Being a landlord is serious business, and you have to stay on your toes to attract more prospective renters and keep your tenants happy. After all, the key to a successful rental business is offering value to your customers.
Whether you’re a new investor or a seasoned player, you can pick one or two tips from this article on innovative property management ideas for landlords.
1. Improve your tenant relations
One of the best ways to get your property running more smoothly is to improve your landlord-tenant communication. You’ll have a much easier time maintaining your houses and apartments if you have an established relationship with your tenants, and you can lay the groundwork by prioritizing a solid tenant screening policy. That way, you have more collaborative renters who will appreciate you accommodating their questions, keeping communication channels open, and sharing some helpful tips on caring for the property. Tenants are more likely to care when their landlord is friendly, reachable, and attends to their repairs on time. As a result, you’ll enjoy more cooperation and spend less money on repairs.
2. Use technology to your advantage
According to a Harvard housing study, millennials make up the majority of renters’ households. This information implies that your tenants are more likely to be in their mid-twenties to late thirties, a significantly tech-savvy generation. In other words, they expect convenience at the push of a button, literally in the form of their smartphones. It would be best to invest in smart home upgrades with that in mind. Find a company that uses the latest technology to help you get started on the right foot. Don’t worry; you don’t have to break the bank to modernize your units. Some of these tools, such as smart lights, thermostats, and hubs, are inexpensive updates that significantly boost your home’s ROI. Besides, many of these upgrades are eco-friendly, so they can help you cut back on your bills and save more money.
3. Prioritize your digital marketing
Another way you can use technology to your advantage is by prioritizing your digital marketing. We wouldn’t say traditional media is dead, but an impressive 43% of residents start their home searching process online. Of course, as time goes on, we can expect that number to increase, so the sooner you get with the times, the better.
Start by improving the visual experience of your rentals by uploading high-quality pictures and videos of your units, so tenants know what to expect. You can take it a step further by looking into virtual staging and tours to garner more appeal. Next, put your photos and footage in the right place using the right words and hashtags so people can locate your content.
4. Use a property management tool
Finally, step up your game with a property management tool. There are many trusted applications built to assist landlords in running their rentals. Several of them come equipped to handle tasks such as managing financial data, improving tenant communication, and tracking maintenance issues. Since most of these software have mobile app versions, they are easily accessible. Hence, you can run your units on the go from your device.
Real estate is a profitable investment option, but you have to be willing to put in the work. We hope these four innovative property management ideas for landlords have given you something to work with and help boost your rental business.