenants safe by keeping track of those who enter and leave your property. 

5. Insurance

Like how tenants can apply for your property online, it’s now easier than ever to arrange your landlord insurance online. In fact, many providers only require an online application. If you need to make a claim, uploading evidence such as videos or photos can also be easily done online. 

Conclusion

The impact of technology has been felt in all industries, and property rentals are no exception. The list above contains just some of the technologies that are helping make the rental process smoother for landlords, and it’s well worth considering any that you are not already using.