It doesn’t matter if you have one rental property or dozens: Being a landlord is no easy task, but technology can help. Unlike many other entrepreneurs and industries, landlords can be pretty stuck in their old school ways. This is especially true if you’ve never faced a vacant property for more than a few weeks or have otherwise lucked out when it comes to tenants. However, you never know when that streak will end.
It starts with getting the right professionals on your side, including a quality property management company and CPA. However, there are also tech options and gadgets you can employ to make your job easier. If you’re not ready to totally hand over responsibility to a management company, you at least need to have virtual “assistants” on deck. Here are a few ways to make that passive income even more passive.
Landlord must-have gadgets
A smartphone that you find easy to use is a must. Add apps such as your tenant’s payment options, budget and your virtual roster of repairmen so all your landlord duties are right on your phone’s desktop. Every landlord needs to offer as many payment options as possible because making it easy to pay is key to getting your rent on time. There’s also no telling when disaster may strike (like a burst pipe), so having contacts at your fingertips is crucial.
You should also spring for a decent quality camera and maybe even a camera-equipped drone for aerial photographs. Offering video walk-throughs ensures you don’t waste anyone’s time (you or potential tenants) and only the best matched potential tenants schedule viewings. You can save a lot of time and trouble by offering honest, quality photos and videos on your website, blog and social media pages.
There are hundreds of websites where you can post ads for vacancies, but this isn’t just a numbers game. The right listing and a fair price should reel in tenants at a decent pace. If you’re struggling here, work with a property manager to see where you’re lacking. Maybe your web content of the property isn’t up to snuff, you’re focusing on the wrong platforms for advertising or your prices are off. It’s a fluctuating market with a lot of competition, so you need to strike the right balance.
However, the absolute best thing you can do is delegate and outsource. Income isn’t passive if it’s causing you aggressive stress.