Build More Wealth With These Property Management Lifehacks
What’s a lifehack in the context of East Bay property management? It’s about using tools or seizing opportunities to do things better, faster, smarter – and as a result, make more money. Owners of rental properties know that although rental income may be classified as “passive,” it can feel far from it, especially if you’re self-managing. What’s the better alternative?
How technology is changing the game
When you think about how you live day-to-day, is technology a part of that picture? Of course it is. Unless you’re Amish. But if you’re reading this, you’re probably not. The point is – technology is more pervasive now than ever before. You probably use your smartphone as an alarm to wake you up first thing in the morning. If you ride BART, you might be opening social apps or news feeds on your smartphone and scrolling through headlines and photos. When we talk about smartphones and apps in the framework of technology and property management, the benefits that they present – connectedness, providing valuable insights, shortcuts – makes a huge difference in how we do business. The best part? These lifehacks fit in the palm of your hand.
How does mobile technology impact the way your properties are managed so you can build more wealth?
- Be where you want to be. Do what you need to do.
As mobile technology continues to improve, and as mobile apps continue to replace the need to perform manual tasks, we’re nearly getting to the point where we can do virtually anything straight from our phones. Working with a property management company that employs a mobile app can change the way owners operate altogether. Proximity is no longer a factor since you can see how your properties are performing from anywhere, anytime.
- Surprise and delight your residents.
A happy resident potentially means longer duration of stay, which saves you money on any turnover-related costs. The more proactive and responsive the management is, the more satisfied residents will be. For example, if a resident has a repair request, you can either automatically approve the repair service or review them for approval later straight from a mobile app. Cutting down on the time it takes to sort resident issues can make them feel like they’re being taken care of.
- Know exactly how you can improve.
Financial and operational reports are the cornerstones of doing good business. You can get the real-time data on when rents have been paid, what you’re owed, and any expenses that may have been incurred. You can also gather stats on average turnover rate, average time to lease, and overall cost of turnover so you’re more equipped to make adjustments to management processes as needed to maximize returns.
- Save the most important resource you have: time.
Working with a property management company obviously saves you tons of time from tasks like filling vacant units, resolving repair and maintenance issues, and researching the market for rental prices and unit qualifications. But smart property managers don’t just save you time. They save you money and save you from headaches as well. One prime example is not having to spend hours brushing up on rent control laws, East Bay rental housing compliance legislations, or other complex guidelines, so you can avoid fees and penalties that may occur from compliance disputes.
- Grow your portfolio and build wealth wisely.
Technology platforms are magical in the sense that they’re designed to allow you to do more without using more resources. This, in short, allows you to scale your business more efficiently. Property management apps also provide key performance metrics on each unit you own, which can inform you on how to be a better investor and grow your portfolio.