Modern property management software makes maintaining your rental business much easier—especially if you self-manage your properties.
Property management software is the most significant technological asset for landlords. With key features like online rent collection, tenant screening, online lease signing, and others, property management software is the single biggest way to leverage automation to secure success for your rental business.
Here are five ways property management software can take your business to the next level.
1. Online Rent Collection
Allowing tenants to make payments online is a guaranteed way to upgrade your business. Online rent collection increases efficiency, security, and convenience for all parties.
By collecting rent online, you no longer need to be present to verify transactions or issue receipts. Instead, tenants pay with debit, credit, or ACH transfer (direct transfers mediated by the Automated Clearing House) whenever and wherever they prefer.
Tenants can also set up AutoPay, which automates rent payments. This feature means fewer late fees for them and less hassle for you!
Online rent collection is your first step toward taking your business to the next level.
2. Mobile App
A mobile app is a valuable secondary feature offered by many property management software companies. With a mobile app, tenants can make payments, ask questions, submit maintenance tickets, and more, all from their smartphone or tablet.
The instant accessibility offered by a mobile app is sure to benefit the tenant experience. However, it’s also convenient for you. For example, if a tenant asks a question about a payment or lease condition, you’ll have instant access to any document you need to answer it accurately on the spot.
Additionally, a mobile app frees landlords to go about their day job or daily responsibilities. You can feel comfortable traveling during the week or weekend with the knowledge that should a problem arise, you have instant access to the software on your phone.
3. Listing Syndication
Software makes rental advertising as efficient as possible. Listing syndication, for instance, is another great secondary feature offered by many property management software companies that can improve your business’s functioning.
Listing syndication allows you to write and upload one rental listing to your property management software, then distribute that listing to several sites simultaneously. No need to waste time posting individually. Instead, streamline your rental advertising process with the help of property management software.
Listing syndication is a time-saving feature sure to bump up your business to the next level.
4. Online Lease Signing
Online lease signing is a central feature of property management software. Traditional leases and “wet” signatures were once the norm, but now many tenants expect to complete the leasing process entirely online.
The good news is, online leasing is safer and more effective. Since 2000, eSignatures have been fully recognized as legal signatures. They also retain extra information capable of verifying the signer, such as their email, IP address, and timestamp.
Beyond security, online leases also have long-term benefits. Digital leases are easy to access and allow each signer to have a copy. If you or your tenants need to double-check a lease detail later after it has been signed, it’s easy to view the document directly from your property management software account.
5. Tenant Communication
Communicating with tenants should be a top priority for any landlord looking to maintain good relationships and secure lease renewals. Property management software helps facilitate those relationships by providing an organized platform for tenant communication, letting you keep all your tenant conversations in one place.
In addition, most property management software provides a chat feature specifically for this purpose. Chat features also give you an alternative to distributing your personal phone number or email address to your tenants, giving you a little bit more privacy.
Upgrade Your Rental Business with Property Management Software
For many landlords, technology can seem unnecessary and overwhelming. However, the truth is that modern property management software can save you countless hours of time and trouble. Take your business to the next level by finding a property management software solution that works for you.