When you serve as a landlord, and you’re dealing in a real estate business, property management software can seem beneficial to use. While the software will help you streamline the tasks, it will also aid you in organizing many things.
On the other hand, you will also find it easy to deal with rental management tasks. So, in this article, we will cover more about why you must consider property management software for a real estate business.
#1 Enables better maintenance management:
As you become a landlord, regular maintenance is the main thing that individuals consider when they look for apartments for rent. Besides, you also have to keep track of visits to take care of the maintenance tasks during different seasons. Apart from this, you must set aside some time for occasional inspections and keep track of the outsourced tasks. But, as the portfolio grows, it will not be possible to move ahead with manual tracking. In such a case, you will have to use property management software.
Once you’re familiar with the software’s interface, you can track maintenance requests seamlessly. Additionally, you will also be able to assign tasks to vendors or on-site managers. Subsequently, your tenants will find it easy to submit a request for repairs through an online website. But, if the tracking system works on a mobile phone, the tenants can expect a quick response.
#2 Helps tenants to make payments easily:
While you’re about to rent the property, a Property Management System can make the process seamless regarding collecting the payments. With a few options, the tenant can pay the rent online. He will no longer have to consider meeting you and handing over the check. Moreover, you will not find it tough to process the payment once the tenant has paid online. Apart from everything else, the software also offers an option for direct debit so that the tenant pays the rent on a specific date. It ensures the landlord doesn’t receive the payment later than a particular day.
There are many advantages of online rent payments through the Property Management System. First and foremost, the software mitigates the unreliability of sending the payment through a different mode. Moreover, the app enhances the tenant’s convenience and reduces the number of visits to the bank. The landlord or the property manager doesn’t have to visit the bank repeatedly to check whether he has received the payment.
#3 Aids to manage contacts effectively:
When you come across a landlord, you will know he needs many individuals to manage properties. Moreover, as he has to manage a long contact list, it can be messy in certain instances. But, if the person considers contact management capabilities, it can help organize the contacts much better. He will also be able to reduce the time when searching for an individual’s phone number or email address.
Once you have a contact management workflow in place, you can create groups of tenants, vendors, and maintenance workers. While the tenant database can help you reach out to the individuals, the vendor database will aid you in avail of services you need. The software also has options for managing leads to ensure that the properties are entirely occupied at all times. Besides, you will not have to search for contact details through any other sources.
#4 Enables you to promote properties:
While you think about spreading more about vacant properties or apartments, you must use a marketing and advertising module. As you start using the website management tools, you can present the rental details in a better way. But, when you think about social media marketing, integration can help promote the property to a wide audience.
Once you wish to garner the attention of the tenants, you can always present a list of properties through the software. It implies that if the property gets listed on many websites, the details will be visible to many tenants. Through a network, you can also post more about the advertisement on different listing websites. In addition, you can think about developing your website with the templates that come along with the Property Management System.
#5 Eases tenants’ applications submissions and screening:
Soon after you start managing a rental business, you will have to focus on marketing many properties. But, when you want the tenants to show interest, you will have to think about marketing the property creatively. It, in turn, will also help to increase the chances of giving the properties on lease. On the contrary, you will have to figure out how to make a rental application seamless. In those instances, property management software can help to submit essential and relevant documents easily.
Apart from application submission, tenant screening is also something you must do as a property manager. Hence, when you start using property management software, you can look for potential and reliable tenants. As the landlord, you can also get a comprehensive screening report that presents more about the background of the tenants. However, you can conduct a tenant background check efficiently when you go through the information.
#6 Helps to streamline financial management:
Managing financials can be challenging, especially when the rental property business is growing. Furthermore, you will not know how to manage finances as you become the landlord for the first time. But, with the help of the project management software, navigating financials can seem less stressful. You will also be able to execute the tasks effectively compared to a conventional accounting system.
Soon after you’re familiar with the features of a Property Management System program, you can complete the accounting tasks accurately. With the interface, you can access the entire ledger for accounting purposes. Beyond this feature, you can also edit and print ledgers anytime. Filing taxes also becomes easy with just a few property management software options. A bank synchronization feature can also help to streamline the account reconciliation process.
#7 Simplifies management of lease and files:
Soon after you start running a real estate business, you can’t do away with paperwork. But, when you maintain files for many properties, you will always need the best management solution. Hence, when you start using the Property Management System, you can use numerous file management features that can help to store data and access it from a specific location. Apart from this, the software will also help you edit and finalize essential documents.
In addition to filing and lease management, the software also allows you to keep track of every single piece of information. The tools and options can also help the tenants to fill out the application online and sign the legal documents for occupancy approval. This means the tenant doesn’t have to bother scheduling an appointment with the landlord to sign the lease agreement. You will also observe the benefit when the software can streamline everything right from the start.
#8 Offers options to take regular backups:
As you start using the software frequently, a lot of data will be stored securely. It can lead to data loss if something happens unexpectedly to the computer’s hard disk. At that moment, you will have to get in touch with the customer support team. But, once you try to connect with the support team, you will have to spend some time taking a backup. On the contrary, you can use a project management system and select a backup plan.
Now, if you have been using a legacy system to take backups, then it will take a lot of time for backups or retrieve the data. But, if you use property management software based on the cloud, the data will be synced automatically. Thus, you will find it easy to restore the data to earlier iterations or recover the loss without any hassles. Besides, you can also think about configuring the software to take backups automatically.
#9 Aids to scale up the operations:
After you start using cloud property management software, you can scale up the operations efficiently. However, as you move ahead with the expansion, you will have to upgrade the software to meet your needs. If you plan to scale down the operations, you can use the software to a certain extent. This means you will only have to pay depending on the usage and the intended purpose.
In the present era, many cloud solutions have features for automation. This makes it simple to manage to account and stay connected with the tenants and vendors. You will later not have to spend time on monotonous tasks when the various tools can help you save considerable time. Ultimately, you can always focus on flourishing the business when you have lots of free time.
#10 Lowers the overall costs related to operations:
Whenever you use a legacy system, the data gets stored on a physical server. So, when you plan to set up or install the server, it can cost you thousands of dollars. You will also have to bear the costs related to server maintenance and upgrades. This can, in turn, reduce the profits considerably, especially when considering the energy bills. But, when you use management software, the case is quite different.
With property management software, you can considerably lower operational costs. You also don’t have to worry about setting up or maintaining infrastructure. Moreover, you don’t have to spend much money to purchase robust servers. While all the data gets stored in the cloud, you can save more and observe a decrease in labor costs.
Summary:
There are many reasons why a landlord must use property management software. While the software makes it easier to manage property maintenance, it can help tenants to make online payments. Through the interface, you will also be able to screen the tenants and manage contacts most effectively. Towards the end, you can scale up the operations and lower the operational costs.
