5 Property Management Tech Tools to Maximize Efficiency and Profitability

If you’re a property owner, it’s important to stay up to date on the latest technology and tools that can help you better manage your properties and maximize profitability. From online marketing platforms to smart home systems, the possibilities are endless! In this article, Oxford MS Rentals explores the top tech tools for property management and how they can help you stay organized, attract tenants, and reduce costs. Whether you’re a seasoned property owner or just starting out, read on!

Digital Document Management

Digital document management can help you stay organized and ensure your important documents are easily accessible and secure. These tools make life easier when you need to share files with tenants or staff, such as lease papers or listing information. PDF is the preferred file format for sharing and printing because PDFs are small in size, maintain their quality, and can be viewed on most devices, unlike Microsoft Word, Excel, or PowerPoint files. Click here for a PDF converter that allows you to convert these file types into PDFs with a simple drag-and-drop interface.

Online Formation Services

As a property owner, it’s important to treat your rental like the business it is. This means structuring your business properly. Consider forming an LLC for liability protection in the event of legal disputes or financial issues with your properties. To form an LLC, you will need to file articles of organization with your state. Instead of hiring a lawyer to do this, you can save money by using an online formation service. Just be sure to check your state rules before moving forward.

Virtual Property Tours

In-person property showings can be time-consuming, especially if you own a lot of properties. By using 360-degree photography, you can produce virtual tours that potential renters can view on their own time. Virtual tours became popular during the pandemic and continue to be valuable today. To create an effective tour that properly showcases your property, use high-quality photos and include multiple angles and views of the property. Innago.com suggests using an existing software platform like Kuula, LiveTour, or iStaging to create your virtual tours.

Online Payment Options and Accounting Software

Accepting online payments from tenants will make it much easier to manage the financial side of your business. Roofstock.com explains that online platforms like Venmo and PayPal allow tenants to pay rent and other fees easily, eliminating the need to collect physical cheques or cash. This also reduces the risk of fraud or errors.

Use accounting software alongside online rent payments to digitize your entire financial management process. Accounting software is valuable for tracking income and expenses, paying bills, and managing your budget. These tools can also make tax time easier, printing reports that you can hand off to your accountant without requiring any math on your part.

Smart Home Tech for Rentals

Smart home technology can take your rentals to the next level, enhancing safety and energy efficiency while making life more convenient for you and your tenants. Smart thermostats, for example, will allow tenants to control the temperature of their homes and save energy, while smart locks can limit access to the home and reduce theft or vandalism. Research and compare different smart home products and consider the specific needs of your tenants. You may also need to provide installation and training for tenants to ensure they’re able to use the technology efficiently.

Technology is a powerful tool for property owners looking to streamline their management process and keep their tenants happy. From virtual property tour platforms and business formation services to accounting software and online document management tools, there are many tech solutions available to help your business succeed. Stay up to date on the latest tech tools so you can set yourself apart and provide a high-quality experience for your tenants.

Are you moving to Oxford and looking for residential rentals? Check out Oxford MS Rentals for a list of our current vacancies! We offer a range of rental options, including 1, 2, and 3-bedroom houses, apartments, and condos.