HOW TECHNOLOGY CAN HELP MANAGE YOUR RENTAL PROPERTY MORE EFFICIENTLY San Francisco Property Management

You probably use technology to manage many of the details involved in your professional life as well as your personal life. 

Where would we be without it?

Technology is essential for the effective management of your San Francisco investment property, too. 

Thanks to the software and the platforms that are available, we can work more efficiently, automating many of the consistent, day-to-day tasks, and keeping both our process and the results more transparent for our owners and our residents. 

Take a look at why technology is so important to how we lease, manage, and maintain homes, and why investing in it is such a good idea.

TECHNOLOGY EQUALS ADAPTABILITY 

There are a lot of good reasons to use the best technology that’s available to manage your San Francisco rental property. The best reason, however, is that it keeps you flexible, adaptable, and strong in an unpredictable market and a changing world. 

Think about the COVID pandemic. If you weren’t set up to accept online rent payments and sign lease agreements electronically, you probably struggled to come up with new systems quickly. If you didn’t have a way to safely and effectively maintain your rental home while social distancing, there would have been problems. 

Tech-driven owners and San Francisco property management companies were able to pivot quickly and adapt to a changing rental market, a new set of legal requirements, and evolving tenant needs thanks to our modern, flexible, and intuitive processes and platforms.

1. MORE ACCURATE RENTAL PRICING IN A COMPETITIVE MARKET

San Francisco’s rental market has always been competitive, high-priced, and fast-moving. You need to establish rental values that speak to the current market and the prices that good tenants are willing to pay. You also need to keep any rent control considerations in mind, especially if you’re increasing your rent during a lease renewal period.

The right tech tools allow for a better study of what similar properties are renting for. This makes pricing your rental unit a lot more accurate. 

We can conduct comparative market analyses by pinpointing buildings, neighborhoods, and zip codes to get an idea of what a rental range might be before we price a property. When you can access this kind of data, you’ll find your vacancy loss is lower and the time it takes to lease your property and begin collecting rent is greatly diminished. 

2. SELF-SHOWING TECHNOLOGY AND LEASING TIMES

Technology doesn’t only make pricing more efficient. It also cuts down your leasing time by allowing tenants to see units on their own, without waiting for leasing agent schedules to free up. 

Self-showing technology has made a big difference in the speed with which applications can be completed, tenants can be screened, and properties can be filled. 

With digital keys, smart locks, and upgraded lockboxes, you can collect some simple identifying information from a potential tenant, and then give them access to the property they want to see for a limited amount of time. Tenants love this because they can see units when their schedules allow, and they get the place to themselves while they’re looking around.

3. SCREENING SAN FRANCISCO TENANTS WITH TECHNOLOGY 

Tenant screening is difficult when you don’t have access to national databases and other resources that can help you rigorously evaluate the applications that have come in for a rental property. A good screening process includes credit and background reports. You’ll need to look for nationwide eviction histories, and you’ll want to verify income and collect additional documentation. 

This can take weeks if you’re doing all the legwork yourself. But, if you’re utilizing some of the background-checking technology that’s available in the property management industry, you’re going to have the information you need to make a decision in 24 to 48 hours.

Most property managers have access to this screening tech on their own. If you’re placing your own tenant independently, you can still contract with an online tenant screening agency that can provide some objective information on the tenants you’re considering. 

Remember that fair housing compliance is critical. With an established, tech-driven, and consistent screening process, you’re protecting yourself with very little effort. You’ll have a documented process and a written set of qualifying criteria against which every application is measured. When screening is automated, it’s nearly impossible to treat one application differently than another.

4. LEVERAGE ONLINE SYSTEMS FOR ACCOUNTING, INSPECTIONS, AND MAINTENANCE 

Technology helps with San Francisco property management because we can create automated systems for much of what is done, including: 

• Rent collection
• Maintenance requests
• Inspection reports
• Accounting

This leads to fewer mistakes, better time management, and complete documentation for everything associated with your investment. 

Maintenance systems are easier to set up and implement. With tenants requesting routine repairs online, we can create a documented timeline of the work that has been needed and completed on your property. We can keep vendors, owners, and tenants on the same page when it comes to scheduling work and ordering parts. 

You’ll have a better grip on preventative maintenance when you’re using the right technology, too. Use it to track pest control, landscaping, and building repairs. Collect quotes easily and efficiently for work you know you’ll need, whether it’s seasonal maintenance or upgrades during a turnover. 

Inspections are quickly completed, with photos, and shared. Instead of writing everything down by hand and taking photographs that will need to be uploaded, the right inspection software allows you to document a home’s condition while you’re there at the property.   

Technology helps you track your money.

Accounting reports and financial management are so much easier when you can see your income, expenses, budgets, and projections in real-time. There’s less room for error and a lot more transparency. 

5. COMMUNICATION AND TECHNOLOGY

Technology improves communication and allows owners, tenants, vendors, and property managers to remain accessible and available. 

Phone calls are sometimes preferred, but they’re not always necessary. Take advantage of text messages, emails, chats, and even social media messages. When you’re working with all the latest technology, you have more options for how to communicate. 

When you can engage with all the possible communication platforms available to you, you’re going to be more responsive and present. Tenants will feel more comfortable asking questions and sharing information. Accountability and transparency will be increased. 

Most landlords and property managers work with a large population of tenants who prefer texts and emails to phone calls or in-person meetings. Most San Francisco property managers are using an online system to track and document all correspondence, keeping their owners and properties organized and compliant with all state, local, and federal laws. 

Don’t be afraid to communicate via social media. This is a great place to share listings, engage with renters, and provide resources to investors, potential clients, and existing owners.

The ability to communicate with advanced technology is especially beneficial to any owners or investors who might live outside of San Francisco, or even out of state or out of the country. It’s much easier to respond to questions and get in touch without worrying about time zones, cell signals, and schedules. 

6. TENANTS EXPECT TECHNOLOGY

Here’s another important benefit to technology that’s sometimes difficult to quantify but still critically important: tenants prefer technology. 

Tenants expect technology. 

Most of the tenants you’re trying to attract to your rental property are very comfortable with apps, online platforms, and digital capabilities. If you can show potential renters that you’re set up for things like online rental payments, you’re going to have a distinct advantage over those landlords who do not embrace these things. 



San Francisco Property Management and Online Portals

Online portals are popular, and you can find them with most management companies. Most of these portals allow for tenant benefits that include:

• Online rental payments. Tenants can pay from the comfort of their own homes, linking a bank account or a debit card. They can set up recurring reminders and automated bank drafts. It’s a fast, secure, and convenient way to ensure your rent is paid on time.
• Online maintenance requests. Routine repairs can be requested electronically. Tenants can be as detailed as possible in explaining the problem and even include photos. They’re less likely to make a report when something is wrong.

Owners benefit from online portals, too. 

• Owners can view when rent is paid and see when it’s deposited into the bank account provided. 
• Invoices for maintenance can be viewed, approved, and paid.
• You’ll see monthly and annual financial statements. You can download your 1099 at tax time.

If you’re going to work with a management company, make sure you have access to an online portal.

SAN FRANCISCO PROPERTY MANAGEMENT ADVICE

Technology is a huge benefit to you, your tenants, and your rental property. At BanCal Properties, we’ve been in business since 1987, so we’ve seen a lot of changes in what’s available to management companies like ours. We embrace the tech that works best for our owners and tenants.

To hear more about our leasing and management services, please contact us at BanCal Properties. We also welcome your comments, questions, and suggestions for topics you want to learn about, so please share those too. What kind of impact has technology had on the way you run your rental business?