Business Matrix

Landlords have a few different ways to manage their rental properties. 

Traditionally, you could do everything manually, hire an individual resident manager, or contract a property management company. 

Nowadays, there’s another, better option: Property management software. 

This article will discuss why cloud-based software is the best property management option. 

Online Rent Collection 

Collecting rent the old-fashioned way via cash or paper checks has several drawbacks. Trying to align schedules with tenants, making additional trips to the bank, and risking loss or theft through the mail can make rent collection quite a hassle. 

Collecting rent online with property management software eliminates all of these inconveniences. Your tenants can flexibly pay rent remotely with the option to pay via credit card, debit card, or ACH payments. The ability to enroll in autopay makes rent payments even more convenient and reduces the likelihood of late payments. 

Digital Lease Management 

Creating, signing, and storing hardcopy leases is one of the biggest timewasters in property management. Making each individual lease, printing out multiple copies, coordinating schedules to get it signed in person, and finding a safe yet accessible place to store the hardcopy document can waste so much time, paper, and energy. 

With property management software, you can use lease templates that allow you to create documents faster than ever. As soon as you’re done, you simply send the document to your tenant in-platform, and they can immediately start reading it over and sign it electronically. This cuts your lease turnaround time exponentially, filling your vacancies faster. Furthermore, all your leases are safely stored online, where you can access them easily from one place. 

Tenant Screening 

One of the most important duties all landlords have is tenant screening. Screening your applicants is the only way to avoid renting out your units to bad or unreliable tenants. 

Property management software equips you with all the tenant screening tools you’ll need: credit reports, eviction history checks, criminal records, and rental applications to gather information such as proof of income, a list of prior residences, and pet information. 

Tenant Communication 

Many landlords neglect tenant communication, but to do so is a grave mistake. Great communication is a cornerstone of any healthy relationship, and the same goes for a landlord-tenant relationship. Promptly answering your tenants’ questions or requests and keeping them up to date with information shows that you care about them, which means they’re more likely to care about your property and policies. 

With property management software, tenant communication is easier than ever. You can create automated reminders to go out when rent is due, when late fees are beginning to accumulate, and when a lease is coming to an end. You should also look for software with an in-platform chat system that allows you and your tenants to message one another without the need to exchange personal phone numbers. 

Property management software also turns maintenance requests into a piece of cake. If your tenants run into a maintenance issue, they can easily send you a ticket in-platform with pictures and a description, which allows you to immediately start resolving the issue. 

You Stay Involved in Your Business 

While property management software simplifies every aspect of a landlord’s job, it allows you to remain directly involved in your business.  

If you were to hire another person or company to handle your property management tasks, you’d likely start feeling removed from your properties and tenants. If staying involved in your business is important to you, then property management software is your answer.  

Affordable 

One of the other big perks of software over other property management options is its affordability.  

Different software platforms have different pricing models. For some, pricing is based on the number of units you manage. For others, you pay by the number of features you want to have access to. There are even platforms that allow you to access some or all of the features for free. Before you choose which platform to use, research which option gives you the best deal for your business’s purposes. 

Conclusion 

Whether you manage one unit or hundreds, software is your best property management option in today’s landscape. The countless features that property management software offers save landlords so much time and money. If you haven’t made the switch yet, now’s the time to do so.