Renting apartments and homes has been around for a very long time. Only a few decades ago, the landscape of the industry looked significantly different than it does today. The biggest reason for these drastic changes is technology. Technology in all industries is growing rapidly, and there is no difference in the rental industry.
With that in mind, this blog post is going to look at a couple of different ways that technology can and will improve your apartment, home or condo rental business.
Much More Effective and Efficient Marketing
In the past, the only real way to market your apartments for rent was to put signs up or take out an ad in the newspaper. While these are okay and still have a place in the marketing plan, you need to be taking advantage of online marketing. Online marketing on the internet allows you to reach much more people in a more cost effective and efficient manner.
There are a few ways to market online and they include posting your apartments on sites like craigslist/Zillow, creating a custom website for your buildings and using social media to connect with current renters and potential future tenants, as well.
Take Advantage of Innovations in the Space
Side by side with the growth in technology, there has been a growth in innovations as well. In the hospitality industry, the major innovation has been short term rentals. Companies like AirBnb have taken some market share away from hotels, and now, your buildings can too.
Rentbelly is a way to design, implement, and enforce your very own short term rental policy for your buildings. This will allow your tenants to actually rent out their units (as long as they follow the specific rules you have set out). This can not only allow you to charge more for rent, but you can also potentially collect a 25% fee from their earnings.
Allow for the Use of Smart Gadgets
If you want to take advantage of tech-savvy and high-rent paying tenants, consider putting some smart gadgets in your units. With how popular these are becoming, they are relatively affordable to provide and set up, and will pay for themselves very quickly.
There are many different options out there for what you can get and use, and the cool thing is, most of them will be able to connect with one another through IoT. They include security cameras, smart alarms, smart thermostats, virtual assistants and more.
Safe and Secure Storage of Documents
In the past, if you wanted to safely store rental-related documents, you had to do so in a filing cabinet, shelf or desk. This was a huge problem as it was easy to misplace important documents and keeping everything organized and in the right order was a tall task. Even if you managed to keep it all organized, it often took hours and hours.
But now, cloud storage allows you to keep all of your important documents online. This gives you peace of mind that everything is safe and secure, all while freeing up a ton of employee hours and keeping your office free of clutter. There are many different providers of cloud storage, many of which are very affordable or even free.
In conclusion, hopefully this article has helped you discover new ways that technology could help your apartment rental business. Technology isn’t going anywhere, so if you haven’t implemented some of the mentioned technologies, you might want to look into it as they can help your business in a number of ways.