As a real estate and property manager, there’s a lot you have to keep up with. Other than keeping an eye on your properties, you’ll also be dealing with future tenants and tracking your budget. A property management software is the best way to do that.
But, there are so many options online to choose from, so the decision can get quite overwhelming. Picking the right software is essential. It’ll save you a considerable amount of time, money, and stress.
Online property management solutions come in many shapes and sizes. Most of them offer different features and solutions, which may make the decision-making process much simpler for you.
If you’re a real estate or property manager looking to reduce the moving parts of your work, keep reading. Here’s how you can choose the best property management software for yourself.
What is property management software?
If you’re unfamiliar with the term, a dedicated property management software is a way to simplify the duties of a landlord. These solutions are ideal for real estate and property managers as well as those who work for them.
Whether it’s a residential or commercial property, this type of software works to handle everyday real estate duties. That includes tenants, leasing, accounting, and building maintenance.
The main benefit of a property management system is reducing manual planning. When you have all the information on your tenants, lease, and properties in one place, you’ll be able to stay on track without having to write it all down.
How to choose the best property management software
Facility management services can be categorized on the basis of what purpose they serve. You can choose which software is best for you according to which real estate duty is most tedious for you.
Real estate showings and tours
If you have a lot of showings, tours, and visits to keep up with, this first option could be ideal for you. This type of rental property software will help you keep track of such events. It may also categorize them based on tenants or buyers.
Plus, these apps also offer self-guided tours for potential renters. This is especially ideal in the COVID-ridden world of today.
As a property manager, you probably have a hard time managing your schedule. With so many important dates to keep up with, that task can be nearly impossible. In that case, you should opt for a properties management system that manages them for you.
That includes tenant move-in and move-out dates and rental payment due dates. You can also store employee or staff work schedules and other appointments.
Keeping tenant notes and information isn’t an easy task, especially as a well-known property manager with many tenants. But, this information is crucial, and you can’t afford to lose track of it.
A rental management solution designed for this purpose helps you keep up with occupancy rates. You can also check the vacancies and the number of units available. Also, you’ll be able to save notes about tenants, submit background checks, and run credit scores.
Transportation and routing
As a property manager, you’ll surely be making a lot of trips, mainly for tours and visits to your properties. In this case, opt for a property management app that optimizes your routes to make your trips shorter and fuel-efficient.
Billing and accounting
Handling your finances while working a time-consuming job as a landlord or property manager is no easy feat. For this purpose, a landlord property management software can focus on rent collection. It will also help with taxes, bookkeeping, and more to keep your budget in order.
Real estate listings and neighborhood monitoring
If you want to simply promote your portfolio, a real estate listings system will serve you best. This type of software will help you list your rentals and check out the surrounding real estate value.
It’s ideal for anyone who’s looking for an efficient way to market the available properties in their portfolio.
Records-keeping is a complicated task for any sort of job, not just property management. For this task, property management software will track your contracts. It may also manage lease agreements and insurance agreements.
You’ll also be able to store any rental applications, renter’s insurance, and more in an organized manner.
Tenant communications and feedback
One of the most essential tasks as an established property manager is to establish clear communication with renters. A property management software for this purpose will provide integrated chat systems for you and your tenants.
On this type of app, you’ll be able to discuss contracts, insurance, lease agreements, and rent with your tenants.
Smart home systems
In a COVID-ridden world, it’s best to modernize all your properties as much as possible. That includes online self-guided tours, video surveillance, intrusion alerts, and multi-location management.
A smart home software for landlords may also notify you about repairs and other necessities as well as in case of emergencies.
Commercial real estate
Undoubtedly, the needs of commercial properties are much more than that of residential ones. With commercial real estate, you may face issues like investment strategies. Space management and public housing compliance will also trouble you.
Specialized commercial property management apps will create solutions for these roadblocks. Plus, they’ll handle your data on a much larger scale.
Last but not least, a full-suite property management software will include most of the features mentioned above. This is an ideal option for landlords who want to handle all their tasks on a single, all-in-one platform in an organized manner.
Once you work with the right online property management software, you’d be surprised at how much your work efficiency increases. You’ll no longer have the hassle of a mismanaged and stressful work life.
The ideal software for property management will track your budget, building improvements. It will also track your future and current tenants, and keep your properties in check. Most importantly, you’ll be able to reduce manual planning significantly.
Now that you’ve followed our ultimate guide to choosing the best rental management software, keeping your properties in check has never been easier!