How Technology Can Help Manage Your Rental Property More Efficiently
The amount and the quality of technology available to property managers has really increased and improved in the last few years. At MGMT Group, we invest in the best property management software and the most innovative systems in order to manage your rental homes more effectively and efficiently.
Technology saves us time and it saves you money.
Accurate Rental Property Pricing
The rental value attached to your property has a huge impact on how long it’s vacant and what types of tenants you attract. You can go online and see what other homes are renting for; sites like Zillow and Zumper might give you a general idea. But, you’ll be far more successful with reliable data that’s based on what properties actually rented for, and not what they were listed for.
It’s also important to compare prices with homes that are very similar to yours. If you’re renting out a one-bedroom apartment in downtown Los Angeles, you don’t want to waste time looking at rental prices for a three-bedroom home in Burbank. Technology helps us gather good data and make accurate pricing recommendations.
Better Rental Property Marketing
Marketing your rental property is a lot easier with online advertising and the ability to syndicate your listings across all the most popular rental sites in and around Los Angeles. Our system allows us to post your vacant home on our own website as well as all the sites that potential tenants are using to find their next home.
With technology, we are also more responsive when it comes to scheduling showings and following up with prospective tenants and answering their questions.
Documented Screening and Application Processes
The process of screening applicants is far more complex than it once was. In California we’re now required to accept applications from tenants with Section 8 housing benefits, and fair housing laws call for us to be extremely careful and consistent with how we screen prospective tenants.
With an automated, consistent online application process, there’s no danger that one application will be treated differently than another. Our screening process is well-documented and requires us to treat every application equally. It would be very difficult to discriminate for any reason, and that keeps you and your properties fair housing compliant. The online system we use helps us remain objective.
Efficient Maintenance Requests and Inspection Reports
Tenants use their online portals to submit routine repair requests. This allows us to respond quickly and easily. We evaluate the issue, assign the repair to a qualified vendor, and follow up when the work is complete. It also provides a documented list of what occurred during the reporting and repairing process. We have a record of when the request was made and what we did about it.
Inspection reports are much easier to share with our technology. As an owner, you’ll receive detailed reports with photos and videos so you know exactly how your property looks.
Transparent and Accurate Accounting Statements
Tracking the income and expenses associated with your Los Angeles rental property is a lot easier with good technology. We can provide reports, statements, tax forms, and anything you may need to get an idea of how your investment is performing. Use your online owner’s portal to track maintenance invoices, see if rent has been paid, and check your expenses.
These are just a few of the ways that technology helps us manage your property better. If you have any questions, please be sure to contact us at MGMT Group, Inc.