Managing rental properties comes with a wide array of responsibilities. From collecting rent and bookkeeping to marketing and repairing appliances, landlords have to juggle multiple jobs at once.
Luckily, property management software is designed specifically to make your job easier. In case you aren’t familiar with all of the advantages of property management software, we’ve put together a list of some of the most notable benefits for landlords.
Recurring Payments
When tenants are late on payments, the health of your business’s cash flow is interrupted. As such, it is necessary that tenants pay in full on or before their due date every month. Property management software allows tenants to set recurring payments, which eliminates the possibility that they will forget to pay or will make a mistake in how much they owe. Tenants can set it and forget it, and you can rest easy knowing your payments are on the way.
Automated Records
Doing your bookkeeping manually takes a considerable amount of time and leaves too much room for human error. Property management software automatically documents your financial transactions for you, recording all of the important details for your business. What’s more, most property management platforms allow you to easily export your records so you can use them however you need.
Enforceable Late Fees
It can be difficult to strictly enforce late fees when you have to have awkward conversations with your tenants and listen to their extenuating circumstances (aka excuses). Property management software allows you to easily and automatically enforce late fees. Most platforms allow you to customize rates and grace periods so that the late fees align with the terms of your lease agreements.
Simpler Communication and Reminders
Responding to tenants emails, texts, and calls can take more time than you have to spare. When you add on the time it takes to send out payment reminders each month, you’re looking at a serious drain on time. Property management software allows you to set automated payment reminders to send out at key times before your tenants’ due dates. Most platforms also provide organized communication portals so that all of your tenants’ messages can be managed in one location.
Integrated Tenant Screening
Tenant screening is necessary in order to find high quality renters to fill your units. Thorough tenant screening includes credit, criminal, and eviction history checks, as well as contacting prior landlords and references. This process can take time and draw out the signing process. Property management software, however, offers landlords instantaneous screening reports that integrate directly into your applicants’ profiles.
Online Lease Signing
Setting up meetings to sign and review leases can be difficult since you and your tenants have busy schedules. This is made even more challenging during the pandemic, when we’re all trying to minimize face-to-face contact. Online lease signing solves these problems.
Property management software enables renters to sign and review their leases on their own time, which reduces the time it takes to coordinate schedules and meet in person. What’s more, most property management platforms allow you to store important documents like leases so that you and your tenants can easily view them whenever you need.
Consolidated Maintenance Requests
When tenants submit maintenance requests, it is important to respond to them as quickly as possible. Doing so not only encourages a stronger 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. Good property management platforms provide portals dedicated to maintenance requests. Here, tenants can upload descriptions, pictures, and even videos of the issue in an organized and consolidated location.
The Best Fit for your Rental Business
The benefits of property management software for landlords should now be clear. The only question that remains is choosing the best platform for your rental business. Shop around and find a software provider that offers all of the services your business needs for a price that you can afford. You’ll be glad you did.
