Technology provides several benefits to both renters and property owners, making the relationship easier to manage and ensuring both parties are on the same page throughout the process. From finding a suitable rental property or tenant to handling maintenance issues and taking payments, technology is saving people time and stress in the rental industry. This article will discuss a few examples of this.
Connecting the Two
There are already apps available and in development that aims to make aid the relationship between renters and landlords. As well as facilitating the process of finding a suitable tenant – homeowners can browse profiles, check references, etc. While tenants can submit their interest in properties and communicate with the landlord anytime, anywhere.
Online letting services also allow for a healthy arrangement between the two parties once the tenant has moved in. It would act as a communication portal where everything can be tracked and recorded. Here, the property owners would be able to log in to check and track rent payments, maintenance requirements, and service details with contractors. Renters can submit property repair issues, ask questions, set up viewings, etc.
Technology is emerging that allows us to lock and unlock the door using a smartphone. This could change the renting experience considerably. Assuming the tenant’s online profile and references check out, a tenant could theoretically move into a property without having even met the property owner. After signing off on rental agreements online, tenants could move in and gain entry to the home via the use of an app.
Accounting and bookkeeping become a lot easier and less time-consuming when you have software to do it for you. Rather than stressing over all the numbers or paying an accountant to handle it, many landlords can manage their income and expenses with the help of FreshBooks, or one of many other accounting platforms available.
Being able to store important files and documents in the Cloud benefits everyone, including a homeowner. Rather than having to store paperwork that can quite easily be lost, damaged, or in some cases destroyed, they can easily be sent to the Cloud and accessed from any device when needed. Losing these documents can be very problematic for any rental property investor, but Cloud storage provides peace of mind.
The Internet of Things is a technology that essentially promises to connect various devices and allow for control between our phones, for instance, and functions within the house. What might this mean for homeowners and tenants? Well, it will make the tenant’s day-to-day life easier, as this technology will allow for simple tracking of energy usage. This means that saving on bills and budgeting will be much more straightforward.
Also, the owner will have greater control of the home remotely. If the tenant is away, the landlord can keep an eye on how things are going on the premises. In cold climates, this may involve activating the heating to avoid bursting pipes.
It will be interesting to see how some of these technologies continue to improve going forward, as they could have an even greater impact on the property rental industry. Landlords can utilize technology to reduce their costs and save time. Keep in mind it’s always wise to have ample residential landlord insurance coverage in case of a disaster or a difficult tenant relationship.