Whether it's quality tenants or well-maintained properties, you probably have a long list of wants for your rental property management business. While managing your business takes effort, the right technology and tools help you stay organized and efficient. We've created the ultimate wish list that will simplify your day-to-day routine and support your business efforts.
1. High-Quality Tenants
If the opportunity to bring in high-quality tenants during peak leasing season gets you excited, give some thought to how you will make this happen. Organize your website to create an attractive platform that draws in new visitors. Add photos and keywords and include social sharing buttons to invite visitors to share your listings with others, as well.
Once you've attracted interest, make it easy to apply for a lease by adding an online rental application to your website. Connect this application to your screening processes so your tenants will be prompted to complete a credit check and send references.
After you have found the right tenants, keep them happy by enhancing your communication. Add a tenant portal to your website that allows tenants to easily access information and send you requests.
2. Satisfied Owners
According to the MoneyCrashers blog, the complexity of property management can be a challenge to employees."It is a multifaceted business that involves liaising with many different types of people (landlords, tenants, contractors), understanding local landlord-tenant laws, and creating protocols that are both efficient and effective."
Is your communication with your owners as effective as it could be? Owners need to know what's going on with their property. To ensure excellent communication, add an owner portal through your property management software system. In this portal, place general information about your business as well as specific information about payment amounts and due dates and the maintenance status of each property.
3. Reliable Vendors
You need a list of reliable vendors to contact in an emergency or for ongoing maintenance work. Use maintenance software to track and schedule maintenance for each of your properties so that you work proactively to fix problems before they begin. Develop a list of preferred vendors within your property management software system so that you know who to turn to for ongoing maintenance and who might be available in an emergency as well.
4. Dependable Employees
Increase your employees' efficiency and effectiveness this year by adding new property management systems. If you aren't using property management software, your employees may struggle to maintain records using non-specialist word processing or database programs. According to the Bigger Pockets blog, "In any small business endeavor, a lack of focus, coupled with the inability to prioritize tasks, is a recipe for failure." Your employees may also feel overwhelmed by all of the communication requests from owners and tenants. Adding property management software with tenant and owner portals can help your employees feel like their data and communication systems are under control.
5. Project Management
Get a handle on your property management projects this year with software that helps you negotiate and track vendor prices, map your projects, track their progress, and generate invoices when required. Through efficient project management, you'll increase your ability to move through projects and complete needed repairs and maintenance.
When you're upgrading your business practices, upgrade your business software as well. With the ability to create tenant portals, track maintenance and vendors, and communicate with owners, Propertyware is designed for the needs of your rental property management business. Take a free online tour of Propertyware today.