Property management software is a great tool for automating your communication with tenants, property owners, and contractors. It can help you stay organized, streamline communication, and automate transactions for you and your tenants. This software also helps realtors track all assets in one place.
Every aspect of running a property business, including managing bookings, marketing, keeping track of finances, and dealing with suppliers and contractors, requires time. So, if you plan to run a business that involves multiple properties, it would be better to consider software that integrates with accounting and rental management systems.
The following are some common features that you should look for in property management software:
1. In-app Payments Reduce Transaction Costs
In-app payments reduce transaction costs of property managers’ software by providing a new payment method. In-app payments allow users to pay for digital goods, subscriptions, premium content, and more. Payment software can be customized for the specific needs of property management businesses. It should also allow in-app online payments, which reduce transaction costs and increase client satisfaction.
Users can also make payments on the app using multiple payment options, such as credit cards and PayPal, and set up reminders to remind them of upcoming payments. Additionally, they should be able to see the balance and receipt of their account and receive real-time notifications about payments.
2. Leasing and Screening Capabilities
Property management software should provide both leasing and screening capabilities. Most software will screen prospective tenants based on pre-defined parameters, such as income, credit history, age, and rental history. Leasing and screening capabilities should be easy to use and streamline communication between landlords and tenants. Some of the best software packages even have a mobile app for landlords to manage rental properties on the go.
The leasing and screening capabilities of property management software will help you find quality tenants. The software will automatically perform background checks, check scores, and run national eviction records. The software will also store important documents on the cloud, such as rental and lease agreements. These features will make your job easier and more convenient.
3. Mobile Apps
Many software solutions also come with mobile applications, which can help you run your property from anywhere, even on the go. A mobile application will make work more convenient, as property managers can manage inspections from any location. Mobile applications will also help property managers respond to emails and communicate with clients. A cross-platform application will work on any OS and device.
4. Rent Management Feature
The rent collection feature is one of the top functions of a property management system. This feature is vital for collecting rents and keeping track of vacancies. It also includes features that automate the whole process, from screening applicants to lease signing. Moreover, it also streamlines the process of filling out maintenance requests.
A good property software platform should allow for flexible late fees. It can be able to send reminders to tenants. It should also prevent tenants from paying the next month’s rent before paying the previous one. This way, all fees are collected. Ultimately, this will save both you and your tenants time and energy.
5. Cross-platform Application
A cross-platform property management software allows you to run the business from any device, including your smartphone. The software improves efficiency in almost every aspect of property management, including accounting, repairs, maintenance, and evictions. Its building data reports offer detailed information about the efficiency of your buildings. These reports can be used for business decisions, such as implementing more stringent cleaning routines. They also facilitate touchless interactions between you and the tenants.
6. Message Automation Feature
SMS automation is a great feature of a property management system. It can automate tasks like scheduling tenants, communicating with contractors, and contacting potential tenants.
For example, SMS services allow property managers to send out mass notifications to their entire apartment buildings. Another benefit of SMS software is that it works with multiple platforms, including websites and mobile phones, enabling you to use one account for all your marketing needs.
In a world where more of us are using technology to help us run our businesses, the ability to automate our processes is an essential feature of any management software. From managing tenants’ expectations to collecting rent payments, property management software can streamline a variety of tasks and give you more time to focus on areas that need your personal touch. For instance, real estate agent career, it could be good to get in touch with a staffing agency in Pittsburgh. It will assist you in getting the right employees for your company.