Since about one in three Tennessee residents lives in a rental unit, being a landlord is a consistently lucrative profession. If you own real estate and want to earn some passive income, using the right real estate technology helps you collect more rent.
Here, we'll discuss some tech trends in property management and how they can make you a more efficient landlord. Read on to learn the ins and outs of property management tools that can help you thrive.
Artificial Intelligence in Real Estate Technology
AI and machine learning have taken the world by storm in recent years.
These programs learn from human input and figure out how to replicate what people do automatically. Once they understand how to perform their intended tasks, they can save people time on repetitive work and menial organizational tasks.
However, AI is developing to do other things in the real estate technology world, too. It can:
- Track market trends and predict future shifts
- Accurately figure out the value of property
- Evaluate the risks that a specific investment holds
- Provide tips and tricks for mitigating these risks
- Automate communication with tenants using chatbots
- Create personalized property listings automatically for sellers
- Scour the market and identify investment opportunities for buyers
- Help landlords generate information about potential renters
This innovation in real estate management makes landlords' lives easier. They can spend time finding new investments and negotiating leases that generate the highest possible return on those properties.
Virtual and Augmented Reality
Virtual reality (VR) is great for both real estate buyers and sellers. It also can help landlords find renters.
Potential tenants can explore a virtual rendition of the unit(s) you're renting out from their computers or smartphones. This means that those who come in for a tour are considering renting very seriously.
Augmented reality (AR) is similar to VR. However, unlike the 100% simulated environments VR builds, AR takes digital information and overlays it onto an image of the real world.
AR is ideal for those showing homes to renters since they can simply hold their smartphone up to the inside of a rental unit. They'll get information about the real world around them so they can make a more informed on-site decision about whether or not to rent.
Integrated Dashboards for Property Management
An all-in-one dashboard for tenant communication is an essential real estate software investment. These dashboards:
- Facilitate communication between landlords and tenants
- Provide a place to view leases and other documents
- Let tenants submit all requests in one place
- Send out automated reminders for rent payments
- Send out automated lease renewal information
Working with a great Knoxville property manager means gaining access to an application interface ASAP.
Plus, we take care of maintenance requests and tenant questions that come through the portal. This makes managing landlord stress easy.
Get Involved in the Future of Real Estate
Now that you know some real estate technology that will shape the industry in 2025, it's time to learn how much you can profit from your rental units. Online tools help professionals find out the value of your real estate so you can get an estimate of projected rental income.
PMI Knoxville is committed to helping Tennessee landlords maximize their profits from rental property, so request a free rental valuation to learn how you can increase your ROI.
