Let’s be honest: Rental property management is a daunting task. Being a landlord demands handling many tasks all at once. You don’t have to just manage the properties but also many things. For instance – maintenance, repairs, posting rental payments, and many more. Every landlord (even an experienced one) might feel overwhelmed while managing all this. Sometimes minor things can turn the tenants sad. As a result, you will have to bear lower cash flow and larger vacancy levels.
This is the biggest reason landlords are moving towards using landlord software to manage things smoothly. Now, what is landlord software? It is the software that helps landlords to manage properties and rent-related functions. It could be either cloud-based or computer-based, or a mixture of both. You can operate such software within the comfort of your home on either your system or mobile phone.
Here we have come up with how the landlord software is making the lives of the landlords easy starting from maintenance to tenant screening. Let’s dive in.
Seamless communication – You have to communicate with many parties if you are a landlord. And not having any software to manage the same makes it tedious to do so. Free landlord software allows you to put all the messages between you and the tenants at one place. You can schedule the due dates of the rent, and tenants can make online payments. This makes the rent collection process hassle-free. Furthermore, there are some landlord softwares that give you the ease to submit maintenance requests online. The software rightly resolves the issues promptly and serves you in a better way.
Automation – Setting up reminders is not just true for the tenants to make the payments but also for the landlords. As a landlord, you also need to remember crucial things. For instance – You have to go for a property inspection after six months. You can set up a reminder for it at the beginning of the lease. Automating such things using property management software save you loads of hours. It also eliminates the chances of human errors.
Rent collection and Accounts management – Do you like to do your accounts yourself? Well, most people don’t. If you are one of them, landlord software is your ultimate friend. You don’t want to leave all your accounts till the end of the tax year, right? With the right landlord software, you can manage your accounts sitting anywhere in this world with just a few clicks on either your smartphone or laptop. You can record expenses, digitize receipts and automate complex accounting reports. It eliminates the need for paper checks and manual tracking. As far as the rent collection process is concerned, you can set up automatic reminders to ensure timely collection of rent.
Cost-effective – Landlords typically hire property managers to manage their operations. They are then responsible for handling the calls, rental maintenance requests, advertising the properties, screening tenants, and more. Depending upon the number of services you will ask him to manage, he will charge a certain fee every month. So, you will have to pay him a part of your revenue.
But do you really have to hire a property manager? Surprisingly not. When landlord software is here, it can manage everything for you. Whether you want to do advertising, screening, or maintenance, the software can do it all for you. Some softwares are even free of cost. So, take your duties off your shoulder with the property management application for landlording rather than hiring the traditional property manager.
Data analysis – It is important for business owners to make accurate data-driven decisions to make the business successful. But if you do it manually, you are bound to make errors. With the software by your side, all the information can be stored in it to simplify the analysis and insights into your business.
Advertising and marketing – Will you be able to attract renters if nobody knows about your property? Obviously not. You need to have comprehensive advertising strategies to spread the word. Landlord software allows you to advertise your vacation rentals, student housing, and any property to attract tenants. You can also add a customer review section to attract more people to your property. It helps maintain a high customer satisfaction rate. When others can see you manage the business professionally and are reliable, high-quality tenants automatically come to you.
To make a long story short
Landlord software is a boon for all the landlords out there. And it is true not just for the landlords but for the tenants too. Now you don’t need to keep bulky files or manage loads of paperwork. Manage all the rental business affairs with just one software. There are plenty of options for you to choose from. So, be clear with your goals and choose the best one for your business.