May 22, 2018
5 Features Rental Property Management Software Needs
Whether you own a duplex that you rent out, or have a portfolio of properties, you need good rental property management software. If your business is growing, and you want to know how your team and/or rental units are performing, industry-specific software can deliver the insights you need to optimize your business and improve revenues. With all the choices out there, what are some of the key considerations you should factor into your final decision?
1. There’s No Learning Curve
Who wants to fiddle about with software that’s confusing and takes a long time to learn? You want your people to be able to dive in and pull the reports they need, or interact easily with residents, or any number of property-related tasks. Any software solution that you are evaluating should be “plug & play,” with very little training required. And, as many rental property management software solutions have customer-facing modules like tenant portals, you want it to be as effortless and easy to use as possible for your renters.
2. It Scales with You (and Does a Lot More Than Accounting!)
Many property management software solutions focus mainly on accounting, while important elements such as maintenance, tenant communications and rent payments go unaddressed. A smaller business may want to start with the accounting aspect, but then scale up to integrate vendor management tools, or a tenant portal, or automated tenant screening. You should be able to add on these modules as required, and have them integrate with each other, but also with the rest of the tools you use, beautifully. Your property management business requires a solution that has easy-to-add modules and to grow as you grow.
3. It Reduces Risk
When looking at property management software, consider how it will enable you to reduce risk. Firstly, by using a best practices approach for daily activities, like streamlining inspections, enabling any device, saving photos and maintenance requests and other documents, and the ability to link to work and purchase orders. These sorts of daily risk reductions ensure that not only does your business run more smoothly, but also that paperwork doesn’t go missing, and inspections are performed routinely.
Your property management solution should also safeguard your business by ensuring end-to-end encryptions and firewalls and secure access to keep your tenants’ information save and secure. Lastly, make sure your prospective solution has regular primary and secondary server backups and regular maintenance to keep data safe, even in the case of a full disaster recovery.
4. Smart Reports for Owners & Managers
Making sure the right people have (secure) access to the right information is critical. You’ll want to look for a rental property management software that allows you to get at-a-glance real-time updates from a dashboard as well as slice and dice information to generate reports for property owners as well as managers. From running financial reports to evaluating the quality of repairs, your rental property software should help you and your teams make smarter decisions more quickly. Look for an offering with built-in permissions to share information for conveniently, and keep information safer than downloaded and emailed reports.
5. Anytime, Anywhere Access
The property business is a people business. Do you want your employees tied to their desks or out in the field, showing properties, performing inspections, following up with customers, checking in on repairs and doing the things that keep your business profitable and reputable. Even if you have a designated maintenance coordinator, synchronizing multiple sites and work orders with equipment and staff can be complex.
Sometimes desktop-based solutions can be siloed, with information locked away in disparate systems or on someone’s computer. A centralized web-based login offers increased visibility so that no service request or preventative maintenance falls through the cracks. Equally as important, the ability to improve collaboration between all key personnel, wherever they may be – on site, in transit to the service request location or at head office – increases productivity and reduces costs.
How Property Vista Helps
Property Vista offers a suite of powerful property management tools that are linked and share information to one another, just as you do with your staff in everyday workflows. It’s not just about software that can do what you do – it’s about software that understands the how and why you do it. Web-based and simple to use, Property Vista’s robust suite of tools reduce vacancies, cut risk and increase cash flow, giving you everything you need to build opportunities and accelerate growth.
We offer a range of packages so that our software will scale up with you, making Property Vista an investment for both now and the future of your company. Smaller portfolios will run more efficiently, while larger holdings can capitalize on our full offering to centralize and automate their complex structure. Learn more about our suite of property management software!