There are only so many ways to increase your profits from any given property investment. You can raise the rent, improve the property, include utilities in the rent, or provide amenities like central air conditioning and solar power. All of these things can increase your profits, but you need technology to support your efforts.
Using technology will support your profitability by helping you stay organized, streamlining your tasks through automation, and can even help you find additional properties. Many investors who already use the top real estate software applications are seeing better results every day.
If you’re still managing any portion of your properties manually, here’s how technology will help you increase your profits.
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Technology Crunches Numbers more Efficiently than Humans
With the exception of human calculators, apps can crunch numbers faster than any human being. However, apps don’t just crunch numbers quickly. They’re capable of processing complex equations with multiple data sources.
The ability to process data from multiple sources is what makes apps like kvCORE so valuable in the real estate industry. kvCORE is an all-in-one CRM, marketing, and lead generating tool. The app crunches multiple sources of data to provide valuable insights to close deals and maximize revenue.
Technology Keeps you Organized and on Schedule
It’s nearly impossible for anyone to do business without a computer, so everyone uses some kind of technology. However, the software native to your computer isn’t enough. Developers all over the world have created apps with specific functions to keep your life organized and keep you on schedule.
For instance, The Guardian published a list of 20 apps for managing your time, tasks, grocery lists, photo albums, contacts, phone lists, receipts, and more. These apps are useful for organizing your personal and professional life.
Being organized is a requirement for profitability. When you’re organized, things just flow and getting good deals becomes easier.
Technology Makes Contracts and Leases Immediately Available
If a tenant asked you to provide them with a copy of their lease, how long would it take for you to dig it up and mail it out? If you’re using technology, it shouldn’t take you more than a few minutes.
Document signing and tracking software is among the most useful applications property investors use. You don’t have time to go down to the office each time you need to reference a tenant’s file. If you use an app like PandaDoc, all of your documents will be in the cloud and fully accessible anywhere you have an internet connection.
Shuffling papers and searching for documents on your computer will only stress you out and drain your energy. You’ll have more time and energy to devote to your business by organizing your documents in the cloud.
Technology Saves Time
There is much to be said about automating as many tasks as possible. Granted, you can’t automate tasks that require your presence or personal input. However, repetitive tasks can be automated. For instance, say you send out monthly emails designed to get leads to call you. You can use CRM software to schedule your entire email sequence for a year (or more) so you never have to manually send those emails.
Having Your Own App can Make you More Profitable
Using existing apps is great, but have you thought about creating your own app? If not, consider that 33% of consumers who use apps buy more frequently. What that means for you, as a property investor, is that you can tap into the app-oriented culture to increase your profits.
You don’t need to create a complicated or fancy app. You only need to create something that makes your tenants’ lives easier. For example, an app that allows tenants to pay rent directly from their bank account, PayPal account, or check card would be enormously helpful. People love the convenience of online payments and dread mailing their rent check.
If you created an app that made it easy for tenants to pay rent, submit repair and maintenance requests, and communicate with you, you’re more likely to get paid on time and in full.
Increasing Profitability is an Ongoing Process
Increasing profitability happens over time in small increments. It’s a long-term strategy that requires daily focus. Technology can help you maintain your daily focus by supporting your efforts to stay on track with your daily tasks and your long-term goals.
