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For Buy and Hold Real Estate Investors, Try These Technologies

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Stacy Jordan
For Buy and Hold Real Estate Investors, Try These Technologies

Real estate can be purchased in a variety of ways. While the fix and flip strategy attract a lot of attention on TV shows due to the dramatic visual results and lump-sum profits it generates, buy-and-hold projects can be just as profitable in the long run and are a great option for those looking to build income-producing assets... but is the workload of managing the property too intimidating to get started?

When it comes to buy-and-hold investment, the two most crucial aspects to consider are getting the money correct so you don't tie up all of your assets and making sure property management isn't too difficult for you. You or someone on your team will be a landlord in addition to being a real estate investor.

Embrace the Cloud

Property managers used to have to maintain piles of paperwork within reach in order to do everyday tasks. Every action came with its own set of papers, from leasing to a new tenant to assigning maintenance duties and collecting money. Cloud services are now beneficial to both landlords and tenants.

The leasing procedure may be difficult, especially when juggling schedules and arranging dates to meet, sign leases, and exchange documents. Instead, both the landlord and the renter may do all of this through electronic document transfers and signatures. This also eliminates the need for bulky file cabinets to house actual documentation!

Managing maintenance records is important, especially for landlords who manage several buildings and must guarantee that their properties are always up to code. By storing these data in the cloud, these papers will not only be accessible at the press of a button, but it will also be simple to view the whole history of a single unit or the entire building.

Depending on your requirements, there are several cloud storage options accessible. Dropbox is a well-known service for storing many sorts of data, whereas HelloSign is a web-based business that specializes in contracts and leases electronic signatures. Spend some time researching which service best fits your requirements.

Online Payment Processing

When given the choice, most renters will probably choose to pay their rent online rather than writing out a check and bringing it to a physical office. Many software solutions make it simple to take online payments and provide a slew of additional features that make life easier for both tenants and landlords.

Tenants can easily view their payment history, and inconsistencies will be easier to rectify when cash and paper checks are no longer used. Some software solutions also allow tenants to submit requests directly through an internet portal, making it simpler to report concerns like burned out bulbs in common areas and damaged fixtures within a unit. These requests are frequently routed directly to maintenance staff, and changes are reported immediately so that everyone knows when jobs are done.

Easier Phone Management

Managing your phone is a lot easier now. Every landlord understands that the job comes with those late-night phone calls, and being accessible 24 hours a day, seven days a week may be tiring. Most landlords don't have a large enough call traffic to support their contact centers, but that doesn't mean they're out of luck. Landlords may build a virtual contact center by directing calls to different persons according to the demand, utilizing technology supplied by firms like Ring Central or Google Voice. Tenants would only have to remember one phone number, and landlords will be able to take a vacation from answering their phones from time to time. These features will become increasingly helpful as your team expands.

Outsourced Property Management

Landlords have never had it so easy to manage rental properties. However, for those who do not have a large number of buildings or units to keep track of, investing in technology may appear to be a waste of money. However, for individuals who own several homes, hiring a full-service property management company equipped with cutting-edge technologies may be the best option.

Technology Makes Buy-and-Hold More Realistic 

Adding doors to your portfolio as a buy-and-hold investment increases your earnings. This is beneficial to your financial line as more rent checks are paid, but it also increases the amount of management work required. Technology services may help modern investors keep this aspect of the firm under control and under budget.

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