The Best Tech Upgrades of 2023 That Landlords Will Love
Jan 19, 2023
Managing properties is a tough business. There is a lot to keep track of and much to be done if we are to keep tenants and owners content. Landlords and property managers have increasingly been searching for technologies that can make the job easier.
Some technologies appeal to tenants making it easier to attract and retain them. These may be upgrades that tenants are willing to pay for justifying higher rents. Other technologies streamline operations making your business run more smoothly while reducing costs.
There are many different types of tech that landlords can use and some have a better return on investment than others. Here are the hottest technologies that are making strides in the property management business this year.
Smart Video Monitoring
Smart technologies have taken video monitoring to a new level. Cameras can now send a live feed directly to your smartphone or allow you to view previously recorded footage. Some models give you the ability to control the camera remotely to pan and zoom for a better look.
Motion and sound detectors can trigger the camera to perform certain actions. Lights can be activated or an alert can be sent to your phone if motion or sound are detected in specific areas or at certain times. Smart monitoring can make tenants feel more secure while allowing you to keep on eye on things even when you’re away.
Having appropriate lighting in common areas is both for aesthetics and to address safety concerns. Keeping all entrances well lit can discourage people who don’t belong there from loitering and deter crime. Good lighting along paths, hallways, and stairwells may reduce injuries due to falls.
Smart lighting allows you to control the lights remotely. They can even change colors allowing you to alter the look and feel at different times of day. Smart lighting can also be used to add some fun during various holidays such as going pink and red for Valentine’s Day.
Making it easy and convenient for tenants to pay their rent can improve your cash flow and reduce collection activities. Credit card processing is easier, faster, and can be less expensive than cashing checks. Save time and money with Property Matrix credit card processing where you can accept Visa and MasterCard directly from your dashboard and pay no fees.
ACH transfers allow tenants to electronically pay their rent directly from their bank account. These bank to bank money transfers are processed through the Automated Clearing House Network. Property Matrix offers ACH transfers free of charge to clients and their tenants.
Property Matrix allows you to pay your bills easily, conveniently, and with zero cost. The integrated vendor pay enables you to pay your vendors and the property owners. Avoid errors and omissions with an integrated system that updates payments automatically but if a mistake occurs refunds are simple to process too.
Smart Door Locks
Improve security while reducing costs with smart door locks. Eliminate the need to replace locks and cut new keys to keep your property secure. Smart locks can simply be reprogrammed, revoking access to old keycards or fobs and granting access to new ones.
Another neat feature of smart door locks is that you can give temporary access to contractors, realtors, prospective tenants, and anyone else who has a need to be there. Easily revoke access when the job is complete. You can even control who gets in and who doesn’t remotely from your smartphone.
The Covid-19 pandemic has driven the launch of technologies towards virtual property viewings. This allows prospective tenants to view the property without stepping foot through the door. Modern technologies allow for a real sense of the home and some can even be used to measure the space for furniture placement.
The most common virtual viewings used today are pre-recorded as well as live video tours. Tenants tend to prefer live tours being conducted by an agent or landlord but pre-recorded tours may work better if the unit isn’t vacant. Interactive photo tours are popular too where viewers can manipulate images to change their view of the space.
The latest technology in this area incorporates virtual reality. It is possible to offer fully interactive 3D tours through a virtual reality system. These may not be at the forefront of virtual viewings just yet but it’s only a matter of time.
Smart thermostats have become popular over the last few years as a tool to offer energy saving features. These handy bits of tech allow the user to monitor and control the heating and cooling systems. A smartphone gives you access to program the thermostat and make adjustments remotely. As a landlord you can justify higher rents by advertising the savings on utility bills.
Accept applications from prospective tenants online and streamline the process for everyone. When a prospective tenant enters their details and submits an online application through Property Matrix, all of their information is transferred into the system automatically. Reduce data entry errors and easily convert applicants to tenants.
Property Matrix is connected to Transunion making it easy to retrieve credit information for each applicant. You can also collect application fees that applicants can pay through Visa or MasterCard. At the tail end of the process, present a digital lease and turn your applicant into a tenant when they sign electronically.
Smart Smoke And CO Detectors
Smoke and carbon monoxide detectors are an important and often legally required component of keeping your property and its inhabitants safe. Traditional detectors initiate an audible and sometimes visual alert when smoke or carbon monoxide are present. They are an important safety tool because they alert people to the potential danger and instruct them to vacate the premises when needed.
Smart smoke and CO detectors can alert you and your tenants even when nobody is home. They may be programmed to send notifications to applicable parties when something is wrong. There is even the option to get an alert when the batteries need to be replaced.
These days business owners can’t afford to ignore tech resources. Your competitors are leveraging technology to grow their business and so must you. Every landlord and property manager has to keep up to remain competitive. Invest in tech to drive positive business outcomes.