When it comes to managing your rental properties, you have a few options.
Traditionally, landlords would hire an individual property manager or a property management company to take care of their day-to-day business operations. While these are still viable options, they’re not necessarily the best ways to manage rental properties in today’s landscape.
Property management software allows you to easily manage your properties from your computer or mobile device. This software for landlords is designed specifically to save you time and money.
This article will cover the top features that property management software has to offer.
Great tenants consistently pay rent on time and are respectful to your property and neighbors. Bad tenants, on the other hand, can cause all sorts of problems which can culminate in a costly eviction. As a result, it’s imperative that you avoid bad tenants and sign leases with great ones. To do so, you must conduct tenant screening.
Property management software provides you with all the tools you’ll need for thorough tenant screening. By giving you access to credit reports, eviction histories, and criminal records, you’ll be able to gather essential information about your prospective tenants that’ll help you decide whether they’d make reliable tenants. Furthermore, property management software lets you ask your applicants for customized information such as pay stub documents or information regarding pets.
Because rent payments are the backbone of any real estate business, rent collection is one of the most crucial property manager duties you have. Traditionally, rent payments would be made with cash or checks, but these methods have more cons than pros. With paper money, you have to coordinate schedules with your tenants to collect rent in person, make additional trips to the bank to deposit the payments, and there’s always the risk of losing physical money.
With online rent collection, you don’t have to worry about any of this. Your tenants can pay from anywhere on a computer or mobile device, and they have the flexibility to pay with credit cards, debit cards, or ACH payments. All you have to do is sit back and wait for your rent payments to come in. Furthermore, online rent collection gives tenants the option to set up autopay, which reduces the risk of late payments.
Lease Signing and Management
One of the biggest pains of managing rental properties the old-fashioned way is hardcopy lease agreements. After you’ve drafted the lease, you’d have to print multiple copies, find time to meet with the tenant to sign the document in person, get them a copy, and store the physical document in a safe place.
Electronic signatures can save you days or even weeks on this process. As soon as you make the lease available to your tenant on the property management platform, they can sign it, which means you can start filling your unit and collecting rent.
Additionally, digital lease management allows you to create reusable templates. And after your lease agreement is completed and signed, you and your tenants have easy access to the lease agreements online, which is much more convenient than storing documents physically.
To maintain a healthy relationship with your tenants, you need to prioritize good communication. Not only does good communication ensure that you and your tenants are on the same page, but it shows your tenants that you care, which will be reciprocated.
Property management software lets you send automated and customizable reminders when rent payments are due, when maintenance tickets have been resolved, or when a lease agreement is coming to an end. It also provides you with an in-platform chat that allows you and your tenants to message one another without sharing personal phone numbers.
Furthermore, property management software simplifies maintenance requests. If your tenants run into a maintenance issue, they can easily send you a maintenance ticket in-platform with detailed pictures and descriptions, which you can immediately evaluate and begin addressing.
By opting to use software for managing rental properties, you can have access to a number of helpful features designed to save you time and money. In today’s day and age, property management software is one of the most effective ways to streamline your rental business as a landlord.
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