Are you still collecting paper checks, handing out paper applications, meeting in-person with new tenants so they can sign the lease agreement with a pen right in front of you?
Are you keeping track of your income and expenses in a heavy, leather-bound ledger?
You might be an analog player in this digital real estate world.
Sometimes, that’s okay. We get it if you prefer an actual newspaper to the online edition. We know sometimes a real phone call is more meaningful than a quick text message.
But, when it comes to effectively and efficiently managing your New York rental property, you have to adapt to technology. You have to let automation, systems, and high-tech software lead the way so you can get more done and keep your operating costs down.
Technology is a huge benefit to landlords and investors. As New York property managers, we’ve come to depend on it quite a bit.
If you’re still unsure and you don’t like doing things online, let’s talk about how technology benefits what we do and how we do it.
Technology Is More Accessible Than Ever
You can easily leverage the best property management technology available by partnering with a professional property manager. We can help you lease, manage, and maintain your home better, and we already have the software and the platforms in place.
But, that’s not the only way.
Many self-managing landlords don’t bother upgrading their technology because they don’t think there’s anything for them. That was true once, but not anymore. There are several apps and systems that focus on landlords who are renting out their own home. You can collect rent electronically with online pay services, for example. You can contract with an online tenant screening service.
This will require an investment if you’re a self-managing landlord, but it is likely to save you time and energy in the long term.
Technology Leads to Lower Vacancy
Our systems allow us to share information and syndicate your marketing advertisement, and these are things that are critical during the leasing process. This might be something as easy as an online application, self-showing technology, or a larger advertising reach. Instead of showing up on five rental websites, your available New York rental property will be listed on 50 of those sites.
We also use technology to establish the rental value on your property. This has a tremendous impact on what you ultimately earn. You can go online and see what other homes are renting for on sites like Zillow and Zumper. However, that’s not as specific to your neighborhood as the data we’re able to generate as your tech-driven property management partner. We focus on Manhattan rental homes that are below 34th Street, for example. This gives us a very precise estimate of what we can rent your property for.
Our systems and technology provide better data, which leads to more accurate pricing and fewer mistakes.
Screening New York Tenants with Technology
Technology helps us screen tenants faster and more accurately. It protects you and us from fair housing complaints because we can demonstrate and document a process that’s consistent and fair.
Thanks to our automated, tech-driven online application process, we don’t have to worry that one application will be treated differently than another. We aren’t able to hold one applicant to different standards than all the other applicants. We have a well-documented screening process, and that keeps us compliant with all laws – reducing your risk and liability. Everything is automated to the point that there’s no room for accidental discrimination. The online system we use helps us remain objective.
The screening process requires us to collect a lot of financial and personal information – even on tenants we won’t ultimately approve. Our property management software helps us to stay compliant with the Fair Credit Reporting Act and keep everything organized and documented.
We can screen a lot faster with the screening systems we use. Instead of waiting for a week to find out if they’re approved, most of our tenants hear back from us within a day or two. This gets the entire process moving a lot faster, which is better for you financially and better for your tenants as they make their moving plans.
Placing bad tenants in your property is a huge risk. The right technology and the right screening avoids that risk.
Good Technology Fosters Better Communication and More Transparency
There’s a myth that technology reduces our capacity to communicate. When used properly, it actually enhances our ability to communicate. Relationships with owners, tenants, vendors, and other professional partners are extremely important to us. We know that relationships don’t work unless communication is strong. We’re able to stay in touch and be available because of our technology.
Our team is always available by phone. We’re happy to make an appointment and meet you. But, those are not your only options for reaching us anymore. Send us a text with a quick question. You’ll likely hear back faster than you would if you’d left a voicemail. Send an email or a message through your online portal. It’s much easier to see and respond to these, even after hours.
Don’t be afraid to seek us out on social media. We’re there, and we’re happy to engage with you.
Online Portals Deliver More Transparency
You’re probably conducting a lot of personal and professional business online. Most of us are used to it.
You’re already paying bills, making purchases, and searching for information online. You’re chatting with friends and making travel plans and dinner reservations. Why not conduct your rental business online, too?
Online systems and portals provide more accountability and transparency. We’re able to respond to tenants and owners with questions, and we can provide more information to more people.
All of the owners and tenants who work with us receive access to an online portal. This is easily one of our most popular features. You shouldn’t work with a New York property management company that doesn’t offer this basic service. Portals are important.
Through our tenant portals, residents can pay rent online. This results in more on-time payments.
They can also schedule maintenance requests, which gives us a documented history of how repairs are handled. They can also send us messages.
With tenant portals, we collect rent more efficiently, and tenants are less likely to pay late when they can schedule payments in advance or set up recurring withdrawals from their bank accounts. It’s secure and convenient. They don’t have to worry about mailing a paper check and they can even set up reminders so they’re never late. It’s the most popular payment method for our tenants, and it keeps the entire process simple and clear.
Owner tenants are equally beneficial. You can log on and see all of the accounting associated with your property. You’ll see income and expenses and you can follow maintenance invoices and see when rent was paid. You can look at lease agreements and access inspection reports. We’re happy to attach a detailed statement or send tax forms. You can use your portal to see when rent has been paid. You can review correspondence we send to tenants, including renewal offers and rental receipts.
Our team will help you set up and access your portal as soon as you join us. It’s very user-friendly.
Documented New York Rental Inspections and Maintenance
We always ask for routine repair requests in writing. This is easily done by tenants through their online portal. If it’s an emergency, we expect a phone call as soon as it is safe. But for regular maintenance, we want those reports in writing so we can document the work that needs to be done and the actions that were taken.
Online reporting features through tenant portals also increases the chances that your tenants will notify us of those repairs as soon as the issue is detected. This protects the condition of your home and allows for a more preventative approach, cutting down on expensive and unexpected emergencies. Deferred and unreported maintenance is not good for your investment. By easily and conveniently making requests online, tenants don’t wait.
Documenting inspections, repairs, and maintenance is a lot easier with good technology. Our property managers can take photos and upload reports from the unit in real time. You’ll get an idea of how your property looks before a tenancy, after a tenancy, and if necessary – during a tenancy. All of our inspection reports are available online.
With technology, you get paid faster, you keep in touch with how your investment is performing, and you have access to your property management team 24 hours a day. We get a lot of automation that helps us work more efficiently and keep our property management fees low. The benefit to tenants is a modern, easy rental experience with online payment options and easy maintenance requests.
We would love to talk more about the property management technology we invest in for you. Please contact us at Krieger Property Management. We’re a full-service property management company in lower Manhattan serving SoHo, West Village, Greenwich Village, Tribeca, and Chelsea.