How to Manage a Rental Property From Your Smartphone
Managing a rental property used to mean a lot of driving around, meeting face-to-face with tenants, and handling paperwork. But what if you could do all of that from your phone? Today, technology makes it possible to manage a rental property with just a few taps on your screen. Let’s walk through how you can use your phone to make managing your rental property easier and more efficient.
Apps and Tools
Start by equipping your phone with the right apps. There are several apps designed specifically for property management. These apps can help you with everything from listing your property and screening tenants to collecting rent and scheduling repairs. Some popular options include ‘Buildium’, ‘AppFolio’, and ‘RentRedi’. Each app offers different features, so it’s important to choose one that fits your needs.
Better yet, hire a property management company and simply plug their phone number into your phone. They’ll handle everything – no app needed on your part.
Listing Your Property
The first step in managing a rental is finding tenants, and you can do this straight from your phone. Apps allow you to create a listing with photos, descriptions, and amenities. Once your listing is ready, these apps can automatically post it to multiple rental sites to help you find tenants quickly.
Screening Tenants
Once you have potential tenants, screen them to make sure you find a reliable person who shows a propensity for paying on time and taking care of your property. Your property management app can handle this by allowing tenants to submit their applications and background checks directly through the app. You can review their employment history, credit score, and rental history right from your phone. This makes it super easy to keep everything organized.
Signing Leases
Gone are the days of needing to meet in person to sign a lease. Today, you can send a digital lease through your app. The tenant can read it and sign electronically. This method is not only faster but also reduces paper waste, making your rental business more environmentally friendly.
Speaking of digital records, you can make things easy on yourself by storing a copy of all files in the cloud drive. (Google Drive is easy, as it connects with your Gmail address, and can be accessed via any device anywhere.)
Collecting Rent
Collecting rent is one of the most important aspects of rental property management, and it can also be one of the most awkward. Fortunately, you can simplify this process with your phone.
Property management apps often include a feature for online rent payments, which means your tenants can pay their rent with just a few clicks. This is convenient for them and ensures that you get paid on time. Plus, the app will keep track of all transactions, so you can easily see who has paid and who hasn’t.
Communicating with Tenants
Maintaining good communication with your tenants is something you can’t afford to overlook. Your property management app may include a messaging system, making it easy to send notifications about upcoming inspections or to receive maintenance requests. This keeps all your communications in one place and avoids the confusion that can happen when messages are spread across different platforms.
Handling Maintenance and Repairs
When a tenant reports a problem, like a leaking faucet or a broken air conditioner, you can handle it directly through your app. Some apps let you contact local contractors and schedule repairs without leaving the app. You can even approve repair quotes and pay the service providers through the app, making the whole process quick and hassle-free.
If nothing else, you can document and record any maintenance issues via your phone. We recommend having at least three trusted contractors on “speed dial” for every specialty. (For example, you’ll want three plumbers, three electricians, three handymen, etc.) This ensures you always have someone who can come help, even if it’s on a weekend or one contractor is out sick or on vacation.
Keeping Track of Expenses and Staying Compliant
Managing a rental property requires you to keep track of a lot of numbers. Property management apps can help you keep an eye on your expenses and profits. They track everything from maintenance costs to tax deductions, making it easier for you to see how your property is performing financially.
These apps can also help you stay up to date with the laws and regulations related to rental properties. Some apps offer updates and reminders about legal requirements, such as when you need to renew licenses or conduct safety inspections. This can help you avoid legal issues and ensure that your property is safe and compliant.
Set Yourself Up for Success
As previously mentioned, the most convenient way to manage your property via your smartphone is to simply hire a property manager. However, even if that isn’t in the cards, it’s good to know that there are ways to completely manage your property hands-off via a property management app on your phone. Use these tools to your advantage!
