Property management software can help you manage your properties more effectively and efficiently, saving you both time and money in the process. But it’s important to know how to use it properly to maximize the benefit to your business. Here are five ways to use property management software effectively.
Managing a rental property is an involved process that can become even more difficult when multiple properties are under your wing. It’s important to stay in touch with tenants if you want to keep them happy so they don’t go down a rabbit hole trying to get a hold of you.
When tasks come in from different places (emails, texts, etc.), it can often feel overwhelming and difficult to keep track of what needs doing. However, using one platform for all communications will help you stay organized and on top of your tasks for your property management business. According to MRI Software, “Users can produce and manage one set of data across your business, preventing duplication and inaccuracies and enabling the highest levels of collaboration.” This is a huge time saver that will allow you to focus on other important aspects of running your business.
Making things easier for tenants is, after all, a good way to improve tenancy management. For example, a software review site may suggest that new or struggling landlords use a software program to manage rents and tenant income to ensure it all adds up and tenants have paid on time. In other words, property management tools like these can make it easier for you to stay on top of rental and tenancy issues. The right tool will also help you streamline other areas of property management, such as accounting and bookkeeping.
When you’re managing a property, not all issues will be major; you can take care of many of them at a later date. As you’re discovering these issues, it’s important to write them down in your maintenance book to track them over time. With property management software, you can create a separate database for each property and then manage that database by inputting new records as they come up.
It can be tough to keep up with tenant applications and view credit scores when you’re managing multiple properties. The easy solution? An online tenant application form. That way, tenants can submit their applications from anywhere. With an online form, applicants send their information straight to your inbox—no printing or scanning required. In addition, having a central location for all of your applications lets you easily see each applicant’s credit score and move forward with more promising prospects.
Finding property management software can be tricky, but you’ll be able to make an informed decision with these tips in mind. Start by making a list of your business needs and find vendors that cater to those needs.