How Technology Makes Landlords More Profitable

One of the many ways technology benefits landlords is by making them more profitable. It’s hard to find a landlord who doesn’t use technology in some form or another, simply because it’s impossible to run a business otherwise.

Whether you’re a landlord or just curious, here are the top ways technology helps landlords generate more cash.

1. Property managers use all the best tech

Landlords who hire property managers get the benefits of the latest technology without having to do any of the work or buy the applications. Most companies use a handful of applications to manage client accounts along with their tenants and properties. Tech makes it easier to manage multiple properties, so you won’t find many companies that haven’t embraced technology.

For example, Houston-based property management company, Green Residential, uses a variety of technology to manage their clients’ properties. They use apps for everything from scheduling appointments to facilitating online rent payment portals. If something needs to be done online for convenience, there’s likely some kind of app that will provide the perfect solution. The less work that has to be done manually, the easier it is to keep a rental business running smoothly.

2. Filters can auto-reject applications

One of the most time-consuming tasks property managers face is sifting through applications from potential tenants. If this is done in person, it’s even worse. With online rental applications, property managers can set certain parameters that automatically reject applications if they don’t meet certain criteria. For example, applicants with a credit score under 650 can be automatically filtered into a folder that keeps it out of the main inbox.

The same type of filter can be applied to income requirements and other questions, like if someone answers “yes” to the question of whether or not they have an eviction on their record. These filters don’t delete those applications. They’re just de prioritized and moved to a different folder so applications from people who qualify will be seen first.

Another reason online applications are better than dealing with paper is they can be set to reject an application if it isn’t filled out completely. If anyone is trying to leave out information intentionally, they can’t submit their application. Also, omissions that would have you guessing regarding important information won’t be sent through the system. Reducing the time spent managing minutia is crucial for profitability. Time is money, and wasted time is wasted money.

3. Virtual tours can replace in-person showings

Virtual tours may have become popular because of COVID, but they are here to stay. Many people actually prefer virtual tours to in-person showings and that’s beneficial to property owners and real estate agents. It takes time, energy, and gas to drive out to a location just to give someone a tour. Sometimes people aren’t serious about renting and don’t qualify in the first place.

Virtual tours reduce the number of live showings you have to do by giving people a good idea of what the property looks like online. It also reduces the number of people who just want to see a unit because they’re curious. Those people can satisfy their curiosity by taking the online tour.

4. 3D virtual tours can filter out applicants

In addition to virtual tours online, which might just consist of a video walk through, a 3D virtual tour is even more valuable. When done properly, it maps out a 3D view of the entire property and allows users to conduct their own tour, kind of like a video game. For instance, the tour might start in the kitchen, and the user can click or tap to move around the house.

Having a 3D virtual tour is a great way to filter out people who aren’t a match for the property. For example, someone might take a 3D virtual tour online and notice there are several steps that lead down into the backyard. If they can’t have steps, they’ll know immediately that rental isn’t right for them. When people take online tours, property owners don’t need to conduct so many in-person showings.

Technology supports landlords

For landlords who want to increase their profitability, there are a variety of applications that will support that goal. From accepting applications and collecting rent online to managing client accounts, technology is truly a financial asset to landlords.