Technology has become increasingly important in the property management and rental housing industry. There are many benefits that a professional property manager can provide. Technology is not something that the individual owner often has or can access. It can be costly, and it requires a scalability in order to have the right resources and tools in place. Most property management companies will have some kind of technology in place. At Property Management Partners, we use a professional service and we find it helps us to better serve our landlords and investors.
Technology Helps with Statements and Communication
The right property management software and technology can help with electronic rent collection. Instead of writing out checks or paying in cash, tenants can pay their rent online. They can even schedule automatic debits on the date rent is due. This reduces your collection issues and increases the likelihood that rent will be paid on time. Tenants and owners can also get monthly statements, showing exactly how much was paid and how much was collected. You’ll know how your property is performing. Having these statements will reduce the amount of time you have to spend on your accounting process. All of the details are in one place, and you simply need to access it and load it into your own accounting system.
Technology Helps with Investment Marketing
Another benefit is investment marketing. Online marketing is prevalent in the current marketplace. Studies show that people buy over half the things they buy on their phones. That statistic is only going to continue to increase. Online marketing is very important for your rental property. Our software puts your property and all its information out in the online rental listings for potential tenants to find. This will increase your occupancy levels and the return on your investment.
Technology Helps at Tax Time
A property management company’s software and technology can provide you with a 1099 at the end of the year. When it’s tax season, you’ll save money on your tax bill because you won’t have to try and get that information from multiple places.
If you have any questions, or you’d like to hear about the types of technology we can provide, please contact us at Property Management Partners.