This article is #3 of a 7 part series . For additional suggestions checkout the rest of the Keeping Rental Property Owners Happy series.
There are already 22.6 million landlords in the US, and every day there are 544 new ones*. As a property management company, what’s the secret to managing this business relationship, and why is it important?
*Source = Interest.com
1. Stay on Top of Property Management Accounting
Rental property owners can’t see all the property management tasks performed every day, but they can see when money hits their accounts.
Just like a property manager expects the rent to be paid on time and the property management company expects its management fee each month, the owner wants to make sure they are consistently turning a profit.
“Our owners love the owner portals. Our tenants love the tenant portals…. With Propertyware, you can go in, do a direct deposit, create the owner statement, and publish it to their portal, or email it to them.” Michele Fox, Fox Rental Management
Owner Portals give property owners convenient access from any web browser or Internet-enabled smart phone.
- Give owners visibility into the performance of their investment properties by allowing them to view real-time reports from their Owner Portal.
- Propertyware will even automatically notify your owners via email when funds have been added to their account or when changes occur, such as tenants who have given notice.
- Both owners and management staff will automatically be notified via email when new comments are added to a conversation stream.
- More importantly, all these records and conversations are automatically stored on the owner's portfolio for future reference.
Accounting Features of Property Management Software
- Capture and collect payments
- Simplify bill paying
- Reconcile bank accounts
- Enable online payments
- Property management fee calculation
- Budgeting at portfolio and property level
- Synch with QuickBooks
2. Rental Property Managers Must Protect Owners’ Investments
Owners have purchased properties as an investment, and they want to know that their investment is in good condition. Keep your owners' investments in excellent shape by undertaking a regular inspection, repair, and maintenance program.
From maintenance that keeps tenants happy to repairs that reduce owners' liability, you need to stay on top of your repair and maintenance regime.
Propertyware’s maintenance software lets you know when you need to conduct repairs to preserve the value of a property and make it safe.
Rental Property Maintenance Software Benefits:
- Increase productivity of property maintenance staff by up to 50%
- Accept property maintenance requests online, over the phone or on your mobile device.
- With the mobile property inspection app you can just “snap, tag and go” cutting evaluation time by 50%.
- Vendor management mobile app helps your vendors stay on top of their jobs, track time, receive work order alerts, attach pictures and notify you when the job is complete.
3. Make Move Ins and Move Outs Seamless
One of the challenges of being a property owner is managing tenant screening and the move-in, move-out process.
A lot has to happen in a short time, from property inspections and discussion of the damage deposit to screening new tenants.
Property owners will be relieved when you handle this promptly and well, communicating with them when you have their new tenants secured.
Want to learn more? Read more related to tenant screening.
Ready to Keep Rental Property Owners Happy?
See how easy it is to keep your property owners happy and informed at all times when you schedule your online demo of the Propertyware Rental Property Owner Portal solution.