6 Tips and Tricks for Efficient Rental Property Management

In today’s article, we are going to tell you six tips and tricks that can make managing your rental properties more efficient and considerably easier. Due to the pandemic, the management of rental properties became incredibly more difficult than it once was, especially since landlords were not technically allowed by many governments to actually enter into their tenants’ properties, and instead, had to do everything remotely. It has taken some assimilation, but now, I believe, the renting world has gotten much easier, and thus, more efficient. If you do not find the way that things currently are more efficient, then you a probably doing it wrong.

Efficiency is fundamentally important to any real estate business. If you do not run efficiently, then you will not be in a position to benefit wholly from your business. Efficiency can save you time and make you money, and here are six tips and tricks to make your business more efficient.

Property Renewals and Tenants

In the digital world, there are applications for absolutely everything. One type of application that, as a real estate agent, you will benefit from tremendously will be a property renewal and tenant tracker. These applications, according to the real estate-tech specialists from https://www.doorloop.com/  can allow you to keep track of your tenants and know when all property renewals are due without you having to sift through piles of paperwork. Property renewal and tenant trackers can enable you to run your business much more efficiently, without delays.

Digital Document Signing

No more are the days when your tenants would have to report to your office to have their tenancies extended. No, no. Now, with the help of digital document signing programs, they can do it all remotely. Instead of your office is filled with people, which pandemic considered probably isn’t the best idea, you can manage all documents remotely. Simply have your tenant sign the document through an email link, and their tenancy will instantly be renewed – fantastic! Digital document signing is a great benefit of our current digital age.

Video Inspections

Zoom has benefitted us all quite significantly, I would say. It enabled many people to work from home and enabled many more to stay in touch with their loved ones and their families. It has also allowed estate agents to perform video inspections to ensure that their properties have been maintained. Zoom video inspections are now the go-to for estate agents. Alternatively, you can just have your tenants send a video through of the property to you by email or through an instant messaging application. Video inspections are great and they can save you a lot of time.

Manage Your Energy!

For some estate agents, monitoring your tenant’s energy consumption is a very important part of the business. The reason for this, simply put, is that in all-inclusive properties where all bills are paid for by the agent or landlord, tenants have a tendency to abuse the energy in ways they might not if they were the ones who were paying for them. Now, thankfully, you can monitor your tenant’s energy usage by setting up handy devices around the home that will feedback to your phone and tell you on an application how much heat they are using, or how hot the property is.

Human Resources

Human resource is a headache, usually for all businesses. It is an invaluable department, even so, and one most businesses simply cannot live without. You will need a human resources department for your business, there are no and ifs or buts about it. You may not need to have one internally though, and instead, you can outsource and have your human resources managed for you by a third-party provider, thus saving you time and money, and meaning you do not need to employ an entire department’s worth of staff and pay for their computers and work phones!

Digital Viewings

Not only can you do video inspections, but you can also do digital viewings. Digital viewings have become incredibly important to the real estate industry in the last year, and their use will likely be continued long after the pandemic has ceased, which it appears to be doing at the moment. Digital viewings are tremendously beneficial and can be used to great effect, saving you time, but still netting tenants. Digital viewings are something that you can benefit from massively, so do not overlook them or choose face-to-face viewings because you think that they don’t work.

Managing your rental property efficiently is very important. If you do not begin to manage your rental properties efficiently, then you could lose a lot of money, a lot of time, and potentially, a lot of business.