Professionals in the real estate business vary greatly. Some have individually run businesses, some work as teams (both small and large), and some work for agencies. The scope of their businesses range from single properties to hundreds of properties spread out across multiple states. Yet, no matter the size of your real estate business, you likely oversee many of the same responsibilities. Whether it is collecting rent payments, filling vacancies, managing maintenance, or communicating with tenants, property management software is able to organize, simplify, and expedite your tasks. Continue reading to get a detailed look at these beneficial features.
Table of Contents
1. Cloud-Based Systems
Property management platforms typically utilize cloud-based storage systems, which allow for both mobility and growth. For those who are unfamiliar with the cloud, it is essentially the storage of data on a secure external server. With the cloud, you can access all of your important records from anywhere that you have access to the Internet — including on your mobile devices. This means you can avoid the headache of tediously downloading software to all of your devices and that you have the mobility to complete tasks and address the needs of your valued customers from any location that you find yourself working.
Additionally, cloud-based systems allow for growth in ways that previous management models have not. Because cloud platforms store all of your data on large external servers, you can easily expand your storage space as your business grows. There is no need to upgrade hardware once you’ve run out of room, which can be a hefty expense. With the cloud, there is no impediment on your business’s growth or potential.
Although there tend to be concerns about the security of data stored on external servers, like with the cloud, these are actually mostly unfounded. Yes, there are cases of large breaches of data stored on external servers, and this is what we tend to hear about because these are the breaches that make the news. However, the reality is that phishing attacks account for more than 80% of reported security incidents. If you are unfamiliar with the term, phishing scams are typically fraudulent emails that attempt to obtain sensitive information such as usernames, passwords, and credit card information. These smaller-scale breaches are the true threat. Therefore, cloud-based data storage is actually better protected than many cases of internally-stored data.
2. Quick and Easy Payments
With property management software, you no longer have to remind tenants of due dates, track them down for payments, or falter on the enforcement of late fees. Rental management platforms make the entire process of rent collection simple. They automatically remind tenants of upcoming dates, minimizing the amount of late payments. Additionally, renters are able to pay directly through the platform, and they can even set up automated payments, further decreasing the likelihood of missed due dates. Management software also applies late fees automatically, eliminating any awkwardness associated with tenants who attempt to waver on agreed upon terms.
3. Online Vacancy Filling
Filling vacancies can be costly and time consuming, but with property management systems, the process is made simpler. Through these platforms, you can customize applications, posing the questions most relevant to your business and needs. It is also easy to link your custom application and online tenant screening directly to your preferred marketing platform, allowing you to quickly connect with prospective tenants and fill vacancies. In many property management platforms, tenant screening is thorough and provides instantaneous reporting, further expediting the process.
What’s more, leases can be signed online once the preferred tenant has been selected. There is no need to struggle over scheduling in-person meetings when leases can easily be completed virtually. Leases are also able to be customized through property management software, providing ease when meeting unique needs. Furthermore, it can often be difficult keeping tabs on all your leases that are in different stages of completion. With rental management platforms, you can easily track the progress of all your leases and avoid the headache of disorganization.
4. Simple Maintenance Management
Instead of aggravated phone calls with vague descriptions, maintenance management can be handled with systematic ease thanks to property management software. Tenants are able to submit photos and videos into the appropriate categories with accompanying descriptions of their maintenance needs. This provides heightened organization and communication, while also allowing you to more quickly meet your customers’ needs.
Through this feature of rental management platforms, you are also able to see the forest through the trees. You can track the data of which categories receive the most requests and assess which issues might need property-wide attention. Additionally, you are able to view how quickly your team is resolving complaints and how well tenants are responding to your team, which allows for a more encompassing appraisal of your maintenance crew.
5. Transparent Communication
As previously mentioned, property management platforms send out automated notifications and reminders of things like rental due dates, expiring leases, and maintenance updates. Management software also allows for the sharing of documents and sending of emails with just a few clicks. This not only saves you and your team time, it also eliminates the headache of redundant forms and emails. The platforms organize all communication channels between you and your tenants, so that there is never any ambiguity or miscommunications.
While managing multiple properties, overseeing an abundance of tenants, and balancing a myriad of responsibilities sounds nearly impossible, property management software makes the job easier. By expediting exchanges, quickly filling vacancies, simplifying maintenance requests, and creating effective channels for communication, rental management platforms will maximize the growth of your real estate business. Their customizable tools, easy navigation, and intuitive layouts are able to meet the unique needs of a variety of real estate professionals.