New technology is fuelling a dramatic change in the way innovative property managers and landlords are doing business and managing their revenue streams. It doesn’t matter whether you are a new investor, or a seasoned landlord or an independent property management firm – if you aren’t staying ahead of the curve, you will lag behind as your competition leverages the latest technology to draw in the best tenants and scale their labour costs most efficiently.
For example, traditional paper-based rent payment management has been one of the most time-consuming and labour-intensive aspects of residential real estate investment, often causing operational bottle necks for investors and slowing individual portfolio growth. However, those who have adopted smart rent payment management have been able to dramatically trim expenses and streamline their workflow.
The benefits of adopting electronic rent payment collection means that regardless if you have 10 units or 100 units, you can manage incoming revenues remotely and proactively. You will reduce your labour overhead and save significant amounts of time that has been traditionally lost to travelling, waiting in line at the bank or just waiting weeks for payments to clear. By fully automating your rent payments, you can then enjoy true passive income and more free time.
Electronic rent payments are also part of good risk management. In particular, by giving tenants the ability to pay rent via online banking or pre-authorized debit, this means that they are given even more opportunities to consistently pay on time. Property managers will dramatically reduce their rent collection time every month, not to mention avoiding the hassle of unpleasant confrontations. By enlisting the services of a quality 3rd party rent payment processor, property managers will always be informed about the status of their revenue stream. They are then freer to focus on growing their business and investments instead of wasting time on low level administration tasks.
The bottom line is that property managers who do not embrace these new technology trends will be left behind. Residential investment clients will increasingly demand better services form their property management companies, and they will want to work with firms who are positioned to provide innovative revenue management solutions. Professional and hobby landlords who adopt electronic rent payments will be able to devote the time and money they save to better customer service, tenant management or just relaxing.
Will you make the switch?
