Software development has come a long way for landlords in the last ten years. In comparison to traditional management, property management software is a cost-efficient way for landlords to maximize profit and efficiency.
The creators of property management software know the everyday challenges and tasks of rental property owners and have included features in their software tools to meet your specific needs. These features include online rent collection, document signing, tenant screening, maintenance management, and tenant communication.
Beyond the benefits listed above, here are four reasons why property management software is vital for your business.
- It Reduces Tenant Turnover
The longer you let properties lie vacant, the more rental income you miss out on. Property management software helps you fill units as quickly as possible.
Rental advertising, listing syndication, and tenant screening are all features designed to make vacancy time as short as possible. For example, listing syndication allows you to upload listings to multiple listing sites at the same time. Instead of wasting time uploading separately to sites like Apartments.com or Zillow, simply create one listing and attract more applicants efficiently.
Property management software also reduces turnover with tenant screening. Software companies partner with third-party screening services to run credit, criminal, and eviction reports all at once. Bundled screening reports mean fewer hours searching or waiting for them yourself.
The faster you can screen and approve tenants, the quicker they can move in and start paying rent.
- It Saves Time and Resources
Property management software doesn’t only save you time securing new tenants. It also saves time and resources while managing your current tenants.
For instance, one benefit of the online rent collection features is that it generates digital payment records. This means you don’t need to do your own accounting every time a tenant submits a payment. Simply log in to your software account and view the records automatically generated.
What’s more, digital records also save you money on resources like paper. Under a traditional business model, landlords constantly need paper in order to distribute records, payment receipts, and leases. Paperless record keeping with property management software is a much cheaper and more sustainable option.
- It’s Convenient
The convenience of property management software is the biggest draw for many landlords. Software makes it easy to perform essential business functions like collecting rent or signing leases even on the go.
If you used cloud-based software, this means all your features and documents are saved and stored on the internet. This means you can use any computer to log on to your account, as long as you have an internet connection.
Many property management software companies also offer a mobile app. A mobile app makes it possible to access your software directly from your smartphone or tablet. Your tenants are sure to love this feature too – they can pay rent, submit maintenance tickets, and communicate with you directly from their phone.
- It Improves Tenant Experience
As you already know, building a successful rental business is not just about signing new leases. It’s also about keeping the tenants you have.
One way to increase tenant satisfaction (and therefore the odds of a renewed lease) is to use property management software. Tenants appreciate the established, simplified procedures offered by software – they’ll always know how to get in contact with a maintenance person or how to pay rent.
Tenants also benefit from automated features like regular rent reminders and AutoPay. Property management software offers measures to prevent renters from potential late fees, while keeping them accountable at the same time.
Boost Rental Success with Property Management Software
If you aren’t already using property management software, consider it a management upgrade. Software’s convenience and efficiency alongside the perks for tenants offer tangible benefits for your rental business. In addition to attracting renters and increasing overall revenue, property management software eliminates frustration in your daily responsibilities.
There’s no need to continue managing your rental business manually. With the benefits features described, property management software will no doubt be a rewarding choice for your business.
