Rental property software is an investment in your business success. Leading property managers and owners know that in the long term, the right software helps their business become more profitable and efficient. With integrated systems and reporting, you'll be able to improve upon areas of your business that are less efficient. Here are 5 ways to save time and money with rental property software.
1. Avoid Costly Repairs With Rental Property Software
With regular inspections and maintenance that's organized and tracked by your rental property software, you'll be able to anticipate and manage problems before they occur. For example, you can keep tenants from tripping on slippery stairs in the winter by replacing those old treads, and you can check the roof after a spring storm and repair it before it begins to leak.
2. Collect Rent Online
Your tenants pay for everything from electronics to clothes online. Why should rent be the exception? Online tenant portals make it easier for your tenants to pay rent, even if it's after hours. You can reduce the time you need to spend calling tenants about overdue payments, and improve your cash flow as tenants pay their rent on time. You'll also be able to easily track when your tenants paid rent and you'll know at a glance if any rental payments are overdue.
3. Coordinate Tenant Screening
Tenant intake can be a lengthy process. With property management software, you can direct prospective tenants to your online application system. According to RealtorMag, property management products "can automate a significant portion of your work." Online screening systems allow tenants to input their information and undergo a thorough check of their criminal record and credit. This allows the system to recommend that specific tenants pass to the next part of the tenant screening process.
[caption id="attachment_6317" align="alignnone" width="642"] Integrate property documents and accounting to reduce the time you spend accessing and reviewing information.[/caption]
4. Store Documents From Receipts to Property Inspections
Paper-based filing can be confusing and makes it difficult to find important information when needed. With property inspection software, you can photo and video document a property and store this information online, allowing you to easily track the improvements or problems with a property. You won't have to search for the repair bill to pass on to an owner either: that's stored in your document management area. Save time shuffling through receipts, and save money by tracking expenses and repairs.
5. Integrate and Track Property Management Systems
Automating and integrating your property management systems will save you valuable time. For example, with property management software, you can have an accounting system that synchronizes with Quickbooks and your bank account to give you a detailed, updated look at how you're doing in relation to your budget. Property Management Insider explains that you can implement a spend management system that "helps owners manage and control operating expenses by managing eProcurement, payables processing, and invoice management processes into one centralized online solution."
"...we needed to switch because we are getting to the size now where we need technology to ease the load off our property managers." - Joe Amatangelo / Long and Foster Real Estate
When you're looking for rental property software, choose an integrated solution that allows you to better understand complex details of your business. Whether you're moving to collect rent online or seeking to refine your accounting processes, Propertyware can help your business improve its processes and save money at the same time. Get pricing today.