Modern landlords face modern challenges. The wants and needs of many landlords have changed in the last ten or even five years. If you own rental properties, you are probably already thinking of tools and processes you use or use differently in 2022.
Thankfully, technology has changed with you. Property management software has become increasingly popular among landlords looking to involve technology in the success of their businesses.
If you still manage your rental business manually, you might be interested in these seven benefits of property management software.
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Online Rent Collection
Online rent collection is one of the most-loved features of property management software. With online rent collection, neither you nor your tenants need to make withdrawals or deposits at the bank.
In fact, rent collection can be fully automated. Tenants have the option to set up AutoPay, which processes payments automatically every month when rent is due. This means no more hassle on the first of the month for you, and no more late fees for tenants!
Tenant Screening
Tenant screening is another great feature of property management software. Many software companies partner with third-party services to give you access to credit and background records directly on the platform.
All you need to do is enter basic tenant information, and your software can produce a thorough report in moments. From there, you can apply your own tenant scoring system, seek additional verification if necessary, and quickly approve the applicants who meet your standards.
Online Lease Signing
The lease-signing process can be arduous and time-consuming. Not only are leases long documents by nature, but in a traditional model, both you and the tenant need to set aside significant time to review, discuss if necessary, and sign the lease.
Property management software can fast-track the lease signing process. Simply create your lease or upload an existing one, drag and drop appropriate fields, and share it with your tenants digitally. Tenants can ask questions and sign the lease directly on the platform at their convenience.
Accessibility
One of the most useful benefits of property management software is accessibility. If you use cloud-based software, you will be able to log in to your account, view documents, and sign leases from anywhere you want.
Your tenants also have the same benefits. They can pay rent, submit maintenance tickets, and communicate with you from any computer (or mobile device, if the software has a corresponding app).
Additionally, property management software is pandemic friendly. With all signing and transactions able to be completed online, there’s no need to take extra risks by meeting in person.
Sustainability
Maintaining a rental business manually means the cost of resources can quickly add up. Remember, you’re the one paying for all the paper to print long leases, addenda, rental applications, and payment receipts, as well as the gas required to get to and from the bank.
One way to save money on supplies while also serving the environment is to embrace digital management. Property management software companies make it easy to upload, edit, and save your existing documents, so you’ll never have to print them again.
Your tenants will no doubt appreciate the lack of extra paperwork to keep track of as well.
Tenant Experience
A good landlord considers all decisions through the eyes of their tenants. The good news is, property management software is beneficial for your tenants, too.
Tenant experience is greatly improved when renters have the option to pay rent online at their convenience. Your tenants will also appreciate software that handles all organizational matters, such as filing documents, keeping records of transactions, and saving important conversations for later reference.
Automation
A final benefit of property management software is that it automates many of a landlord’s most tedious and dreaded tasks.
For instance, software can autofill repeated information in applications or leases. You can also set up automated messages (like rent reminders or late fees) to be pushed to select tenants every month. This means you have more time to focus on pressing tasks.
Upgrade Your Rental Business with Property Management Software
Investing in new software may feel intimidating at first, but you and your tenants will be on board in no time. Considering its range of features, time-saving functions, and sustainable nature, property management software can benefit all landlords. No matter what your current management system looks like, property management software is a practical and profitable upgrade.