Technology Turns Up Profits for Niagara Landlords
The digital world is pumping up profits for progressive landlords integrating technology in their property management system. In 2020, buyers, lenders, landlords, realtors, and property managers are taking advantage of benefits that flow from technological advancements. For instance, cloud sharing technologies simplify channels for rental building owners and tenants to communicate. As a result, tenants and property managers can connect digitally and enjoy instant replies by text messages or emails.
It is safe to say that 2020 is the year that technology has been totally plugged into the entire property management industry.
A few of the aspects technology has impacted include:
- Landlord communications
- Showing vacant properties to prospective tenants
- Monitoring maintenance work from start to completion of the project
- Accounting systems for collecting rents and handling payables
- Energy conservation
- Security systems
- and other benefits
Let’s face it, the Gen Z and Millennials comprise 65 percent of renters and they live in a digital world. We know these demographic groups prefer services that run online. Hence, landlords should embrace technology to run their rental business with easy access online. This means digital capabilities from showing an apartment to new tenants, confirming the contract, collecting monthly payments among other aspects in managing rental properties.
When looking to rent an apartment or house, this demographic group prefers to browse through online listings rather than driving around the Niagara Region to view. Tours of places available for rent don’t have to be personal showings in 2020. With today’s technology, prospects can take a virtual tour and enjoy a 360-degree viewing of a property, while staying safe from the comfort of their own location.
Perhaps one of the most significant market developments in the rental market is the automation in accounting systems for property managers. For example, automation at Extreme Property Managements enables landlords to streamline receivables and payables electronically.
Confirming tenants monthly rent payments and handling the payables for your company’s expenses such as insurance, maintenance, taxes, utilities, advertising, and other paperwork burns up valuable hours.
Automation is an essential element to maximize profits in the property management industry moving forward."
Rental building owners gain an advantage by enabling tenants to handle the entire rental process online. This process goes from browsing listings, taking a virtual tour, applying to a property, to signing a lease. Keep in mind today’s digital technology makes this a contactless process. This technology saves the landlord’s time and work load, while creating a competitive advantage to rent a property with no human contact.
Technology in the property management industry is a major market trend being adopted by Extreme clients. If you’re a DIY landlord manually processing every invoice and rent payment, that’s your valuable time and money going down the drain. It is very time consuming to manually confirm rent payments while handling the paperwork for your own expense payments such as insurance, maintenance, taxes, etc.
If you own a rental property in Thorold, then the licensing is another time consuming responsibility. When you’re ready to save time and money by plugging into automation for your rental property, Extreme is here to help you maximize a return on your investment.
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