Landlords hold a big misconception- managing rental properties is complicated. Yes, it is when landlords operate everything manually. How about handling everything oriented to rental property with just a few clicks?
Here is the significance of digital landlords. Becoming a digital landlord makes things easier, faster, and more efficient. So, it’s time to know how to become a digital landlord.
It’s all about using some digital tools and tricks that can help you grow your rental business. Let’s understand the simple steps to start as a digital landlord in Michigan and make property management easier than ever!
Who is A Digital Landlord?
A digital landlord can be defined as a smart property owner who uses technology to manage their rental homes. Instead of doing every rental step manually, they use beneficial software to make things more comfortable.
Using these tools, they can find potential renters, collect rent without extra hassle, fix problems, etc. They can handle everything with their computer or phone. This approach allows digital landlords to save time and effort while increasing return on investment.
Moreover, using technology to automate tasks enables digital landlords to focus on growing their rental business and generating more passive income.
Things You’ll Need to Become A Digital Landlord
The more digital tools you’ll use, the more fruitful outcome you’ll receive. However, some basic tools are depicted here, and you’ll need to get started.
Property Management Software
Property management software (PMS) is a life savior for busy landlords. It can automate tasks like scheduling maintenance, collecting rent payments, and generating reports. Moreover, PMS can perform everything without making errors in time.
Most importantly, it can keep track of your properties more efficiently. This tool can also handle online payments, lease agreements, and document storage.
Communication Platforms
There are plenty of communication platforms in today’s era. Pick any of your favorites to communicate effectively with your residents. Use digital rental methods like the Facebook app to advertise your property and Facebook Messenger to chat with renters instantly.
Other helpful platforms include WhatsApp for group messages and email for important documents. You can also use LinkedIn to exhibit the interior of your rental property.
Security Tools
Use security tools like digital locks, surveillance cameras, and alarm systems to prevent intruders. Security cameras provide an extra layer of protection by monitoring activities around your property.
Besides, smart home devices allow you to check the property remotely. With these tools, you can ensure the safety of your rentals and keep residents secure. Hence, you’ll get peace of mind as well.
Steps to Start As a Digital Landlord in Michigan
Becoming a digital landlord isn’t a constant process. You can start from any point or situation. Everything has a sequence for the best outcome. So, here our experts have explained how to be a digital landlord for beginners.
Step 1: Review Michigan’s Landlord-Renter Laws
Before you start your journey as a digital landlord in Michigan, it’s essential to understand Michigan landlord-tenant laws. MCL 554.631 to MCL 554.641 requires landlords to share important information with residents, like the landlord’s name, address, and mandatory responsibilities.
The Michigan Landlord Tenant Relations Act (MCL 554.601 et seq.) outlines security deposit rules, rent payments, and eviction processes. These laws ensure Michigan landlords properly know their rights and duties.
Step 2: Prepare Your Property
Getting your property ready in top-notch condition is your utmost responsibility for renters. Before listing your property on digital platforms, ensure it’s in supreme condition. Here are a few tips:
- Deep Clean: Give your property an exhaustive cleaning, paying attention to details like carpets, appliances, and fixtures.
- Necessary Repairs: Fix any broken or damaged items, such as leaky faucets, faulty outlets, or broken windows.
- Fresh Coat of Paint: Consider repainting your property to give it a fresh and inviting look.
- Curb Appeal: Improve your property’s curb appeal by maintaining the landscaping, trimming the lawn, and decorating the walls.
Step 3: Secure Proper Insurance Coverage
Protecting your investment is the most time-consuming work, as it takes a lot of paperwork. Get the right insurance coverage to protect your property and finances. If you find this difficult, a reputed property management company in Michigan can assist you with this step.
You can also consult with an insurance agent to determine the best coverage for your specific needs.
Step 4: Set Up Digital Management Tools
To simplify your work, use digital tools in every step of property management. Go for property management software to manage renter communication, rent collection, and maintenance requests.
You can also use Google Calendar to schedule property inspections and meet with contractors. These tools can help you save time and effort, while also keeping track of your properties efficiently. Most digital management tools are paid, so choose wisely.
Step 5: Market Your Properties Online
It’s time for professional property listing. This step is the last stage to find the right renter for your rental property. The more you advertise your rental ad, the more it reaches. And, engaging more people means a great chance for bargaining.
Utilize popular social platforms for your rental property promotion. You have multiple options:
- Facebook Groups for Rental Property
- Facebook Ads
- Email Marketing
- Digital Billboards
- Google Ads
- Instagram Ads
- TikTok Ads, etc.
Why Start As A Digital Landlord?
Becoming a digital landlord can make property management easier and more efficient. With the right digital tools, you can save time, grow your communication, and enjoy multi-dimensional benefits.
Easy Communication
Staying in regular touch with renters is difficult in today’s busy lifestyle. There will be a communication gap if you don’t interact with renters regularly.
With digital tools, you can send instant updates or answer questions quickly. These platforms make communication smooth, saving time and effort.
Better Management Tools
Digital landlords organize rental tasks with digital tools. Property management software helps them automate rent collection, maintenance scheduling, and document storage.
These tools reduce errors and keep everything organized. Managing multiple properties feels less stressful when you include the right technology.
Remote Property Control
Keeping an eye on your property is possible even from miles away. Digital locks and smart security cameras let you monitor activities in real time.
After starting to use these tools, renters will feel safe as well. So, it’s a double-time benefit! Moreover, you can enjoy rental property bookkeeping with online access and get real-time financial reports from anywhere.
Wider Market Reach
Online platforms make it easier to attract renters across diverse areas. By using social media and targeted ads, landlords in Michigan can promote their properties to a larger audience.
Reaching more potential renters increases the chances of finding the right resident fast.
Scalable Growth
Expanding your rental business becomes more efficient with the help of digital tools. Automating tasks like rent collection and maintenance lets you handle multiple properties efficiently.
So, starting as a digital landlord allows you to focus on growing your portfolio without feeling devastated.
Becoming A Digital Landlord: Challenges And Solutions
| Challenge | Reason | Solution/ Better Alternative |
| Renter Screening | Sometimes, difficult to verify resident information and rental history. | Use renter screening services to check credit scores, criminal records, and rental history. |
| Property Maintenance | Time-consuming and costly to manage repairs and maintenance. | Hire reliable property management companies to handle repairs and maintenance. |
| Rent Collection | Late rent payments and difficulty in collecting rent. | Use online methods to automate rent collection and set up automatic reminders. |
| Evictions | Legal and time-consuming process. | Consult with a legal professional to understand eviction laws and procedures in your area. |
| Vacancy Periods | Lost rental income during vacancy periods. | Market your property effectively, use professional photography, and offer competitive rental rates to attract renters quickly. |
In the End
Becoming a digital landlord can significantly simplify property management. It makes tasks like rent collection and maintenance easier. By using the right digital tools, you can save time and increase efficiency.
However, it’s important to remember that there are legal responsibilities involved. To avoid unnecessary paperwork and potential legal hassles, it’s a smart idea to seek expert assistance.
If you’re still confused about how to become a digital landlord, our professionals can guide you through the process smoothly. Reach out to AmeriHome today for the essential support!
Frequently Asked Questions
Do I need any special skills to become a digital landlord?
No special skills are needed, just a basic understanding of digital tools and apps to manage your properties.
How does technology help with rent collection?
Technology allows renters to pay rent online. It makes the process quicker, easier, and more reliable for residents and landlords.
How can I ensure the security of my rental properties?
You can use smart locks, security cameras, and alarm systems to monitor and protect your property.
