One thing that landlords don’t have an abundance of is time. In fact, whether you’re an investor or not, we all seemingly need more time to complete all the daunting tasks that lie ahead. That said, implementing automation strategies is a great way to reduce your time on each task. Luckily, there are several automation strategies investors can use. So read along as we go over five automation strategies you need to implement for your rental business.
Contents of This Article:
- Importance of Automation Strategies for Your Rental Business
- 5 Automation Strategies to Implement for Your Business
- Best Tools and Software to Help Automate Your Rental Business
- How Can Automation Grow Your Business?
- Automate Even More with Comprehensive Property Management
Importance of Automation Strategies for Your Rental Business
Why is it important to automate parts of your rental business? Well, there are several reasons why automation strategies can be beneficial. For instance, you won’t have to spend as much time on each project, and you’ll have more free time for yourself or other aspects of your business.
Another benefit of automation is precision. When you’re operating parts of your rental business by hand, there’s a significant chance of human error and small mistakes. However, there’s less to worry about if you have software and technology to automate communications and documents.
Furthermore, automated communication systems can build an excellent reputation for your business. For example, checking in with your tenants and clients is crucial to ensure their needs are being met. So, if you can automate these processes, you can also build your reputation as a landlord.
Next, let’s go over some of the best automation strategies for your rental property business.
5 Automation Strategies to Implement for Your Business
Automation comes in many forms, and there are many ways you can automate your rental business. For instance, there are ways to send automated reminders and group messages if you want to send information to all of your tenants at once. Aside from that, there are several more opportunities to automate parts of your rental business. Here are five strategies to consider.
- Accounting and Bookkeeping
- Rental Marketing and Tenant Screening
- Rent Collection
- Electronic Contracts and Signatures
- Maintenance and Repair Requests
Accounting and Bookkeeping
One of the most time-consuming tasks for landlords is accounting and data entry. However, if you have accounting software to do the work for you, it makes things much simpler. For example, instead of manually entering data for your rental properties, accounting software can link all your records of each property.
With most accounting software, landlords can generate invoices automatically and perform other tasks. For instance, you can automate rental payments, outgoing transactions, and other payments.
Rental Marketing and Tenant Screening
Another great way to automate your rental business is through online marketing and tenant screening software.
For one, you can automate your marketing with built-in syndication and send your rental listing to several websites simultaneously instead of manually posting properties to every site.
Furthermore, most software programs allow you to link online rental applications and prepare screening reports without manually entering data. For example, online programs can check the applicant’s identity, criminal history, and payment history.
Excellent rental management or accounting software will allow you to automate rental payments and collect rent online. Most accounting software updates your account automatically when rental payments are made, so there’s no need for manual data entry.
You can also communicate with tenants about payment information. For instance, you can send automatic reminders if they don’t pay rent by a certain date. Additionally, your tenants will enjoy the convenience if they have the option to pay online.
Electronic Contracts and Signatures
Another popular automation strategy is online lease generation and renewal. Instead of manually typing up each rental contract, you can automate this process with software that generates lease forms and sends them to tenants.
You’ll have to complete the details for each tenant when you connect them to the software. Then, your tenant can sign the document electronically and send it back to you. Additionally, you can use this same process for lease renewals.
Maintenance and Repair Requests
Although you can’t automate the human element of completing work orders and choosing the proper vendors for your properties, there are automation strategies for rental maintenance. For instance, tenants can submit maintenance requests, include details like pictures, and send them directly to you through property management software.
To automate the process, even more, you can automatically assign work orders to your maintenance crew, depending on your software. Then, if you have to enter your tenant’s rental for a maintenance issue, you can send them reminders and notices directly.
Best Tools and Software to Help Automate Your Rental Business
If you’re looking for more automation strategies and ways to save time on day-to-day tasks, there are plenty of ways to do so. For instance, many software programs help with property management, accounting, and finding property deals. Here are some of the top tools for real estate investors and property management companies in Philadelphia.
- Property Matrix
Deal Machine is a great tool for landlords that want to research individual rental properties and get accurate, up-to-date information. Additionally, with this software allows landlords to dig deeper and find contact information for property owners.
Furthermore, you can send direct mail instantly and repeat mail sequences with their platform. Ultimately, if you need help finding leads and potential properties, Deal Machine is a great place to start.
A great tool for tracking your rental’s performance and business finances is Stessa. It’s free software that allows you to track unlimited properties, automate income and expense tracking, and prepare personalized reports.
With Stessa, you can check on your properties 24/7 and view reports that are updated in real-time. Additionally, their software allows you to send your tenants reminders when rent is due and update you in real-time as rent is paid.
Another accounting software for investors is Property Matrix. They adhere to all levels of accounting experience, so it’s easy to navigate. So whether you’re a first-time landlord or an experienced investor, Property Matrix makes it easy.
With this simple software, you can create custom reports, scan checks, collect payments, sign documents, and more. They also have advanced customizable features and excellent automation capabilities, like mass tenant communication.
A common property management tool amongst investors is AppFolio. This cloud-based software offers communication, accounting, marketing, maintenance, training, and reporting services.
Additionally, AppFolio is compatible with multifamily rentals, single-family homes, commercial buildings, student housing, and mixed-use real estate. So it’s really an all-around property management app that allows you to manage all of your properties from one platform.
A great property management tool for landlords on a budget is TurboTenant. This platform allows landlords to automate their entire rental management process. With TurboTenant, you can screen tenants, collect rent online, manage the move-in and move-out process, and more.
They also offer marketing services and allow landlords to send individual and mass messages to tenants. The best part about this tool–it’s free!
Automate Even More with Comprehensive Property Management
Hiring property management is one of the best automation strategies for your rental business. After all, most property management companies take care of all the tasks listed above, plus more! Essentially, a good property management team can streamline your business without taking precious time away from you.
Bay Property Management Group offers comprehensive rental management services to busy landlords who don’t have time to complete every task on their list. Whether it’s tenant screening, rent collection, or rental paperwork, we’ve got you covered. We offer full-service property management in Baltimore, Philadelphia, Northern Virginia, and Washington, DC. Contact BMG today if you need help automating your rental business.