October 23, 2018
6 Important Features for Rental Property Management Software
If you’re in the market for rental property management software, it can be difficult to know which one to choose. There are a lot of options out there. Let’s look at some features to look for, and their benefits.
What to Look for in Property Management Software
1.) It Reduces Rent-Collection Time and Improves On-Time Payments
Every property professional knows that rent collecting can be time-consuming. Good rental property management software not only reduces the time and hassle of collecting rent, but actually drives up revenues.
How? By allowing tenants to pay online, you remove the “check factor”: the risk of late checks, bounced checks and chasing checks! Instead, the rent comes out of the bank or off a credit card exactly when it should. This speeds up your cash flow, and reduces collections. (Data with our clients show that within the first 3 months, companies that adopt the Property Vista platform experience an average increase in online payments by over 70%.)
2.) Coordinating Maintenance Is Easy and Customer-Centric
Managing emergency repairs and routine maintenance can be time consuming. Rental property management software can not only automate this process, but also make it much more convenient for your renters. They can submit the request anytime, anywhere. No need to wait for the office to open in the morning. And, it frees up telephone time for your agents.
It also allows you to capture all key information that is sometimes missed when a resident leaves a message. For example, our solution walks the renter through the process, ensuring you get all the details that might not have been submitted otherwise. A cracked window? Which window in which room? Your residents can also easily include a photo of the problem, allowing your on-site or third-party vendors to show up prepared for the job.
Lastly, an online solution closes the loop. In addition to automating emails and instantly scheduling and assigning work orders, you can get rid of paperwork and instead automate processes and create a digital record of all activities. As well, once the repair is complete, the property manager can automatically send a notice to the tenant that the repair has been completed. If your resident responds to the letter, the repair automatically appears back on the property manager’s dashboard. No more repairs falling through the cracks.
3.) Effortlessly Market Your Properties
The biggest boon of property management specific software is the ability to automate, and that includes marketing activities. Automate your online marketing with real-time feeds to all major Internet Listing Services. You can easily remove leased units and change to unit information through a single screen. This ensures that your vacancies are advertised as soon as possible and as accurately as possible.
In addition to automation, rental software with a marketing module allows you to easily create a company and property website, all in-house without needing to hire a designer and coders. Choose from a variety of mobile-friendly templates, upload unit photos, descriptions, and you’re ready to publish. You can add in a blog, create content and connect it to all your social networks to push out and advertise units and other pertinent info that would attract leads.
4.) It Enables Automation Across Your Operations
In addition to automating part of the marketing process, rental property software ultimately helps you automate and streamline EVERY ASPECT OF YOUR BUSINESS.
For example, the leasing cycle is notoriously paper-heavy and manual. But it doesn’t have to be. With a rental property management solution, you have a new streamlined approach. For instance, you can automatically check prospective tenants’ credit, streamlining the entire process. You’ll be able to consistently capture all required information, and ensure that you perform credit checks the same way, every single time. Use your pre-set criteria to analyze all applicants, co-applicants and guarantors. Faster approvals mean fewer leads lost, helping you reduce your vacant unit’s time on the market.
By automating the entire lease process, including online applications with e-signature capture capability, you lessen the possibility of human error and get rid of low-value work like cutting and pasting info from one system to another. You can also seamlessly integrate tenant data into guest cards, leasing forms and welcome letters, saving hours of administrative time per lease. Finally, you can then receive reports of upcoming lease renewals, so that you are always on top of the full cycle.
5.) Faster, Easier Communication
The property business is a people business. You are constantly communicating with tenants and with other key stakeholders, like owners. And, don’t forget managing third-parties like maintenance people. With a tenant portal, owner portal and online maintenance requests, communications are digitalized, cutting down on time on the phone. With a centralized, more organized communication repository information can be found and exchanged more quickly. This speeds up the process for everyone involved. And, operations run more efficiently and smoother.
6.) Better Decision Making
Yesterday’s data doesn’t cut it in the ever-changing world of property management. You need to be able to access real-time data on collections, vacancies, maintenance, etc. And, you need to be able to run reports using current, timely information and/or real-time KPIs. Only then can you get an accurate look into the standing of your property assets.
Of course, there are many more features and benefits that come with property management software. From better security to document storage to ensuring tenant insurance… the list is long. If you are evaluating rental software, why not get a demo of our solution?
How Property Vista Helps
Property Vista offers a suite of powerful property management tools that help you share and collaborate on information and daily tasks. 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. Check out our packages and pricing.