Investing and owning real estate is an excellent way to grow your wealth since this is one option that is likely to be appreciated long-term. You’re sure to get an attractive return on investment while continuing to earn a rental income from the properties. If you’ve been under the impression that you could earn a passive income, think again! Managing properties requires time and effort, and landlords often find themselves extremely busy organizing showings, drawing up paperwork, and setting up cleaning and repair jobs–that’s to name a scarce few. Thankfully, technology has made it possible to streamline tasks so that you can deal with them from the comfort of your home office.
Market Your Properties Online
In the modern digital era, having an online presence is an indispensable tool for the success of any business. So, why should your property rental business be any different? Advertise your houses and apartments on platforms like Zillow, Craigslist, Trulia, Avail, and various others. You would also want to focus on placing ads on local social media pages and magazines. People looking to rent your place might want to contact you to take a look around. Remember to add lots of hashtags, images, and keywords so renters can find you.
Welcome Short-Term Vacationers
Renting out your house to vacationers and business travelers visiting the city for a short time is a viable way to monetize your investment. If this is something you would like to do, you’ll list the places on platforms like Airbnb, Turnkey, Vrbo, Homestay, OneFineStay, and other similar websites. Welcome those guests looking to stay for a short time, like two to three weeks with their family and friends. You can manage multiple rentals by using software for vacation rentals that have several features to make life easy for the average landlord. Answer queries, provide information and accept bookings via the app. You can also accept payment, permit renters to post reviews, and schedule cleaning and maintenance with just a few clicks of the button.
Keep Up With Accounts & Taxes
Managing real estate requires owners to keep up with filing taxes on schedule. Investing in software like QuickBooks, Wave Accounting, Xero, and Zoho Books allows you to record all rental income and expenses so that calculating applicable taxes is easily done. You’ll get a quick overview of any potential budget cuts you need to make or the funds available for upgrading properties so they can generate higher rent.
Invest in Upgraded Appliances and Amenities
Regardless of whether residents intend to rent your property for an extended-term or a short vacation, upgraded appliances are always appreciated. Invest in fridges, HVAC systems, laundry units, cooking ovens, microwaves, dishwashers, and perhaps, the best robot lawnmower with automated features for grass cutting. Develop your patio to be a delightful place for spending time or add a hot tub. If your property is located in a child-friendly vacation destination, installing a play yard will likely get you more inquiries and bookings. Since many people like to bring pets on their family trips, look around for any conveniences you can add.
Get Advanced Gadgets To Secure the Property
Tenants like to rent houses and apartments that have advanced security features. Consider adding gadgets like remote surveillance cameras, smart burglar alarms, motion detectors, smart smoke detectors, and keyless entry systems. You’ll integrate the devices with your smartphone and stay on top of settings while monitoring suspicious activity around the house–all from a remote location.
Using advanced technology to manage multiple properties can help you manage the myriad tasks that accompany ownership. You might just convert your investment into a passive source of income.