4 Essential Technologies For Investment Professionals
There are several technologies used by successful investment property owners. These technologies eliminate the burdens of micromanaging and tedious interactions. If you own, or plan on owning multiple properties, you need the following technologies.
Online rent collection software
Do you have renters that don’t pay on time? When you’re collecting rent from residents in an apartment complex, late rent can add up fast. Late rent can also decrease your earnings if you normally deposit that rent into an account that earns interest.
Collecting the rent online makes it easier for tenants to pay the rent on time. They don’t have to write a check or even leave the house. If the rent money is in their account, they have no excuse not to pay.
There are two ways to handle electronic rent payments. The first is through software that allows one-time payments. Each month, your tenant(s) can pay their rent online. The second method is using software that allows automatic deductions each month. With this option, tenants can have the rent deducted from their bank account on a set date each month until they cancel. Whichever rent collection software you use, be sure it’s PCI compliant. Green Residential recommends reading through the PCI standards and comparing them to the security offered by software providers to make sure it’s compliant.
A laptop to manage your finances
You may have heard that smartphones are replacing laptops. It’s true. Smartphones get more powerful each year and provide almost the same functionality as laptops. However, relying on a smartphone to manage your finances is a bad idea.
Most professional finance applications are compatible with smartphones, that doesn’t mean you should use the smartphone app.
Tracking expenses, income, and bank balances on a smartphone presents a number of obstacles:
- The screen is small, making it hard to see data at-a-glance
- You have to pinch and zoom to click accurately
- Some touchscreens are less sensitive, causing misplaced clicks
- You can’t process complex calculations in spreadsheet documents
A laptop eliminates all the above struggles. A desktop computer will give you an even better experience, but a laptop is sufficient.
A property management team
While they’re not made of computer parts, a property management team is built on the technology of teamwork.
Hiring a property management company gets you benefits you can’t get on your own. For example, if you were on your own, you’d probably use an app to find the best local plumber. With a property management company working for you, they’ve already got a direct connection to the best plumber in town and they’ve negotiated better rates. Furthermore, they’ll have an entire network of professionals ready to handle anything that comes their way.
You won’t have to screen tenants, do background checks, screen applications, or even collect rent. A property management company will turn your investment property into a hands-off source of income for you.
A stress-relief protocol
Managing investment property is stressful at times. It’s important to take time to relax, unwind, and consciously destress.
Thanks to the internet, you have access to a variety of relaxation apps you can use on your smartphone. Calm, for example, is an app that helps you sleep better, meditate, and relax. Calm won Apple’s BEST OF 2018 award with more than 40 million downloads and 300,000 5-star reviews. It’s worth trying out.
In addition to a stress-relieving app, consider optimizing your daily routine to eliminate stress. Do you struggle to get out of bed? Do you stay up late at night? Are you tired during the day? Wherever you struggle, find ways to reduce the source of stress.
If you’re a coffee drinker, quit drinking caffeine after 6 pm and see if you fall asleep faster. If you stay up late at night watching YouTube videos, turn off your computer at least three hours before bed. The blue light from the screen is known to disrupt sleep patterns by suppressing melatonin production. One study from Harvard compared the effects of blue light against green light of a comparable brightness. The blue light suppressed melatonin twice as long as the green light. The blue light also shifted circadian rhythms by 200%.
Embrace technology, but don’t rely on it
Technology is useful, but be cautious of over-indulging in it. Apps come out every day promising to make life easier and then they disappear. Only use technology you absolutely need. While technology may one day safe the planet not everything is worth using. If it takes longer to use an app than it would to perform the same task on paper, it’s probably not worth using. Choose your technology wisely.