Landlords have many tools at their disposal. Among them, property management software is the most effective and encompassing. It offers landlords the tools and capabilities to tackle everything from rental advertising to leasing and general business management.
On your own, managing all those tasks can be a significant endeavor. Many landlords, especially those with day jobs or other responsibilities, find the combined pressures of managing tenants, handling repairs, writing listings, and other tasks simply too much.
Fortunately, property management software is a great solution for overwhelmed landlord. Not only does it decrease stress and inefficiency, but it also helps you increase take-home revenue.
Here are a few ways property management software can increase profit and efficiency.
It Cuts Screening Costs
If you manage several rental units, tenant screening can be expensive. It’s essential to do background checks for every applicant, and that means paying the associated fees.
County criminal records typically cost around $16-$25, state records cost $10-$25, and national records are anywhere from $13-$60. The price will depend on what information you’re seeking, but the expenses to you are significant no matter which option you choose.
Property management software eliminates these screening costs. Most property management software platforms partner with third-party screening services. Depending on which platform you use, you may need to pay an initial fee to access the screening feature. After this, however, screening becomes painless.
It Reduces Tenant Turnover
Property management software doesn’t just help you manage the tenants you already have. Software can also help you attract new ones. If you’re looking to fill your units, property management software can help you meet your goals.
For instance, many platforms offer rental advertising and listing syndication features. This means that you can write one listing, upload it to the software, and then send it to multiple listing sites simultaneously. No need to waste time and energy uploading separate listings to each site individually.
As you know, tenant turnover is the period during which your properties lie vacant. Without tenants occupying your units, you’re missing out on the potential revenue you could be making.
Posting listings on popular sites like Zillow and Apartments.com goes a long way toward attracting new tenants. The faster you secure them, the sooner you can start collecting rent and increasing profit.
It Generates Automatic Records
Have you ever spent hours trying to spot a mistake in your accounting book? How about sending individual payment receipts to each tenant after rent collection day? With property management software, you no longer need to waste time on these tasks.
Property management software automatically generates payment records each time a tenant makes a payment. Not only is this feature highly efficient, but it also allows for increased accessibility and transparency with online payments. Both you and your tenants can easily log in to the software and view all payment histories.
Your software will also send automatic payment receipts to your tenants, so forget about creating those by hand!
It Streamlines Maintenance Management
Maintenance management can also be time-consuming for landlords. If you manage properties manually, you need to distribute a personal email address or phone number so tenants can contact you about maintenance problems. This can lead to all kinds of chaos. Messages can easily get lost in mixed inboxes, but don’t want your tenants assuming you don’t care about their concerns.
Property management software is much better at managing maintenance than you are. For example, many platforms feature a separate maintenance portal where tenants can upload pictures or videos of the problem and communicate with maintenance staff.
If your software supports it, you can also utilize multi-user management to add additional staff members as users. Your plumber or electrician can have direct access to maintenance tickets and respond to them quickly.
Property management software makes maintenance management simple and efficient.
Implement Software in Your Rental Business
No matter the size or shape of your rental business, property management software is a smart choice. By cutting costs and maximizing efficiency, software lets you generate revenue faster and with less effort. The quickest way to optimize your rental business is to implement property management software and enjoy all its benefits.
Read more: How to find and buy the right property in California
