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  • Technology and Property Management

    April 27, 2018
  • Hiring a property management company should make your life easier, but you shouldn’t check out completely since it’s a good idea keep an eye on your investments. Finding a company that offers features like online access to real-time data on your rental properties can make it incredibly simple to be both fully involved and hands-off at the same time.

    Nathan Miller is the founder of Rentec Direct, a cloud based software company that services the landlord and property management industry. He advises investors to look for a management company that uses technology to improve communication and efficiency, while still providing great customer service.

    "Look for property management companies that are embracing modern technologies. The property manager should be able to give you an online login to view the performance of all your properties. You should be able to login any time and see if it's vacant, or what the cash flow is. You should be able to call and get somebody on the phone immediately, or a return call within two hours. If they cannot return your call within that time-frame, that is what you would expect to experience once you are signed up with them. – Nathan Miller

    John Bodrozic, co-founder of HomeZada, agrees that a tech-savvy management company is essential. They should provide you with easy access to the numbers that you need to understand exactly where each of your properties is at.

    "A key part of investing in a rental property is to have a digital system in place to track all the details of the home. This is especially important because you are not physically living in the home, but you need to have real time access to data about the home.

    Some important things to track are a preventative home maintenance schedule,any renovation projects you do to the rental, and a good digital home inventory to make sure the house is insured properly. It is also a good idea to track the changing marketing conditions on the value of the home. Knowing how much equity you have, and all the mortgage details is also key, especially when you decide to sell it in the future. – John Bodrozic