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10 Ways Technology Will Improve Your Rental Property Business

by Ganesh Kolekar
10 Ways Technology Will Improve Your Rental Property Business

Technology has become necessary for operating your business more efficiently by getting smart gadgets to perform time-consuming activities with exhaustion. Vacation rentals have also been influenced today by the ramifications of extensive automation and several “tech tools” are available to make this business more efficient. The post-COVID tourism industry learned to depend heavily on these devices and bolster its performance by making guesthouses more comfortable for tenants. Several property managers have started utilizing smart devices and leveraging digital marketing to attract customers and boost their online reputation. That’s how you can improve your rental property business for more profitability.

The gadgets you should acquire

Modern-day rental spaces are dominated, unfortunately, by the giants of the industry. For instance, you can observe that 70% of customers are attracted by online channels such as Expedia and Priceline in the short-term rental property business. It means that smaller property managers should discover different means to compete with their relatively meager budgets by offering residents the sort of amenities other rentals don’t usually offer. We are talking about the “tech tools” that are now becoming slowly popular in the industry. These gadgets improve customer service while letting business owners manage their properties more efficiently. So, here are some options you must consider in 2022:

  1. Smart housekeeping apps:

Housekeeping can exhaust property owners because running resorts isn’t effortless. However, digital solutions can help you prepare the property before new guests arrive. You can now easily manage your property by getting a mobile housekeeping app to automate arduous tasks. This user-friendly application performs several tasks, including invoicing, payroll, and scheduling. Therefore, remotely control the property and maintain your clients’ rental spaces in good condition.

  1. Online payment options:

Contactless payment options are revolutionizing the tourism industry, and customers prefer working with rental spaces where these facilities are available. It saves tenants time when they can make payments online rather than filling in checks. Since everything has become digital, landlords can easily discover discrepancies. That’s how digital payment options can help you detect fraud and avoid late payments. So, make your business unique by accepting payments online from willing customers.

  1. Smart lighting tools:

Energy savings should become a priority in the industry, and smart lights have made it easier for you to control on-premises brightness. For instance, automation enables property owners to reduce the lighting in vacant rooms to prevent higher energy bills. Schedule lights to turn off with the sunrise and turn on with the sunset. These cost-effective mechanisms can make your rental spaces more profitable. Reduce energy expenses by eliminating energy wastage and adopting sustainability.

  1. Noise monitoring gadgets:

Noisy tenants can be bothersome, and property managers can rely on technology to make this issue go away. Sometimes, business owners become incapable of monitoring noise levels or responding to complaints about annoying guests as hastily as they want. So, noise-monitoring gadgets can inform you when guests exceed the pre-established noise levels. When noise levels exceed this threshold, a message will be sent to tenants about their behavior. So, you can remotely rebuke their attitude.

  1. Accounting software programs:

The money aspects of operating rental spaces shouldn’t be overlooked because accounting software programs have made it easier to calculate your income versus expenses. All business managers must keep proper financial records to make taxation easier. Since you run a small-sized business, getting accounting software can help you stay updated about your company’s finances. Even if your financial know-how isn’t supreme enough, this software lets you manage everything efficiently.

  1. Smart HVAC systems:

These automated HVAC systems prevent landlords from keeping the place warm when the property is empty during winter. These devices keep vacant rooms heated just enough to prevent pipes from freezing and bursting. They regulate humidity levels on the premises and allow managers to set a limit that AC systems tenants cannot exceed. Studies have shown that these thermostats can save modern-day property owners 10 and 15 percent on heating and cooling, respectively.

  1. Remote property awareness:

Customers appreciate it when rental spaces have doorbell cameras that allow them to realize who’s knocking at the door. Moreover, security cameras built inside guestrooms can protect the premises from vandalism while letting residents monitor what’s happening to their stuff in their absence. We suggest you invest in door/window sensors to learn if someone enters the room when the residents are temporarily away. These facilities make your property secure for tenants to reside peacefully.

  1. Home security devices:

However, domestic security gadgets exist in many other forms as well. You should know that owners and tenants are both concerned about the security of the premises. What happens when a resident returns to the vacation rental only to find the luggage disturbed? They want to control the access to their rooms in their absence. It can be made possible by smart gadgets that electronically give folks access to their assigned rental spaces. Therefore, here are two simple devices you should consider:

  • Smart Locks:
  • Key Exchange
  1. Virtual property tours:

The effects of the pandemic encouraged property managers to switch to “socially distant” methods of displaying their guestrooms to potential residents. Virtual property tours, for instance, allow your customers to visit the premises remotely without disturbing you. While clients explore the property, you can focus on more pressing affairs. This method’s time-saving for both business owners and any clients willing to rent the property. In-person tours must be reserved for preferred customers only.

  1. Water leakage detectors:

Water damage sometimes causes thousands of dollars in repairs, but property owners can eliminate these costs by detecting leakages prematurely. We now have water leakage sensors informing you where the leakage happens so you may repair the problem cost-effectively. Moreover, owners must invest in an emergency water shut-off valve to discontinue the water supply to vacant rooms. So, even these simple mechanical systems will help you easily improve your rental property business.

Conclusion

We’ve established that certain “tech tools” can help property managers make rental spaces more secure and restful for tenants. Incorporating these gadgets into your rental property business causes it to grow exponentially, thereby letting you compete with industry giants. Smart tools such as cameras, doorbells,   and thermostats allow residents to regulate the domestic climate. Certain detectors notice the presence of fire, noise, and water damage, so you may act immediately and save on future expenses. Smart tools can allow you to regulate the lighting on the premises efficiently. Similarly, housekeeping applications make cleaning the rooms after a resident’s departure easier for property managers, all thanks to technology!

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