Thanks to technology, the property management industry is rapidly evolving, and it has made investing in properties a lot easier for many real estate investors. To be successful and grow the size and value of your portfolio, you need to stay on top of trends and changes that may affect what you own and how you rent those homes out to residents.
Let’s talk about some of the ways technology is impacting the home investing process and the industry that helps you manage those investments. These are the trends investors should watch.
Property Management Software
We are using property management software that we never would have imagined a decade ago. One of the most significant technological advancements impacting investment properties is the availability of better property management software and by extension, better property management. Your property manager can now use software that automates many essential tasks such as:
- Rent collection
- Marketing listings
- Accounting
- Maintenance requests
- Renewal notices
This saves time and money, making property management more efficient. Investors who work with property managers using these systems can focus on acquiring new properties rather than managing existing ones.
Data Analysis in Real Estate and Rental Markets
Technology has made data analysis a much easier task, and that helps investors make better decisions when they’re choosing a property, a location, or negotiating a purchase price. As property managers, we are using software that tracks metrics such as:
- Vacancy rates
- Rental values
- Resident demographics
This information can be used to make more informed investment decisions. Analyzing these metrics in real-time allows investors to quickly identify trends and react to changes in the market. This information can also be used to identify areas that are up and coming, which can be a valuable tool when identifying new investment opportunities.
Smart Home Technology
Smart home technology has been around for a few years, and it’s finally beginning to play a role in rental home investing. Many residents in Antioch are looking for properties that feature smart devices such as:
- Smart thermostats, which allow for intuitive temperature control and better efficiency
- Digital locks and keypads rather than easy-to-lose keys
- Security systems such as video doorbells
These features can make your investment property more appealing to high quality residents and increase its rental value. As technology continues to improve, it’s likely that we’ll see more smart home devices integrated into rental properties.
Technology is changing the home investing industry in many ways, especially for investors interested in rental homes. You know that you need to stay current in the market and in the way that properties are managed.
By embracing new technology, investors can increase efficiency, reduce costs, and improve the overall rental experience of their residents. Whether it’s using property management software, taking advantage of online rental platforms, or integrating smart home technology into your properties, there are many ways to stay ahead of the curve. The trends we’ve discussed here are just the beginning; as technology continues to evolve, we can expect even more exciting changes in the future.
Let’s talk about how we can utilize the power of technology to help you on your investment journey. Contact our team at PURE Property Management. We’re your Antioch rental property resource.
