Whether you run a few small rental homes or manage a commercial real estate firm, you can spend up to 30% less time on administrative tasks with property management software. In today's fast-paced economy, incorporating the latest technology to stay organized and maintain your property is a necessity. This type of software allows you to automate certain activities, like sending invoices, accounting, document management, or handling tenant communications. But the benefits go beyond just saving you time. Take a look at some common reasons why property managers choose this type of software.
1. Accept Payments With Ease
Property management software makes it easy for tenants to pay you, which is beneficial for all parties involved. Rather than meeting to accept a check, they can pay you online at their convenience, giving you instant access to your money.
2. Streamline Your Accounting
Not only can you accept payments through property management software, but you can use it to handle all of your accounting, such as managing expenses, digitizing receipts, and doing your taxes. Having all of your financial information in one easy-to-access place can help you stay organized and stay on top of your finances.
3. Provide 24/7 Automated Communication
Do you need to send a message out to all of your tenants reminding them that rent is due? Maybe you want to send a text to those who are late to remind them to make their payments. Maybe there are certain repetitive inquiries you get tired of handling day after day. With property management software, you can set up automated communication to handle many of these situations and more. This also helps reduce your time spent on these administrative tasks.
4. Grow Your Business Without Hiring New Staff
If you're ready to take your property management business to the next level but can't afford to hire new employees yet, property management software can help you reach that next level without the additional expense. It performs many of the tasks that a receptionist, secretary, or assistant might perform, so you still have time to focus on growth.
5. Save Time on Marketing
Many property management software options allow you to streamline your marketing process as well. When you create a listing, you can add it to your portfolio and use the software to upload it to multiple websites at once.
6. Keep Track of Maintenance Requests and Responses
One of the most tedious parts of managing property is keeping up with maintenance requests from tenants and ensuring the right contractor gets to the right property at the right time. Property management software allows you to streamline this process by creating the opportunity for tenants to make automated requests. Your software may create a ticket automatically for a contractor or maintenance worker, and all you have to do is check it occasionally to ensure it's being handled.
7. Manage Leases Without Effort
Property management software allows you to create and store documents, such as leases, so that they're readily available when you need them. It also allows you to store tenant information, such as when a lease is due for renewal. This takes the guesswork out of the process and provides you with centralized access to this information at any given time.
What Should I Look for in Property Management Software?
Not all property management software is the same. First, you want to make sure you choose an option that meets your needs. For example, if you specialize in residential real estate, you don't want software for commercial property management.
You'll also want to consider the features you're looking for in your software. While many features are universal, certain options offer numerous frills and extras, while others offer basic features only. Make a list of features you'd like to have and those you can't do without before you shop. Also, keep in mind that the more extras you seek, the more you may have to pay, so make sure you have a budget in mind.
Also, make sure you look for software with great customer support. Ideally, you want to work with a company that offers support 24/7 as well as multiple ways to contact a customer service representative when you have a problem. Keep in mind that many companies may offer multiple subscription plans for their software, and support may not be available for all of them. Always read the fine print of any agreements.
