Landlords are responsible for overseeing a litany of tasks. From marketing and turnover to rent collection and maintenance requests, sometimes there’s just not enough time in the day.
To make the job of property management easier, you have two main choices. First, you can hire a property manager. Having someone else on your team can be nice, but then you’re forced to forfeit control of your operations over to someone else — not to mention the cost.
Your other choice is to enlist the help of property management software. This way, you remain in control of your rental business, but you’re also able to streamline otherwise laborious processes. What’s great is that some property management platforms offer the use of their software free of charge.
If you still need a little convincing about the ways in which property management software makes rental management easier, below we discuss specific benefits of management software. By the end, you’ll surely be convinced.
# Recurring Payments
Rent collection is one of a landlord’s most important tasks, seeing as how rent payments are likely the greatest source of income for your real estate business. You can’t afford to have tenants who miss payments, and you don’t have the time to chase them down each month. Property management software allows tenants to set recurring payments so they don’t have to remember to pay each time the due date rolls around. They can literally set it and forget it.
# Automated Records
Having detailed financial records is a necessity for all businesses, but bookkeeping takes time, and doing it manually leaves too much room for inevitable human error. With property management software, the details of all transactions are automatically recorded. What’s more, the best software providers make your records easily exportable so you can use them however you need.
# Enforceable Late Fees
No one likes to be the bad guy, and with property management software, you don’t have to be. Rental management software allows you to customize the rates and grace periods for your late fees so they match the terms of your lease agreements. This way, late fees automatically apply when tenants are late on a rental payment. The software even notifies tenants for you, so you can avoid those uncomfortable conversations.
# Integrated Tenant Screening
In order to find quality renters, you must conduct thorough tenant screening during the application process. The problem is that you also want to fill your unit as quickly as possible, so adding an additional step can feel like it takes an eternity. With property management software, however, landlords are offered instantaneous screening reports that integrate directly into applicants’ profiles.
# Flexible Payment Options
Most property management software providers offer tenants the choice between paying through credit/debit cards or ACH payments, which pull funds directly from their bank accounts. Some even allow landlords to accept offline payments and report them in the software to keep their records up to date. By allowing tenants to pay via their preferred method, everyone is happy.
# Online Lease Signing
You and your tenants have busy schedules, so it can be difficult to schedule meetings to sign and review leases. Especially during the pandemic, when we’re all trying to minimize face-to-face contact, allowing tenants to sign leases online is a useful feature. Property management software enables renters to sign and review their leases on their own time, which tends to make for a quicker turnover process.
# Payment Reminders
With all of your other tasks, you likely don’t have the bandwidth to send out messages to each of your tenants reminding them to pay rent. With property management software, you can set up customized payment reminders to go out to your tenants at key times before their rent is due. This saves you time and helps reduce late payments.
# Consolidated Maintenance Requests
Responding to maintenance requests quickly not only encourages a cordial tenant-landlord relationship, but it also helps mitigate damages to your property. The last thing you want is avoidable damages just because a maintenance request got lost in your inbox. Many property management software platforms have portals dedicated to maintenance requests in which tenants can upload descriptions, pictures, and even videos of the issue in an organized and consolidated channel.
Manage your Rentals with Property Management Software
One of the landlord’s most important jobs is tenant management. Because tenants play a critical role in the health of your cash flow, having an efficient tenant management system is integral to the success of your real estate business.
It should now be evident that property management software stands to streamline your real estate business. This software can automate and simplify key processes in your operation — and for much less than a property manager could. It really is a no-brainer.