6 CHANGES LANDLORDS ARE MAKING IN 2024 TO COMBAT RISING VACANCY RATES

posted on : April 23, 2024 0 Comment

The automation of rental property management has revolutionized how landlords operate, streamlining tasks and enhancing efficiency beyond measure. From showcasing vacancies to collecting rent, landlords are automating nearly every aspect of their business, saving time and resources while improving tenants’ experiences.

In the digital age, there’s simply no going back once tech has advanced. A modern touring and renting procedure makes all the difference to today’s tenants, and we may be heading into a renters’ market. To combat this, landlords can identify where antiquated practices are replaceable with tested tech.

The United States Census Bureau asserts that the national rental vacancy rate has reached 6.6%. This is a 13.8% increase from the average vacancy rate in 2022

1 Garnering Interest with Virtual Tours

Virtual tour software showcases available units online, giving an elevated remote experience for inquiring tenants. People are doing more research than ever and are more likely to schedule an in-person tour after a virtual tour than with a listing that leaves them with questions. This saves time for both parties and widens the property’s reach beyond geographical limitations – a huge plus for potential renters moving a plane ride away.

2 Simplifying and Screening Tenant Applications

Digital application collection allows applicants to submit documents and information electronically. Integrated background check tools streamline the selection process and ensure a thorough assessment.

With AAOA’s own tenant screening app, applicants can also pay a screening fee, and landlords receive notifications immediately to view completed credit and background checks.

Tenants that are less tech-savvy or new to renting often fail to satisfy these requirements prior to in-person tours. While landlords prefer to hold firm, sometimes a gut feeling or an extended vacancy leads to letting their guard down. For that reason, this solution is very effective in tandem with tour-scheduling software, as it brings these requirements to their immediate attention and bars them from skirting this step before touring.

3 Streamlining Property Tours

The most time-consuming part of filling vacancies, and arguably the most difficult for landlords, is the scheduling and execution of in-person tours. It takes time to line up the availability of all parties, travel to the property and run the tour – all while running the risk that the potential tenant arrives late, doesn’t arrive at all, or fails to meet rental requirements after the fact.

Self Tour technology, like InstaShow, advertises listings and allows renters to tour the property after they have passed background checks and submitted all the necessary documentation. This software eliminates the need to arrange a mutually available meeting time and gives renters the freedom and flexibility to tour vacancies when it is convenient.

This alleviates countless pain points for renters, such as typical stop-start communication around scheduling, juggling work and personal schedules, and organizing background checks and application data on one platform.

Once a user has their profile verified, they can schedule tours via the app within the listing’s parameters, notifying property managers immediately. The software then facilitates a secure and seamless experience with real-time identity verification before using Bluetooth technology to allow access to the property.

The software tracks their experience as they walk through the unit and for added security, can pair with smart cameras to enable real time surveillance and 2-way communication.

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Hemlane is a software that is built to grow with your needs as a landlord.

For a minimal amount, there’s a really good basic package but what we love is the option to upgrade and add 24/7 maintenance management on.

Hemlane offers complete financial support as well. You can link multiple bank accounts for direct deposit rent payments, add automatic late fees, sends reminder notifications to your tenants, and has a detailed profit and loss statement that can includes automatic and manual uploads of income and expenses.

It gets better! If you reach a place where you are ready to hand off management to a property manager, Hemlane has that too under their “Complete” option.

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4 Automating Lease Signing

Digital lease agreements can be signed and stored securely online. This eliminates the hassle of printing, canning, mailing, and maintaining documents, making it convenient for both landlords and tenants. Most property management platforms charge for this feature, while others, like Innago, offer it for free.

5 Facilitating Rent Collection

Online portals or apps for rent collection automate monthly payments, ensuring timely and consistent transactions. Tenants can set up automatic payments, reducing the risk of late or missed payments. Landlords can track payment histories, send reminders, and generate reports effortlessly.

6 Enhanced Communication and Maintenance Requests

Integrated communication tools maintain consistent and transparent communication with tenants. Automated messages for rent reminders, lease renewals, or general announcements can be scheduled, fostering a proactive and professional relationship. This can include centralizing maintenance requests, thereby allowing tenants to submit issues for review. Landlords can track these requests, assign tasks to maintenance staff or contractors, and monitor the status of repairs, ensuring timely resolution and tenant satisfaction.

CONCLUSION

Modernizing the rental property management process offers landlords unparalleled efficiency, convenience, and organization. To harmoniously transition into using these kinds of software, finding platforms that offer many solutions in one place is ideal. However, the all-in-one platforms are by far the most expensive. Therefore, it may be optimal to consider one platform to streamline advertising listings and facilitating tours, and another, like Doorspot, that begins with signing the lease and encompasses ongoing communication for just $54/month.

Embracing these technological advancements automates the rental process, improves tenant satisfaction and ultimately contributes to a more successful and profitable business.

LEAH MAHER