How Landlords Can Benefit From The Latest Tech

Do you own property that is rented out to tenants? There could be various modern tech solutions that you could be taking advantage of. Below are some technologies that you could benefit from as a landlord.

Virtual property tours

Allowing people to take virtual tours of your property could help to expand your reach when looking for tenants. What is a virtual property tour? Basically, it involves a property owner or agent using a video call app like Zoom to conduct a live video tour. This is useful for potential tenants who may live far away and who may be thinking of moving to the area – instead of having to travel for a viewing or move into a property without seeing it, they can take a virtual tour from their current location. 

An alternative to live video is to create a recorded video that explores all the rooms of the home. This could allow you to stage and frame the tour in a way that makes your property look as attractive as possible. Some potential tenants may be happy to choose a property based on a video like this, however others may prefer a live video so that they have more control over the tour. 

Smart appliance management

Supplying appliances could help to make your property more attractive. However, it does mean that you need to maintain these appliances. By investing in smart appliances and using an appliance management solution, you can monitor your appliances for faults. This could allow you to arrange repairs quickly so that tenants are not inconvenienced for too long. It could also allow you to detect damage to appliances caused by tenants, preventing tenants from covering it up. 

Streamlined tenant application

All the paperwork that is required when taking on tenants can be a major headache – both for the landlord and the tenant. Fortunately, there are now programs that can make property management easy by digitizing everything and putting it all in one place that tenants and landlords can access at any time. This can make tenant applications much more streamlined – instead of having to communicate back and forth and sign contracts in person, the whole process can be handled digitally. This could be particularly useful when signing up tenants who are not based locally. 

Improved tenant credit scoring

Credit checks can be very useful for landlords, however they are not always an accurate way of determining whether a tenant will pay their rent on time. Companies like Canopy are revolutionizing credit scoring by providing a RentPassport to tenants that allows them to build a separate credit score based on their ability to pay rent on time. This technology can provide a more accurate picture of a tenant’s reliability and it can also serve as an incentive for tenants to pay rent on time. It can be particularly useful for tenants who may have a bad credit score but are good at paying their rent – preventing them from being rejected by landlords. 

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