Apartment building ownership can be extremely profitable, so long as you have strategies in place to secure and manage your new properties. Renters can provide you with significant and reliable streams of income. Apartment building owners can keep track of their investments by monitoring several facets of their properties from their mobile phones. Take a look at these four app categories that will help you maximize your profits.
Some property owners will invest in home security solutions to safeguard entire apartment buildings, especially in areas with high crime rates. Vandalism and break-ins can cause damage to your property investment and lower the value. Security systems with remote monitoring features can help you or your property management company cut down on the risk of crime at an apartment building. Some of the security systems even from with automation features, allowing you to manage lights in community areas from your mobile phone, so that lights automatically switch on at a certain time in the evening.
Property owners who decide to tackle management tasks often find that they have their work cut out for them. You can get ahead of these responsibilities by using apps like Yardi to track maintenance tickets and progress. These systems provide tenants with clear channels of communication when they need to report broken fixtures.
Some rental payment companies provide tenants and property managers with convenient mobile options. These apps allow your tenants to wirelessly access their online rental payment accounts, send money, and check their payments histories directly from their smartphones. Some local governments even provide online rent payment tools in their areas. As a rent collector, you can access these funds, get notifications when payments are late, and examine individual tenant accounts. Mobile app services cut down on the hassle of paper checks and postal systems, so your tenants never have to wonder if their payments have gone through, while saving you a trip to the bank.
At some point, you might decide to sell an apartment building and hopefully gain a substantial profit. You can get an idea of property values in the area by monitoring apps like Zillow and Trulia. These apps can help you make an informed decision before you sell an apartment building.
Becoming an apartment building owner requires a significant amount of planning and responsibility. Take control over some of these processes by using mobile apps to manage maintenance tickets, rent, security, and watch property values. A well-managed apartment building can really pay off as an investment!