If you own rental properties, you have come to learn that time is one of your most precious assets. We all have a lot on our plates, but especially those in property management who oversee multiple properties. Daily tasks can quickly become overwhelming, taking you away from larger business priorities.
As a real estate investor myself, I have experienced this first-hand. My biggest limitation is the time that I have available, so I have found that getting every reasonable task off my plate is one of the most important things to do in order to succeed. Once you are behind on your tasks, all you can think about is how you’re going to catch up, so automating those tasks or finding other ways to outsource them, is the first step toward real expansion and growth.
As most property managers and real estate investors know, the work never ends, so getting through it in the most efficient way possible is critical for success. If you aren’t ahead of the game, you can get buried to the point that you are actually hurting yourself, and your business.
To alleviate the pressure, I recommend automating as many aspects of your business as possible. It can save you time and money, and put you on the road to achieving your long-term goals. Here are some surefire ways to successfully automate your real estate property management business.
Embrace Digital Marketing
Traditional marketing methods to find tenants have gone the way of the wooly mammoth; if you aren’t embracing digital marketing, you’re leaving time and money on the table. Social media, email marketing, and online listings can all effectively reach potential tenants. There are a huge number of quality listing services out there, such as Zillow, Rent.com and many others. Listing your property on these sites can definitely garner some attention, but painstakingly copying and pasting the listing site-by-site is not a good use of time. Find a software that will syndicate the listing for you, sending it out instantly to all the top sites from one central location.
Leverage ChatGPT
Speaking of listings, consider utilizing ChatGPT. It can streamline a number of tasks that typically eat up time in your day. For example, you can use it to write property descriptions, newsletter content, tenant emails, blog posts and more, which gives you more time to focus on strategic initiatives. Open AI, the company behind GPT and ChatGPT, has solutions for you to integrate AI Technology directly into your software, which is what we did at Rentec Direct. Our AI Listing Generator allows clients to generate an enticing property description in a matter of seconds, which typically takes between 10 to 30 minutes.
Offer Virtual Tours
Your AI-created listing generated interest among prospective tenants, now consider how to save time in terms of property showings. Virtual tours are the answer. They have become a valuable tool for property managers. Eliminating the need to be on site to show a vacant property will save you loads of time and give the potential renters all the time they need to peruse the space for as long as they want. Make sure to add as many frequently asked questions to your virtual tour to eliminate the need for a lengthy follow-up meeting.
Invest in Property Management Software
Investing in property management software is one of the best decisions you can make for your business. The right software can help automate many tasks, such as rent collection, maintenance requests, and lease renewals. You can even automate the marketing of vacant properties and syndicate across multiple rental sites with one simple click. A property management software platform can be your ticket back to a healthy work-life balance and take more time-consuming daily tasks off your plate.
Offer Online Rent Payments
Using a check to pay rent – or anything else for that matter – is antiquated. It’s a massive waste of time, and with the expectations and busyness of today’s modern world, it just doesn’t make sense. No one wants to go through the steps of writing, mailing and sending a check through the mail, especially when there are ways to quickly and securely pay online.
Implementing online rent payment can save you and your tenants time and headaches. Not only does it make the rent collection process more efficient, but it also eliminates the need for manual record-keeping. If you are considering implementing a software platform to help automate your business, find one that has online rent payment functionality built-in. Data shows that renters are more likely to pay on time when the rent is automatically withdrawn through an online payment system too. It’s a win-win for everyone.
Use Maintenance Request Software
Handling maintenance requests can be one of the most time-consuming aspects of property management. If it’s not a broken sink, it’s an issue with the air conditioning. These can pile up and easily be forgotten, leading to annoyed tenants and adding to your stress.
Maintenance request software can automate this process, allowing tenants to submit requests online and track their progress. When all requests come to one place, knocking them out promptly is much easier. Plus, the right system will keep records for you – something that’s important come tax time.
Automate Lease Renewals
Managing lease renewals can be a pain, but automating this process can save you time and ensure you don’t miss any critical deadlines. Property management software can automate the lease renewal process, automatically sending out reminders to tenants and generating new lease agreements. The minutiae of the business no longer need to be your primary concern when you understand how to use all of the technology at your disposal.
Not taking advantage of all the ways to automate your business is only making things more complex and putting maximum strain on you. There are many ways to streamline your daily workflow, but in my own experience, automating with the right systems and technology has delivered the largest return-on-investment for me. Your business is unique, so dig deep and find the pain points you can eliminate through thoughtful automation. Nothing can replace the peace of mind that comes with having more time for yourself and your loved ones.
Source: geekestateblog.com