We know plenty of landlords who feel stressed and overwhelmed by the number of tasks that are involved in leasing, managing, and maintaining their rental homes.
It doesn’t have to be that way.
In fact, it shouldn’t be. You can always hire a property manager in Hampton Roads to take all of these things off your plate. We have systems and processes in place to ensure that everything goes the way it should, without any complications or concerns.
We also invest in technology and commit to automation. You wouldn’t believe how much this helps.
Or, maybe you would.
Let’s talk about the best ways to eliminate some of your stress. Let’s take a look at some of the ways you can automate the easiest but sometimes most time consuming parts of managing a rental property.
This will lead to fewer hassles. Happier tenants. And more time and space for you.
Take it from us, your most trusted and reliable Hampton Roads property management resource: By leveraging the power of rental property automation, you can streamline operations, save time, and increase efficiency.
Here are five ways to get started.
1. Automate Rent Collection
Oh, we hope you’re doing this already. If you’re not already collecting rent automatically and online, it’s high time you came into the modern world and implemented some systems that will allow you to do it. Your tenants are likely expecting to pay rent electronically. They don’t want to be writing out checks. Most of them don’t even have paper checks.
By implementing an online rent collection system, you can ensure timely payments and reduce your own administrative work.
Property managers are able to do this easily because we have innovative and extensive software systems, and it includes platforms for rent collection and financial reporting. But, you can look for a smaller concept that’s ideal for independent landlords. Platforms like Cozy and AppFolio will allow tenants to set up automatic payments and store their payment information so that rent payments are as easy as a swipe across their phones. This provides a secure and convenient way to handle monthly transactions. This not only minimizes late payments but also simplifies your accounting process with easy-to-access records.
You won’t have to collect rent checks, and you won’t have to worry about how and when your rent will come in.
2. Smart Home Technology Integration
As you have most likely noticed, tenants in Hampton Roads have ever-shifting demands. Lately, they’ve been pretty interested in smart home technology. They want video doorbells. They want smart thermostats. They want appliances that can turn on automatically and lights that can turn on minutes before they walk through the front door.
Providing smart home technology is an excellent way to attract and retain high-quality tenants.
It also provides you with more ease and efficiency around your rental property operations. It allows you to automate more than you realize.
Here’s an easy example: Consider integrating smart locks for keyless entry, which allows you to remotely control access to your property. This means you won’t have to run around changing the locks every time you have a new tenant move in. It means you won’t have to rush over to your property and meet a vendor there so you can let them in to do their work. An automated smart lock allows you to control who has access to your property and when. This will help with showings, with maintenance, and with tenant turnover periods.
There’s more smart home tech that can help you automate. Think about the smart thermostats we just mentioned. Not only can they be used to attract tenants, they can also help manage heating and cooling systems more efficiently, reducing energy costs for both you and your tenants. These upgrades can enhance tenant satisfaction and make your property more appealing to potential renters. It’s less work for you. It’s less money spent in the long term, too.
3. Maintenance Request Automation
When you’re renting out a property, nothing will take up more of your time than maintenance. Emergencies will require you to drop everything and rush over to the property. Even routine repairs are time-consuming. You have to find the right vendor, coordinate schedules with that vendor and your tenant, accept the invoice, pay the invoice, and follow up with the tenant to make sure everything is working properly again.
Routine maintenance is essential, but managing requests can be time-consuming.
That’s why you should automate as much of the maintenance as you can. Start with the easy things like pest control and landscaping. Don’t wait for tenants to complain about ants. Don’t wait for the spring thaw to tell you it’s time to mow the lawn. Instead, contract with pest control companies and landscaping experts and get on a regular service plan. This will save you time and frustration. It will also prevent maintenance requests that could have been avoided.
When it comes to reporting maintenance needs, make sure tenants know what to do, and automate as much of it as you can. Emergencies will always have to be called in. But, for routine repairs, ask for those requests in writing. Set up a digital maintenance request system. Software like Buildium or Propertyware allows tenants to submit requests online, which are then automatically directed to the appropriate service providers. This ensures that issues are addressed promptly, improving tenant relations and preserving your property's value. It takes you out of the most basic steps of the process, and gives you back a lot of your time.
4. Automated Advertising and Tenant Screening
Finding the right tenants is crucial for a stress-free rental experience. Automate your advertising efforts by using platforms like Zillow or Trulia, which syndicate your listings across multiple sites.
It’s important that you start with a great listing that has fabulous photos and a concise but informative description. Instead of spending the time to upload that listing onto every rental site, invest in a system that will get your rental listing the most attention. This saves you time and it allows you to reach more potential tenants, which will ultimately lead to a faster tenant placement. That’s less vacancy loss.
Allow for those self-showings if you’ve invested in the digital keypads or smart locks. Be responsive so that you can answer questions and offer applications, but protect your time by allowing tenants to see the property on their own.
For tenant screening, services like TransUnion SmartMove or TurboTenant can automate background checks and credit reports, helping you make informed decisions quickly and efficiently. Screening tenants yourself can take weeks, especially if you don’t have specific tools to conduct nationwide eviction checks or to access credit reports. Plus, when you automate or outsource the screening, you know the process is more objective and fair. You’ll protect yourself from fair housing complaints.
5. Lease Agreement Management
Managing lease agreements can take forever and require a lot of research and resources. But, automation tools can simplify the process.
Make sure you’re using a lease template that’s legally compliant in Virginia and legally enforceable here, too. While the internet can dangle several different lease documents in front of you, it’s important that you choose one that’s specific to the state in which you’re renting out homes.
Once the lease is complete, you can get it signed quickly and easily by your tenant. Utilize e-signature platforms like DocuSign or HelloSign to facilitate digital lease signings, eliminating the need for in-person meetings and physical paperwork. This not only speeds up the agreement process but also provides a secure way to store and access lease documents.
Property Management in Hampton Roads
We are happy to tell you everything you need to know about automating property management and creating systems that save you time and money. However, the best thing you can do for yourself, your investment property, and your tenants is to work with a professional property manager.
It’s a good investment. We take care of all these details, and we automate what we can so that we have more time to spend meeting your needs, helping you reach your investment goals, and ensuring your tenants are having an exceptional rental experience so they renew their lease agreements.
Property management in Hampton Roads is what we do best. Leave it to us, and you’ll have a stress-free landlord experience every time you rent out your home.
Automating various aspects of your rental property management can transform your role as a landlord from stressful to stress-free. Working with property managers does that for you even better.
By implementing these five automation strategies, you can improve operational efficiency, enhance tenant satisfaction, and focus on growing your property portfolio.
Let’s talk about what’s working and what can use some improvements. Please don’t hesitate to contact us at Doud Realty Services, Inc. We provide expert property management in Norfolk, Portsmouth, Hampton Roads, as well as surrounding areas such as Virginia Beach, Suffolk, Chesapeake, and Newport News.