Managing rental properties and keeping track of tenants, rent payments, and maintenance requests can be challenging for any property manager.
Managing even the most rudimentary tasks – such as navigating bank accounts, payments, and legal documents, posting rental listings, and responding to tenant requests – can be a major challenge – especially without automated tools.
Property management software can help streamline your daily tasks so your business can keep running smoothly. Whether you are a small landlord or an experienced property manager managing a large property portfolio, there are countless ways in which property management software can benefit you and your business equally.
Continue reading to discover more about property management software and how it benefits rental property businesses.
What is a Property Management Software?
Property management software (PMS) is a type of software that manages commercial rental properties, vacation rentals, and hospitality accommodations. It optimizes major business operations while providing access to real-time property information from anywhere.
In addition, the software offers unparalleled convenience in managing commercial, residential, and vacation rentals. From maintenance requests to tenant screening, inspections to rental payments – you name it: this innovative technology automates all tedious tasks related to property management while allowing managers the freedom to handle their business’s needs quickly and efficiently.
Numerous add-on tools can easily integrate with bespoke property management systems. For instance, commonplace housekeeping and property management utilities, such as those used for cleaning resort facilities can be synchronized effortlessly with PMS. This automation allows for more efficient scheduling of rental properties’ cleaning & maintenance requests, task assignment, tenant request processing, and inventory control of both the property & stockroom supplies, seamlessly managing invoices.
The purpose of using PMS is to consolidate all major services into a single platform and streamline critical operations to reduce operating expenses, increase visibility, and save extra time and money otherwise wasted in manual procedures.
Benefits of Property Management Software for Rental Properties
Property management software helps managers overcome common challenges, including lack of communication, prolonged maintenance requests, and payment delays. It benefits real estate investment companies, commercial real estate businesses, tenants, and property owners. Other than that, here are eight powerful benefits of using bespoke property management software for managing rental properties:
1. Improved Communication
Managing numerous properties entails being prepared to assist each renter. Since tenants keep on replacing, you need to stay in constant touch to manage the entire renting process, handle maintenance requests from each tenant, and keep the communication in flow.
Using conventional communication methods to manage momentous communication is perhaps the most difficult aspect of a property manager’s job. Property management software can help you streamline renting and maintenance tasks by introducing self-help features for the tenants. This way, tenants can log into their profiles and complete essential tasks like paying rent online and requesting maintenance. Alerts and notifications help managers stay informed with tenant payments and maintenance requests and schedule tasks to address tenant concerns. This way, managers can improve communication with tenants, complete essential tasks efficiently, and plan their availability for on-site visits and inspections. Giving tenants access to a tenant portal enables them to report a maintenance request at any time of day and directly communicate with the rental business without delay.
2. Instant Access to Required Information
Property management systems provide instant access to all required information with a single click. You no longer need to search through long excel sheets or piles of documents to retrieve the required information. As soon as any data is updated, it is stored online and accessed from any device, anywhere, and at any time.
3. Real-Time On-Field Data Input and Reporting
Property inspection is one of the most critical yet time-consuming tasks for property managers and real-estate business owners. Managers must visit each site, gather important information, and bring it back to the office to input data and generate reports. Using PMS, managers can enter real-time information into the main portal and generate quick reports based on the information. As a result, there is increased efficiency, minimal delays in processing information, and informed decision-making.
4. Online Rent Payments
Rent payments can be troublesome if you manually collect them from tenants. Using online payment gateways and modules with property management systems, tenants can pay their rent online, and you can receive notifications instantly. Renters are not required to visit physical offices or take the risk of mailing cash. Managers can benefit from this feature to track all payments, eliminate the risk of check fraud, and reduce the necessity for in-person communication.
5. Maintenance Management and Tracking
To preserve property and increase its rental value, landlords and managers must ensure all the routine maintenance is conducted on schedule. Managers or landlords can use a PMS to track inspection visits, maintenance records, and routine seasonal maintenance work. Managers can generate automated maintenance schedules and get notified if a maintenance task needs consideration. In addition to routine maintenance scheduling, managers must contact suppliers and contractors to execute routine maintenance tasks. A shared portal for contractors and suppliers can help managers schedule tasks more efficiently and meticulously.
Landlords and property managers can benefit from a property management system for initiating and tracking maintenance tasks. PMS receives maintenance requests directly from tenants and notifies managers for further action. Managers can communicate with contractors and vendors for delegating tasks. Managers use PMS to track maintenance work progress and document job completion.
6. Easy Application and Screening Process
You want a good conversion rate after getting multiple tenant applications when advertising your property and adding it to the listing. To achieve this, you need to ensure that the rental application and screening process is easy for tenants; PMS can provide immense value in this regard. With PMS, you’ll be able to streamline the entire procedure while increasing your chances of receiving successful applicants!
A PMS allows prospective tenants to submit applications online by simply filling out essential information and attaching relevant digital documents to the application before submission. This way, tenants from any part of the world can apply for your rental property before relocating, increasing your chance of having a higher conversion rate.
On the other hand, PMS makes it convenient for managers to receive applications through software, screen tenants, and find an excellent match for the property. Bespoke property management software work strictly in compliance with local landlord-tenant laws, leaving no room for discrepancy.
Property management software serves numerous advantages over manual property management. While it offers greater control over your rental property portfolio, it eliminates many time-consuming and repetitive tasks and improves business efficiency. To make the most out of this technology, you need to ensure your system integrates seamlessly with add-on components and that your suppliers, contractors, and tenants find it easy to use. A forward-thinking approach to implementing PMS using the latest technology will increase your ROI and help you stay on top of your competition.