Some of the world's wealthiest individuals made their fortunes in the $379.7 trillion real estate market.
Yet passive income is one of the biggest misnomers when linked to owning investment properties. Being a landlord involves serious work, including ongoing marketing, maintenance, and portfolio management.
If you don't complete these tasks, your investments will slowly lose their value and appeal in the real estate rental market.
Read on to find out how technology can help you get the most out of your investment portfolio.
Analytics and Insights
Access to reliable data is imperative when building your portfolio. Previously, it could take years to build the necessary industry connections and insider insights to gain a foothold in the property market.
Today, AI and digital platforms can provide you with a wealth of information instantly. These innovations help you discover viable opportunities for investing in real estate by revealing:
- Market opportunities and trends
- Rental demand
- Tenant preferences and behavior
This data can indicate property appreciation, appropriate rental rates, marketing effectiveness, and ROI while building your portfolio.
Portfolio Management Software
As a real estate owner, it's often difficult and time-consuming to keep track of the tasks associated with managing your property.
Tenant portals help you keep track of maintenance issues and costs while providing an important platform for communication. They help you streamline aspects like:
- Routine maintenance
- Tenant repair requests
- Rent payments
- Billing and receipts
- Vendor payments
Property management software serves as an important link between landlords, tenants, and property managers by keeping track of records related to security deposits and other income.
It provides convenient payment options for rent, automated reminders, and accurate bookkeeping.
Cloud-Based Access to Information
Cloud technology lets you access and manage data from anywhere using a device like a phone or a laptop. It allows reliable, secure storage for all your data and documents.
Instant updates allow you to access and monitor changes in real-time without having to invest in additional technology.
Cloud-based systems provide instant notifications about these updates. They provide backup and recovery in disasters.
All these factors increase your productivity, mobility, and security.
Protect Your Physical Investment
A real estate portfolio consists of more than financial forecasting and ROI balances. It comprises mainly physical assets that determine its overall value.
Not only can technology help you keep your portfolio liquid, but it also protects its tangible value. Security cameras and smart home systems help protect your property from crime, reduce insurance premiums, and increase its appeal to renters.
Alarm systems, smart thermostats, and security cameras are vital for saving costs and enhancing property value.
Embrace Technology and Experience
When you sign up with PMI River City, you enjoy the benefit of our years of experience coupled with the latest technology. We use state-of-the-art property management systems to streamline portfolio management for all types of real estate.
Working with us is the best way to experience the benefit of earning passive income without managing the day-to-day tasks involved in investment properties. Reach out today for help managing your Jacksonville properties.