We live in a digital age, and that fact can be both a blessing and a curse. Alongside technology’s exciting new tools and entertainment, we nonetheless live more complicated lives. The property management business is no different. Nowadays, most landlords can’t get by without using property management software. But when faced with all the options out there, the choices can get overwhelming. As access to technology has created new opportunities for finding great tenants and streamlining business, it has also created complications for people unfamiliar with these programs.
Do you really need these digital tools? If so, what benefits can they offer? Read on to learn more about what property management software can do for you.
What Is Property Management Software, and What Can It Offer?
Property management software is a valuable tool that automates many significant functions of property management. These app-based programs offer maintenance tracking, electronic leases, online portals for tenant use, document storage, online payment processing, and more. With such a wide variety of tools at hand, they certainly can offer many benefits to savvy landlords who know how to use them.
The following features make property management software appealing:
Automated Rent Payment
These days, most tenants expect to be able to pay rent conveniently online. With property management software, you can easily set up a portal for tenants to pay their rent from the convenience of their home. They can even set up the option to automatically pay rent each month on the due date. With that ease of access, tenants are less likely to be late on rent payments, which helps stabilize your cash flow.
Tenant Screening Tools
Most property management software solutions will work in tandem with tenant screening services, offering a unified approach to finding the best tenants. Often you can view tenant screening reports directly in the platform, showing evictions, criminal history, credit score, and more.
Creating new or renewed leases can be a complicated undertaking. Property management tools make it far easier by storing tenant information in a central location, along with electronic leases. It also helps send reminders for automatic lease renewals so you’ll always stay on top of your rental timeframe.
Marketing your rental property when you need to find new tenants can be a huge undertaking. Though the internet has made it easier for landlords to get the word out about open properties, it has also vastly increased the competition. Tenants these days expect to see attractive, professionally-taken photographs detailing every inch of a rental unit before they even commit to seeing it in person. To make your listing stand out from the crowd, you need expertly crafted copy and high-quality photographs, all created with your rental market’s unique factors in mind. Property management software can streamline the process by helping upload your marketing package to as many property listing websites as possible and connecting tenant applications all to the same place.
If you manage multiple rental units, you know how challenging it can be to stay on top of multiple maintenance requests. Between juggling tenant communications and managing contractors, the process can be a hassle. Property management software helps make maintenance requests easier, with an online portal allowing tenants to send requests digitally along with pictures, videos, and detailed descriptions. You can view all your properties’ maintenance requests in a single, convenient platform and pass on maintenance tickets to contractors without a hitch.
How Property Management Software Can Help Your Rental
These features have a lot to offer landlords in the Portland area. However, the real strength of property management software is greater than the sum of its parts.
Improve Tenant Communication
Positive tenant communication is a key component of any rental business. Using property management software to streamline your operations helps ensure you and your tenants can always stay on the same page. With easy access to automated maintenance requests, rent payments, and viewing their lease, tenants can quickly take care of basic tasks on their own time. This makes it easier for you to respond to more complicated concerns quickly and thoroughly.
If you manage multiple properties, your accounting process can quickly get complicated. Property management software helps you easily access all your account information to make accounting and tax season a breeze. A good app will allow you to log payments, digitize receipts, record expenses, and generate reports.
Grow Your Business
Managing a property is complicated; property management software helps make it simpler. With the time you save not worrying about all the nitty-gritty details, you can spend more time expanding your business and maximizing your ROI.
Is Property Management Software Right For You?
Property management offers a lot of benefits. But figuring out the right software for your needs can be tricky. Consider the following factors when making your choice:
Features: To determine what software will be the best fit, consider making a list of the features you need and the features you want. That way, you can narrow down your options based on the features available for the price that fits your budget.
Price: The cost of software can vary widely depending on the product. You could find yourself paying between $10 and $250 a month, depending on your number of units and the type of software. Keep in mind what you can afford, and choose the right solution accordingly.
Ease of Use: Some property management software may offer more features than you need; others may not offer enough. The best way to determine whether software has the right features is by signing up for a free trial or product demo.
Partner with a Trusted Expert
Whether or not you use property management software, self-managing your rental business can be challenging. Even the best technology can’t eliminate the possibility of tenant conflicts, vacancy periods, and a fluctuating rental market. If you’re tired of navigating the Portland rental market alone, you might consider working with a property management company. Rent Portland Homes by Darla Andrew has built our business on the principles of trust, efficiency, and skill. With our talented team and top-notch tools, we handle all the details for you. If you’d like to learn more, call or text us at (503) 515-3170 or reach out on our website.