Kansas City recently made the list of most competitive Midwestern rental markets. When tenants are flocking to the city and rental units are in high demand, it's easy for landlords to become complacent about their practices.
The reality is that even when you have low vacancy rates, you should still make an effort to stay current in your leasing management. In 2023, that means adopting technology that improves the tenant experience.
What kinds of technology do tenants expect landlords to offer? What role can technology play in improving your leasing services and your ROI?
Read on to learn how to implement technology in modern leasing management.
Online Rent Collection
If you're still collecting rent via checks in the mail, it's time to update your practices. Thanks to modern technology, you can now offer a secure online rent payment option. In fact, many younger tenants will expect this option and may not be prepared to write and send checks each month.
Studies have shown that tenants who can pay rent online are more likely to pay rent on time each month. This is in large part because online rent payment technology allows tenants to set up autopayments. The second rent is due, it automatically comes out of their bank account and goes into yours in a matter of minutes.
Next to rent collection, maintenance is one of the most important elements of property management. The problem is staying on top of maintenance requests and teaching tenants what to do in the event of an emergency.
Online portals make it easy for tenants to place routine maintenance requests and even easier for you to track them. Each day, you can see what needs to get done and record your progress to ensure nothing gets forgotten. By offering a routine maintenance portal and a phone number for maintenance emergencies, you can also help tenants to differentiate between the two.
There is no need to have bulky filing systems in the modern property management office. Cloud-based file systems make it easy to keep all leasing documents, from the lease itself to your inspection checklist, in one digital space. You can then transfer these documents to tenants via email and pull them up any time, anywhere.
Property owners should also use digital documentation to keep track of financing. Growing a profit starts with impeccable budget management, which you can't achieve if all your expenses are recorded in different places.
Modernize Your Leasing Management with SCUDO
Kansas City is a great place to own rental properties in 2023. With no shortage of renters, leasing services can seem easy to manage. The reality is that even when you're facing low vacancy rates, you should still make an effort to modernize your leasing management, and that includes adopting the right technology.
SCUDO is proud to offer property management services in Kansas City. As brokers and property managers, we help investors build their portfolios from the ground up. Request a quote to get started with our five-star property management team.