3 Ways Technology Is Changing the Rental Property Industry
Being a part of the rental property industry is a dynamic choice that you can make as a financial entrepreneur. There is excitement, and the possibility of fantastic returns on investment, and risks to be handled, and people to meet and filter through. One way that you can approach all of this potential is by seeing where the rental property industry intersects with modern technology, and how you can use that knowledge to your advantage. Of particular consideration are advances in green technology, the concept of modern social media presence, and the availability of modern record and credit searches.
Advances in Green Technology
With the rightful attention that has been paid to the environment, in the last several years in particular, it should be no surprise that there have been huge advances in environmentally friendly technology and green rental properties. So how does this affect your potential rental property? Modern advances can seriously curtail energy bills. Consider appliances like water heaters, furnaces, home solar panels, LED light bulbs, and energy efficient washers and dryers. If you have these modern touches in place already, that is a huge plus to people who want to rent into ‘green’ living situations.
Social Media Presence
People can be very vocal about where they live. They can have complaints, and they can have compliments. If your rental property has great reviews from former tenants, or the area your property in has a positive social presence, that can be great news. In addition to traditional advertising, a good social media plan can ensure that when people respond positively to your environment, others who are searching for that kind of data hear it. Social media is becoming an art form, and is a great way to connect with potential investors, clients, and potential renters.
Record and Credit Searches
The application process for renters has been daunting in the past. However, with advances in search and record technology, information about potential renters, and potential landlords, is almost instantly available. Accurate information about credit scores and previous living arrangements are now ready in a minimal amount of time. Landlords can look up tenants, and tenants can look up landlords, and that means people can filter each other out sooner in the process, saving everyone time, money, and frustration.
Getting into the rental property industry is not an easy task, but thanks to technological advances, and the willingness of companies to provide tips and insight, it is at least easier than it has been before. If you have that entrepreneurial spirit, or if you have a property that is not in use and you’re willing to experiment with being a landlord, now is as good of a time as any to jump in and test the waters.