Landlords, it’s time to embrace technology. While the U.S. Postal Service may disagree, the standard, “rent check is in the mail” approach isn’t saving your business time or money. And that’s exactly what your investment properties are –a business. So, you should be running it like one. If you intend to grow your real estate empire, having a digital platform, designed specifically for landlords, will be key to your success.
But before I dive into some of my favorite tech tools for landlords –here’s a quick litmus test to discern if going digital is crucial for your investments:
Do you own multiple properties?
Multiple properties, or units in a single building, means multiple renters who might not always have the best reputation for paying rent on time. Digitalizing this process will save you the hassle of personally tracking down renters for past due bills or even complete unanswered maintenance requests. And, as an added bonus, no more checks “getting lost” in the mail!
Putting your multiple property records online is also a fail proof way to archive critical documents. Organize your files so that everything is just a click of a button away –not buried in a desk drawer or filing cabinet. Digitized bookkeeping is another way to cut costs. You won’t need to spend time sorting through all that paperwork yourself or hire someone else to do the job instead.
Do you live in a different city than your properties?
Instead of hiring third parties to collect rent or send late notices, take control with technology. This will give you a more hands-on approach, even if you’re hundreds of miles away. Save your business money by cutting out the middleman. Hiring multiple third parties for different cities can also get quickly convoluted. Streamline this process with technology.
Own properties overseas? Not a problem! These kinds of platforms make international tenants a breeze with automated payments, monthly email reminders and more. Instead of trying to keep different time zones separated and organized in your head, let the platform do the busy work for you.
If you answered yes to either of these questions, it’s time to go digital. (Note: Landlords who only own 1-2 properties in their same city are exempt from these digital demands).
There’s an overwhelming amount of digital choices for landlords, so I’ve done the research for you! Excluding Paypal, Venmo and similar services –we’ve focused our efforts on platforms created specifically for landlords.
Six Digital Platforms Landlords Should be Using
- Provide individual tenants their own accounts to pay rent, request maintenance, etc.
- Send automated reminders for rent, security deposits and other fees
- Track when rent has been deposited into your account
Pricing begins at $9.99 per month
- Screen prospective tenants online
- Digital property management tools from maintenance requests to work orders
- Track tenant payments and send monthly reminders
Pricing begins at $35 per month
- Online tenant applications with background checks and screenings
- One-time and recurring online payments with optional card processing
- Tenants can build credit by reporting payments
Pricing begins at $10 per month (tenant screenings are an extra $30 per month)
- Designed for every portfolio type (residential, commercial, student housing, etc.)
- All-in-one cloud-based solution featuring tenant applications, automatic payments, and more
- Marketing tools included such as vacancy postings and premium leads
Pricing begins at $1.25 per residential unit per month
- Online rental applications, tenant screenings, background checks, credit reports
- Property listing and rent estimate services
- Online renter profile with logins to pay rent online
Pricing begins at $20 per month
- Same-day online processing of security deposits, monthly rent and other fees
- Online rental applications, screenings and background checks
- Send out notices to tenants via email and smartphone
Pricing begins at $19.95 per month
Don’t forget, you own the property, and you are in control of how you receive payment every month. If your current system isn’t working in your favor, change it!
Cozy doesn’t cost landlords anything. Tenants pay the application fees. Rent payments are free if tenants use ACH. The rent estimate reports are $19.95 each but you only pay for what you buy. This is misleading saying Cozy costs $20/month.
If you’re looking for software to help make landlording easier, http://www.turbotenant.com is also a great source. They don’t do rent collection, but they’re free to use!