StacyJo4 (1)

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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
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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.