You know how frustrating it gets when you are already involved in some important paperwork and all of a sudden, you remember that you have scheduled some repair in the rental property. As a property manager, you have to round off a lot of tasks including tacking important legal documents, posting and updating vacancies, maintaining a budget, managing repairs, collecting rent, and more. And now, imagine you managing multiple rental properties.
What if most of these daily tasks are automated and streamlined for you? User-friendly and reliable rental property management software can do this for you. When you already know the ins and outs of rental property management, you are most likely to be well up on the features real estate property management software must have. Still, reading this article might help as we have put together a list of six features you need.
Accessibility and Ease of Use
The purpose of using software is to save time by automating daily tasks. If you have to spend days to learn and implement the software, it is nothing but a sheer waste of time. So, the software should be easy to implement and learn and also accessible on-the-go. It should have a dashboard you can use to manage your tasks.
Tenant & Vendor Tracking
You need to manage plenty of data related to your tenants and vendors. The software should make it easy to track files and information such as rental agreements, rent payments, security deposits, move-in and move-out dates, rent receipts, late payments and more. Similarly, the software should allow you to manage information related to contractors, handymen, plumbers, landscapers, building suppliers, insurance suppliers, utility suppliers etc.
Accounting and Expense Tracking
One simple mistake can make you spend more time on accounting which is already a very time-consuming task. Your accounts maintenance responsibilities are doubled as you are managing the finances of your company and your client’s properties. It’s too much of workload, isn’t it? Use rental property management software allowing you to link your bank account (have a separate bank account for business) so that you can track your rental income, expenses, profits, losses, fees and commissions.
Data Protection And Backup & Recovery
It is your legal responsibility to protect the private information you are collecting from tenants, contractors and other parties. Putting sensitive data into one real estate management software can cause worries for the landlord. The landlord wants to make that data is safe. So, choose rental property management software with special data security features such as encryption for data transmission. It should allow you to create a backup and recover data simply in one or two clicks.
Don’t just compare price when you are reviewing different options, compare features as well. Even when it is a little pricey, if it comes with good customer support features, invest in it. It should allow you to address your clients’ and tenants’ needs immediately. You cannot deliver customer satisfaction without proper customer support.
In the end, make sure that you are investing in cloud-based rental property management software as it can be accessed from anywhere and using any device.