If you use the right property management software, you can save a lot of time, money, and energy on your business’s essential tasks.
When choosing your property management software, it’s important to consider all the features the platform provides. You don’t want to settle for a platform that is missing one or more of the most important features you ought to have as a landlord.
With that said, here are the top features to look for in property management software:
Rent Collection
Perhaps the most popular feature that property management software provides; online rent collection makes receiving rent so much easier. No more coordinating schedules with tenants to collect rent, running to the bank to deposit cash or checks, or worrying about losing a physical payment.
Beyond that, online rent collection also makes things easier on your tenant. Most platforms offer multiple options for making payments — credit cards, debit cards, and ACH payment (which pull funds directly from your tenant’s bank account). You should also make sure that your platform offers automated payments, which reduces the likelihood of late payments, making things even more convenient for you and your tenants.
Tenant Screening
One of the most vital processes in the rental business is tenant screening. The more effective your tenant screening process, the better your chances of finding great tenants are. To save yourself future hassle, as well as possible evictions, you want to make sure you’re screening tenants as thoroughly as possible.
Property management software can play a key role in tenant screening. So, make sure your platform includes ample tenant screening resources. Platforms that offer services such as credit reports, criminal history, and past evictions will be extremely useful in helping you decide whether or not an applicant is the right fit. You’ll also want to make sure your software allows you to ask for customized information you might want to know about your tenants, such as pay stub documents or information about pets.
Lease Management
Digital document management and signing can be one of the biggest timesavers property management software offers. It’ll allow you to get leases finalized days quicker than traditional methods. This increases your leasing velocity, which in turn reduces showings and saves you time and money in the long run.
Make sure your software gives you the ability to create reusable templates. Good software will automatically duplicate information, such as start and end dates, and insert them into the appropriate spots in the lease. The more intuitive the document management and signing is for you and your tenants, the better.
Maintenance Management
As a landlord, you can’t escape maintenance requests. The average landlord gets 6 per year. And since staying on top of maintenance can be one of the most difficult parts of property management, you want to make sure you find a platform that makes this process simple.
Look for property management software that allows your tenants to submit tickets with as much detail as possible (descriptions, pictures, etc.). You should also look into how the software notifies you about maintenance tickets. If you have a maintenance staff, you should consider software with multi-user management. This helps because everyone can see changes in real time on a singular, centralized platform.
Tenant Communication
Despite being a feature that’s lower on the priority list for most landlords, it’s actually a very important quality of a well-run rental business. Over 60% of tenants consider communication with their landlord to be their top priority, but only 18% of landlords make it one. This is quite a drastic disparity, and it’s worth keeping in mind when browsing for the best property management software.
Communicating with your tenants should be easy and accessible, whether on a computer or a mobile device. You should look for platforms with capabilities such as automated messages, automated reminders, and maintenance ticket chat. Strengthening the communication between you and your tenants will lead to a better overall relationship, increasing the likelihood of long-term, high-quality tenants renting from you.
Conclusion
Property management software will make life a whole lot easier for everyone. You want to make sure that you choose a platform that best fits your business.
When doing your research, you should make sure that the software you choose covers everything talked about above. Knowing what to look for up front will save you loads of time and money down the road.
