Managing your rental properties can feel like a very hands-on experience. Landlords have to meet with tenants, visit properties to perform maintenance, and process rental checks. It's not hard to imagine how technology can help you become a better property investor—but you won't unlock it's true potential until you work with an expert McKinney property management company.
We can debunk plenty of myths about trying to grow your real estate wealth as a DIY landlord vs. hiring professional McKinney property managers to manage your portfolio. When it comes to technology, we can also debunk any myths that more technology creates an inferior experience for landlords and tenants.
What if removing the "hands-on" part of your McKinney rentals helped you improve your bottom line while making tenants happier? If you haven't experienced the ease of working with a company that applies state-of-the-art technology for every aspect of handling rental properties, you've been missing out!
Keep reading to find out how RentHub Property Management makes this kind of success and freedom a reality for the McKinney property owners we serve!
If you've managed property on your own, you know there's nothing simple about it. Successful DIY landlords have to be a Jack (or Jane) of all trades. The job requires a mix of skills and talents that most McKinney landlords learn on the job, including:
- Financial skills to determine the right rental rate
- Repair skills for handling DIY maintenance and upkeep
- Research skills for screening tenants safely and thoroughly
- People skills for dealing with ongoing tenant relationships
- Organization skills to schedule renewals, notices, and inspections
- Legal skills to keep up with rapidly changing landlord-tenant laws
- Management skills to collect rent checks and field security deposits.
Successful property investors have the right mix of all of the above skills, working together to generate profit. What happens when you add that amount of work to another property? To replicate success from one McKinney property to the next, you have to simplify what you do to maintain success across multiple properties.
Technology Makes Replicating Success Possible
Hiring a McKinney property manager is the first step to replicating success from one property to the next as you build your portfolio. However, choosing a property manager that works smarter (not harder) requires the expert application of technology.
What Kind of Technology?
When choosing a property manager, ask them what kind of technology they use. Process automation is only the beginning of how cutting edge technology helps the best McKinney property management companies stand out from the rest.
To keep up with a competitive rental market, your McKinney property manager has to leave the spreadsheets behind and go all-in with a digital approach to property management. This ensures your investments are working for you—not the other way around.
RentHub's Self-Showing Technology helps your property manager show properties to potential tenants digitally! It's a perk your prospective renters look for—especially during a social distancing crisis when in-person showings are limited—or restricted completely. Imagine not being able to rent your property during a crisis because your property manager doesn't have the technology to show your properties!
Collecting the Rent
Paper checks are no longer the preferred way for tenants to pay the rent. With the right online platform, your property manager collects rental payments online, every month, and on time. Your renters will also be expecting this hallmark of modern renting! Only accepting paper checks for rent can drive away prospective tenants.
Paying Property Owners
Using an online payment system also allows technology-focused property managers to pay you faster! Instead of collecting paper checks, logging them in a spreadsheet, then taking them to the bank to deposit funds, technology speeds up this process for the convenience of you and your renters. A payment portal collects rent checks, logs them automatically, and deposits them within hours to quickly make funds available to pay property owners—all electronically.
There's no longer a need for paper files to keep track of leases, applications, or other data-sensitive documents. Tenants can also securely sign documents without having to set up an in-person meeting. Documents are stored securely on a server or in a cloud.
Spending less time tracking down vendors and coordinating schedules with tenants for routine maintenance means your property manager has more time to make sure your properties generate the profit you need to meet your financial goals.
Accounting and Reporting
Put away the abacus! When the right technology collects the rent every month, it can also help generate the financial reports property investors need to understand the current state of their investments. Real-time financial reporting also helps your McKinney property manager recommend adjustments on the fly to keep you on track with your financial goals.
Using technology keeps your rental properties competitive! Tenants look for properties that make it easy to pay the rent, request maintenance, and manage leases and other paperwork. Happy tenants also renew their leases. When you keep your best renters for longer, you reduce the costs of dealing with vacancies—and your bottom line improves!
Out-Of-State Investors Rely on Technology
If you don't live in the area, property investors must rely on McKinney property management to take care of their properties and tenants. How is long-distance property investing possible without the latest property management technology?
It's possible—but it might not be as profitable. It can become expensive to take advantage of the DFW rental market for an out-of-state investor without technology. Investors need a property manager with the latest technology to avoid costs like:
- Finding multiple vendors to handle maintenance and cleaning in between tenants
- Frequent travel to your rentals or to meet with your property manager
- Viewing potential properties in-person to add to your portfolio
- Learning local McKinney regulations for rental properties.
Hiring local McKinney property management talent helps out-of-state investors have the peace of mind that their properties are in good hands. Choosing a company that's proficient in the latest property management technology streamlines your long-distance operations and helps you grow your wealth faster and more efficiently.
Technology Saves Money
When an automated process takes the place of several manual processes, property investors benefit. Technology creates efficiency—and efficiency creates cost savings.
Reducing redundancies, human errors, and missed details help your McKinney property manager manage your properties better! Duplicate tasks waste time, errors can be expensive mistakes, and missing a rental payment—or a renewal notice—can damage your investment property income.
The Right Technology + the Right Property Manager = Success
Many property management companies have adapted some form of technology to meet their needs. Paying the rent online is more commonplace instead of being a "new" way to do business when owning investment properties.
However, very few McKinney property management companies have an all-in commitment to technology for almost every aspect of the rental property experience—but what does that mean?
- Property management technology thinks beyond the next step. When used to the fullest extent, technology manages the entire tenant experience—from listing, to leasing, to automated renewals. No detail gets missed along the way!
- When technology handles the details of the tenant experience, your McKinney property management team is better equipped to handle life's unexpected non-technological issues. We can jump into action to resolve maintenance emergencies, adjust protocols during a global health crisis, or field evictions under new rules.
- When property managers spend less time on routine tasks, they have more time to make sure your properties are profitable. Spending less time on repetitive work means property owners pay less for a property manager's time—without losing income.
Simply put, when you work with a technology-driven McKinney property manager, you receive better service for less money. When investors pay less for high-quality expert property management services, your profits increase!
Access Property Management Technology
—Without the Expense
Technology is here and now! When choosing your McKinney property manager, old-school can cost you money. RentHub's state of the art technology combined with our $99/mo property management fee is the ideal combination of expert property management at an affordable price.
That's right: you get access to full-service property management, state-of-the-art technology, and our exclusive HubFactor guarantee for one flat rate! This combination of pricing and technology drives property investor satisfaction through dependable results. It's not too good to be true: get started with our Free Rent Estimate!