Getting the most out of your real estate business is important, and having the right property management software is one of the most crucial factors you need to consider. Many options are available in the market, and choosing the right one can be lengthy.
There are a lot of benefits to having property management software. For example, according to MRI Software, “Simply put, the pressure on property managers and landlords has never been greater.” This means that whatever type of customer or client you work with, it is more important than ever that they get instant access to accurate and easy-to-understand information.
Below are some features to look for in the proper management software:
1. Type of Platform (Cloud or Local)
Traditionally, all residential management software you use for your business is managed on your computer. As technology has evolved, these apps are now mobile and can be accessed on various devices.
This is especially useful when you’re out at a property and need to update information or do administration work. It can also be beneficial if you cannot access the computer at your office. You don’t want to miss out on a deal because you don’t have information readily available.
2. Rent Collection
While it’s essential to have good residential management software, it’s also important to avoid going after late payments and rent collections. Online solutions help track late payments. One of the basic features that every property management solution should have is an online rent collection method. This is a feature that most commercial, residential management software packages should include on their platform.
3. Expenses Management
Having a comprehensive overview of all of your income and expenses is important, and having good management software will help you keep track of all of these. For example, having a rent ledger will allow you to automate your accounting and generate helpful reports for any business. The best rental management software can help you generate reports detailing all of your money outflows and provide you with detailed reports on your tax returns.
4. Maintenance Scheduling and Management
Aside from being able to file maintenance orders, good management software should allow users to schedule and track their maintenance tasks. Good residential management software should include a system that records the messages sent by tenants and the performed repairs. It should also allow users to schedule and track their maintenance requests.
5. Property Advertising
Good management software should have an automated feature that allows users to promote their properties. This can be done by filling in the property’s details, uploading photos and sending them to property listing websites. The rental application process should also be automated by good management software. It should be simple to use and be sent to the appropriate person.
6. Tenant Background Checks
You don’t want to have an awful tenant that will ruin your profit margins. Having a tenant background check is important but time-consuming and can prevent you from focusing on other vital tasks. Reliable management software can help automate this task.
A good property management software should have an automated feature that will allow users to check potential tenants’ backgrounds immediately. This should include tenant credit reports, dispossession records, and previous criminal activity.
Finding reliable residential management software should be a top priority for property owners. It can allow them to be more efficient and productive in their daily tasks.