5 Reasons You Need Property Management Software

5 Reasons You Need Property Management Software

Diligent upkeep and management are required to run a successful rental business. Fortunately, modern landlords have many tools at their disposal.

Property management software is one of these tools. If you’re a landlord who uses traditional methods to manage your business, you might be surprised to learn how much time and money software tools can save. From faster processing and automation to instant communication, property management software is a valuable investment.

If you manage rental properties, here are five reasons why you need property management software.

1. Collect Rent Online

For a landlord, there’s no greater convenience than being able to collect rent online. Instead of making regular trips to the bank to deposit tenants’ cash or check payments, you can receive direct deposits from all your rentals each time rent is due.

Property management software makes online rent collection easy to set up and maintain. What’s more, the software will automatically generate accurate records and send email receipts to your tenants.

Online rent collection is also an attractive feature for tenants. Your renters can pay with debit, credit, or ACH transfer, at their convenience. You can also configure your property management software to send monthly rent reminders, which are helpful to your tenants and convenient for you.

Say goodbye to your disorganized file cabinets and paper records!

2. Save Time with Automation

One of the best features of modern software is its ability to automate almost everything you do routinely. Property management software is no different.

Any task you do on a daily, weekly, or monthly basis can usually be automated with software. For instance, you can schedule rent reminders, late fees, and other notifications to be pushed to your tenants however frequently you indicate.

If you use templates for your leases or applications, property management software can also autofill repeated fields. For instance, the software can autofill the lease term start and end dates on documents where you use that information repeatedly.

Finally, tenants can benefit from setting up Autopay for rent payments. This feature will automatically draw funds from a renter’s bank account each month when rent is due. Tenants will appreciate the comfort of knowing they’re safe from potential late fees.

3. Consolidate Documents and Records

Tired of searching for what you need in your email inbox, hard drive, and shared files? How about riffling through your paper file cabinets every time you need to verify a detail?

One of the challenges of manual management is keeping track of important documents and records. Paper files are vulnerable to clutter, misplacement, theft, and destruction, no matter how organized you are.

Property management software solves each of these problems. If you use cloud-based software, your files are always saved on the cloud, no matter what happens to your hard drive. If your computer crashes, gets lost, stolen, or physically damaged in any way, you can be confident your documents are safe.

What’s more, software can be a much better organizer than you are. If you manage a lot of properties or have a day job, organization might not always make your To-Do list. Thankfully, property management software is an excellent way to store everything you need neatly in one place.

4. Easily Screen Tenants

Tenant screening is an essential feature of every property management software solution. If you’re daunted by the time and cost of performing background or credit checks, software can offer much needed relief.

Most property management software companies partner with background and credit screening services to produce accurate records in just a few minutes. Simply enter an applicant’s basic information and view their criminal, eviction, and credit histories in one step.

5. Communicate Effectively

It might seem convenient to give tenants your personal email or phone number, but this method of communication is not ideal for several reasons.

For one, messages may get lost in your inboxes if they are mixed up with your personal conversations. From a tenant’s point of view, lost messages may seem like negligence when a serious question or concern is at stake. Additionally, messages will be scattered across media and not quickly accessible.

Property management software allows you to easily chat with tenants, as well as organize all your tenant conversations in one place.

Property Management Software: The Key to Rental Success

Whether you’re a veteran or brand-new landlord, property management software is an incredible upgrade for your rental business. With its many customizable options and ability to upgrade existing documents, property management software works to accommodate the business models you already use. There’s no reason to burden yourself with manual management anymore—both you and your tenants will find the switch to software worthwhile.