How New Technology is Impacting Landlords.

 

It is strange to think how much technology has advanced over the years. From the way we watch TV to the way we can make a simple cup of coffee. “Smart technology” has completely revolutionised our everyday lives.

 

However, these advancements count for more that just our everyday activities.  New technology in property management means it is easier than ever to become a successful landlord too.

 

Renting out properties today is not remotely like it was done as recently as a couple of decades ago.  Landlords ended up meeting applicants themselves as typical newspaper ads didn’t provide enough information for an applicant to make an informed decision. On top of this it was much harder to track payments and keep on top of any maintenance once the tenant moved in.

 

 

 

 

 

Finding Tenants

 

Understandably the biggest test technology has in the rental sector comes from how landlords find their ideal tenant.

 

Unlike years ago, when an ad was put in a newspaper saying “room to rent, no pets, no children, £300 a month.” No one would even consider answering that ad today, and you can understand why.

 

Thanks to the internet, landlords have the perfect opportunity to really advertise all the positives about their property. All the online property portals have the room to write really thorough descriptions and post great photos. By doing this it allows applicants to get a much better picture as to whether the property is right for them, ensuring any enquiries will be genuine and not time wasters.

 

In simple terms, the internet has become the single biggest time-saver for landlords all over, the caveat being only if you ensure your online advert covers every possible question a potential tenant might have. With this in mind it is a good idea to ask a lettings agent to help if you are not sure what information you should include.

 

The internet is also great for research purposes. It is a great way to see what other landlords are offering in your area and specifically how much rent they are charging.

 

Always remember, that while keeping an eye on your competition is never a bad thing, you shouldn’t set your rental value based on what other landlords are doing for numerous reasons Inc: your property might have more to offer, be in better condition – therefore you should always make sure you are getting what it is worth. If in doubt, then invite a lettings agent in for a professional opinion.

 

 

 

 

Managing Your Tenants and Property

 

Although you might not instantly think of cloud computing and accountancy software, they have made it significantly easier for landlords to keep on top of managing their tenants or properties, or as previously mentioned you can get a lettings agent who already has all the systems in place do it all for you.

 

Before the internet, landlords and agents for that matter, ended up with drawers/cabinets filled with paperwork and receipts as they tried to keep everything in order. The reality is, all the paperwork made it harder to stay on top of everything.

 

Nowadays accountancy software, means landlords are able to keep a much better eye on their finances. They know what bills have been paid and can set up on-going transactions if required. 

 

More importantly, there is an electronic record stating how much they have been paid and when the money went into their account.  This is major benefit for the landlord as it prevents the tenant from falsely claiming they have paid their rent when they haven’t.

 

As well as being able to keep on top of finances, the technology allows us to store tenancy agreements, inventories etc online, ensuring all paperwork is in one place that is easily accessible.

 

Obviously, it doesn’t take away the need to have a good understanding of figures etc if you want to be certain your properties are paying off.  Again, if you don’t want to have to worry about these details then instructing a lettings agent is the answer.

 

 

 

 

 

What about the Future?

 

Although we like to think we are, we most definitely are not fortune tellers here at Eric Clarke (I would be long gone, having correctly guessed the winning lottery numbers), that being said we do like to keep our fingers on the pulse when it comes to spotting the next big thing in technology.

 

Augmented Reality (AR) and Virtual Reality (VR) have definitely come to the forefront and can really help landlords review how their property may look before they even start physically changing things for their tenants.

 

As for the property itself – modern technology is most definitely being used to make houses more eco-friendly. Over the last couple of years, solar panel bricks have made huge advancements to help people save on energy bills. This would massively reduce the cost for any landlord if they decide to include bills in the rental income.

 

We have no way of knowing what technology will come along in the next few years, but it always helps to know what is around now. As always, an experienced lettings agent will be able to advise what technology is worth implementing.

 

 

 

 

 

Is Technology the Answer to Everything?

 

Of course, we would like to say that new technology is the answer to everything, but there will be plenty of times where all the new technology in the world, can’t replace the expertise and knowledge of a really good lettings agent.

 

Technology helps us massively when managing properties for our landlords because we use it alongside and in conjunction with our knowledge and expertise.

 

 

 

 

 

As you can see, there is a lot to take in when it comes to technology and managing properties. If you are thinking about or have a property you would like to put on the rental market, we can offer you a free valuation and answer any questions you may have when it comes to embracing current technology and marketing your property.

 

 

Till next time.