Both novice and seasoned property managers can benefit greatly from using property management software. It doesn’t matter if you’re an experienced manager or just starting out, a great rental management software can make your job easier than ever.
Property Management Software: What Is It?
Software for managing rental properties is intended to assist property managers and landlords in organizing and streamlining their daily tasks.
Software for landlords or property managers will have features similar to those found in general business management programs, such as banking and financials, but it will also have more desirable features that assist with tenant vetting, marketing and communication, meeting insurance requirements, and even leasing and inspections.
Simply put, property management software significantly speeds up and simplifies rental management tasks.
1. Manage maintenance tasks
Making sure routine maintenance is completed on schedule is one of the best things you can do as a landlord or investor to protect your property. This calls for keeping track of visits to the property for routine seasonal maintenance tasks as well as for handling urgent maintenance problems like a burst pipe.
Landlords must schedule and keep track of any outsourced tasks that vendors need to complete, in addition to their own maintenance visits and periodic inspections.
This may feel difficult if you’re only managing one property, but as your portfolio expands, manual tracking can seem downright impossible.
If you’re a property manager I don’t have to tell you this…you’re already all too aware of the need to keep track of things. Property management software could be the solution you need.
Easy to monitor maintenance
Landlords and property managers can both benefit from a property management system. Software allows you to track maintenance requests from tenants, assign vendors or on-site managers a specific task, and track the job’s completion with any essential remarks easily.
24/7 support and tenant loyalty
Maintenance will always be a hassle, but giving tenants access to an online portal where they can quickly request repairs and attach any pertinent photos is much easier than screening phone calls all day.
Additionally, it guarantees that tenants will feel free to submit a request at any time, regardless of your business hours. Response times can be greatly improved by using a mobile-compatible maintenance tracking system, which also makes it simple to prioritize maintenance requests from various tenants.
2. Tenant applications and screenings
Although it can consume a lot of your attention, marketing your property is only half the battle. The ultimate goal is to attract qualified applicants, so if you’ve put a lot of effort into creatively marketing your rental property, you’ll want to have a high conversion rate.
Making sure that it is easy for potential tenants to submit a rental application is essential for making sure that your listing attracts a lot of interest. In the modern digital world, online rental applications are essential.
Applicants can easily send you any pertinent information from wherever they are using property management software. This not only persuades potential tenants in the neighborhood, but it also makes it simple for tenants who are moving to apply for your listing.
As a property manager, one of the most crucial tasks you can perform is tenant screening. Finding great tenants can mean the difference between a great landlording experience and one that is very difficult. Your success depends on handling tenant applications and tenant screenings legally and correctly.
It’s crucial to be aware of the applicable landlord-tenant laws in your area when it comes to the application procedure and to have written tenant screening standards that are clearly defined.
This can guarantee you’re treating people fairly, won’t unintentionally engage in discrimination, and will find responsible tenants.
Your job is made easier by a tenant who follows the rules and pays the rent on time, and if you are a good landlord, you will probably have dependable tenants who want to stay for a long time.
By doing this, you avoid stress and loss from vacancies or the need to go through the difficult eviction process. Do your research to find the most trustworthy tenant screening application for your needs because not all tenant screening is created equal.
3. Managing contacts
A great landlord or property manager knows how important it is to have strong connections and provide exceptional customer service. This necessitates careful consideration of contact management.
Make sure you have all of the information you need to effectively and accurately communicate with your tenants. This is the best way to ensure great relationships and avoid any misunderstandings.
Using property management software allows you to control tenant communications, get quick access to tenant data, see previous emails exchanged between you and your tenants, and even receive notifications when a tenant makes changes.
It becomes simple to track contact management tasks with each tenant, making it simple to pick up where you left off. From your software, you can email multiple tenants about an upcoming resident event or upcoming property maintenance, or you can send text, picture, and video messages.
Within your software account, you can even automate text message reminders and communications with tenants, owners, and vendors. Tenants will feel seen and heard if you stay on top of your communication with them.
Store tenant details
Managing a large number of tenants? You can even leave notes in a good rental software to help you personalize your communications or just to keep track of each tenant.
You can write down things like “has the blue heeler puppy,” “loves airplane facts,” or even their birthdays, so you can send cards when the occasion calls for it.
However, contact management extends beyond current tenants. You can use property management software to help you keep track of leads whenever someone shows interest in your rental property.
This makes sure you always have access to potential tenants whenever there is a vacancy before you even start marketing your rental.
In summary, as a property manager you can save a lot of trouble and time by using a solid property management platform. The market-leading services and integrations may benefit both landlords and property management firms, ensuring that you have the greatest tools available to handle concerns like collecting rent, managing banking transactions, paying taxes, and more.
A Guide to Organizing Two Homes
Ep 011 – How to Manage Rental and Vacation Homes