7 Key Benefits of Using Property Management Software
According to research, the average rental property owner has three properties. If you are a property owner or manager, then you know that keeping track of all the data related to rental properties can be difficult and time-consuming.
This is where property management software comes in handy. Rental property management software is essential for your management team to help you manage your properties more efficiently and effectively.
Let’s discuss seven key benefits of using property management software.
1. Improved Communication
Rental property management software can help improve communication between you and your tenants.
With the help of this software, you can easily send out mass emails or text messages to your tenants. You can also use the software to create a tenant portal where tenants can log in and view important information about their rental property.
Even better, you can use the software to create a rental application form that tenants can fill out online. Improved communication is one of the key benefits of using property management software.
With this software, you can stay in touch with your tenants efficiently and effectively.
2. Efficient Rental Payments
Rent is the bread and butter of any property business. To keep the cash flow flowing, rental payments need to be made on time, every time.
Rental property management software can automate rental payments. This means tenants can set up direct debits or make one-off card payments through a secure portal. This not only benefits the tenant by giving them more control over their rental payments, but it also reduces the chances of rental payments being delayed or missed altogether.
For property managers, automating rental payments means that they can keep on top of rental payments and chase up any late payments quickly and efficiently. This helps to minimize the risk of void periods and maximize rental income.
Property management software can also help to streamline the rental payment process for tenants.
By being able to see an up-to-date statement of their rental payments, tenants can easily keep track of their rental payments and budget accordingly. This reduces the chances of rental arrears and improves tenant satisfaction.
To maximize rental income, it’s important to keep track of rental payments. Property management software can help to do this by generating rental reports.
These reports can show property managers which tenants have paid on time and which ones have not. You can use this information to chase up late payments and improve rental collection rates.
3. Improved Tenant Screening
Tenant screening is an integral part of being a property manager. According to research, the cost of evicting a tenant can be as high as $5000. This means that it is crucial to screen tenants carefully to minimize the risk of going through the eviction process.
To minimize the risk of rental voids and tenant default, it’s important to screen tenants thoroughly before moving in.
Property management software can help with this by providing online rental applications. These rental applications can include questions about the tenant’s employment, rental history, and credit score.
Rental property management software can also help speed up the rental application process. By being able to fill out rental applications online, tenants can save time and get their rental applications in quickly. This can help minimize the risk of rental voids and maximize rental income.
4. Better Tenant Retention
Tenant retention is vital for any property business. The cost of finding a new tenant can be as high as one month’s rent. This means that it is crucial to keep tenants happy and minimize the risk of moving out.
Property management software can help with tenant retention by providing a platform for tenants to pay rent, submit maintenance requests, and access important documents. This gives tenants a sense of control and makes them feel like they’re being taken care of. In turn, this can help to reduce the chances of them moving out.
Property management software can also help with tenant retention by providing a way for tenants to give feedback. You can use this feedback to improve the rental experience for tenants and make sure their needs are met, reducing the chances of them moving out.
5. Increased Productivity and Efficiency
Timely tasks are crucial in rental property management, from collecting rent to issuing work orders. By using rental property management software, you can automate various time-consuming tasks to free up your staff for more important duties.
Rental property management software can help you manage properties more effectively and efficiently by:
- Allowing you to track rental payments and late fees
- Automating work order requests and maintenance scheduling
- Sending automatic rent reminders to tenants
- Generating monthly reports on rental income and expenses
Using rental property management software can improve your property management company’s productivity and efficiency while also providing better service to your tenants.
6. Reduced Expenses
The cost of running a rental property business can add up quickly. From advertising vacancies to paying for repairs, there are a lot of expenses that can eat into your profits.
Property management software can help reduce these expenses by providing various tools and features. Property management software can help you save money by:
- Automating rental payments
- Reducing the need for paper documents
- Minimizing late fees
- Allowing you to track rental income and expenses
Using rental property management software can reduce your business’ expenses and increase your profits.
7. Improved Customer Service
Customer service is vital in any business, but it’s crucial in rental property management.
Tenants are your customers, and they should be treated as such. By providing excellent customer service, you can reduce the risk of tenant turnover and increase rental income.
Property management software can help you improve your customer service by:
- Allowing tenants to pay rent online
- Automating work order requests and maintenance scheduling
- Sending automatic rent reminders to tenants
- Generating monthly reports on rental income and expenses
With rental property management software, your property management company can provide better customer service to your tenants and improve your rental business.
Why Your Property Management Team Needs Software
Property management software, such as Buildium, is a valuable tool for any rental property business. It can help screen tenants, manage rental payments, and even reduce expenses.
Using rental property management software can improve your business’ productivity and efficiency while also providing better service to your tenants.
If you would like to get the best property management team with the necessary software to handle your needs efficiently and effectively, please get in touch with us today.