Any modern property management can save you plenty of time and money when it comes to it! Finding the top and the best property management software for your property is quite a crucial decision as it would impact your business daily. While it can make your tenants happier, it can also make them go away in the blink of an eye.
Suppose you have ever looked for a property management software over Google. In that case, you must be aware that you will get an overwhelming feeling of around 29 million results in the face, unable to figure out which one to choose. Should you be relying upon the review sites, choosing whichever software has the most positive ratings?
Should you open up every software website in a new tab and try out their features? Or try your best to compare their features in your free time? Or should you simply trust your gut and go with the first software you like? Well, the answer to all of these questions is no because it does not work that way.
The second worst thing after not using the right property management software is choosing software that does not work well for your business. We are here to help you pick just the right software to help you take your property management business to the next level!
Let’s take a detailed look!
Top Features to consider when choosing a property management software
1. Online tools for tenants interaction
Tenants should remain well informed about the projects, remain updated with regular messaging features, and be more involved with the property. All the scheduled messages will allow you to save time and add valuable information such as the tenant handbook, shop directory, etc. – all of it should be available to the renters with a single click easily.
Meanwhile, communication is always the key to strengthening the rapport with tenants. With the right management software, property managers can converse more effectively and easily with the tenants and quickly keep track of maintenance requests. Users can also send and upload documents while file sharing and storage tools . Better customer service works with improved business quality.
2. Easy Rent Collections
We know that you are reaching the up to the bring juggling properties and are simply getting there at this point. Any of your valuable time should not be wasted by the major rent collections or going after tenants for late payments. Even all the non-commercial solutions will allow online rent collection as well as tracking late payments.
This is one of the top basic features that every property manager should have as a solution for its users. Any solution that you choose must allow the basic online rent collection and set an easy-to-go new work order .
3. Accounting Dashboard
The right solution for each tenant must remain individual, easy to use, and accessible from anywhere. One of the top property management software should be helpful right out of the box while also allowing for detailed customization, so you can personalize every feature to your property’s specific requirements. The accounting dashboard should be customizable so users can easily personalize configuration down to each unique property within their portfolio.
No two properties are the same, so the ability to fine-tune the tenant and experience each of the properties remains critical. If the COVID-time has taught us anything, it must be able to adapt, respond, and makeshift according to modern changes, no matter what.
4. Expenses Management
You always need a full overview of all your incomes, and for that purpose, you must track your expenses properly. One of the best features of any property management software is that they have rent ledgers that will help you in tracking expenses . You can automate all you’re accounting to a great extent, resulting in an easy and quick report generation that is essential for any business.
The best applications generate reports for money outflows and inflows with a click. They also assist in preparing the tax statements and returns easily, expenses management shouldn’t be hard, and software should make it easier for you.
5. Listings and Screenings
Regardless of your role in the real estate world, you need real estate listings. It is mainly because any full-fledged listings offer comprehensive information for landlords and tenants to pursue. Advertising always guarantees that you will only get queries from the highest-quality candidates. Property management software helps in finding better renters.
Some of the software unlock access to the potential renters due to their partnerships with listing websites. Choose the best software for your business with tenant screening and proper research. Screening services are a fundamental feature of property management software. Any criminal, credit, and eviction history will come up through it and it may reveal a lot about any potential tenant for your home and help you avoid a lot of future problems as well.
Every professional real estate manager uses leak-proof and tight-fit agreements to protect their rental properties from the beginning. The basic rule is, if it is not written into the agreement, it cannot be enforced later on as that would be against the law.
The top solutions are to be able to create custom ironclad agreements in starting only at a button’s click. Another one of the feature would be letting you create late rent notices immediately.
7. Advanced Customer Support
Another important factor while choosing the right property management solution for your property needs is that you must check out and see if there is customer support for your solutions and what are its charges. You might not need it. However, it is always wise to look for software that also offers customer support.
You must know the terms of service in and out, its availability and the costs as well. These are some of the property management solutions that will charge you around $50/hr. You also have the solutions that will not charge you, and the cost is highly included in the one-time payment, and you do when purchasing it out. You can have free property management software that may offer it. However, it is always best to know where they stand.
8. Maintenance request management
Maintenance can be real trouble, especially in property management. If the landlords do not check emails often, they are likely to miss the maintenance requests from their tenants. Sharing the maintenance tickets with the service professionals might cause distress if you handle them directly. Property management software includes a maintenance portal and bypasses these issues.
Tenants can submit descriptions, videos, photos, and any other information they need to report any maintenance issues. The landlord gets a notification from the software through text messages or emails. Landlords can then forward these requests to the service professional and add them up as sub-users in their rental software. Some DIY landlords can maintain things by themselves. However, it is best to have access to such a helpful feature immediately.
9. Property Advertising
You should always invest in property management software with automated property publicizing features. This is because it is a super lengthy and quite tiresome process. The process should be simple and lenient such as uploading photos of the property, filling in the details and advertising it with a push button. Any other added feature is syncing it to property listing websites.
The application process for rentals should remain automated by your real estate solution. It should remain simple as an online filing, e-signing it, and then sending it back to you simply. It should also automatically create, post, or email the rental application to the appropriate person. You do not want to be going to any other one.
10. Documentation Support
In addition to preparing and sending up reports, you want to easily keep and look up the documents as well. These may be the receipts, rental documents, dispossession notices, and merchant registers as well. If you get property management software that allows you to upload and keep the documents based on units and tenants, it is an added bonus – the one you can definitely use.
The best of solution will offer you quite a great search function. It allows you to search the documents even if you have forgotten about the tenant’s name or the unit details. It is even greater if it offers custom templates that can be filled with specific data such as a tenant, rest, unit details, late fees, and other basic stuff.
11. Third-party applications
The software that you are looking to integrate does it offer third-party applications into it? It saves time and effort because you do not have to copy-paste data from one app to another. Advertising rental listings to third-party apps or websites is the most popular trend. All the property detail syndications allow vacancy postings to major websites with a single click.
This helps your businesses reach and develop your property with quality tenants and residents. In effect to that, most property solutions will give you a personal website that will help you in marketing the property. You can make personalized listings using your own brand name, customized marketing and other colors. This will help your brand and your properties to stand out to potential customers/tenants/applicants.
12. Affordable pricing
We can divide up the two types of software into easier parts, such as the pay-per-unit model and the tiered model. Each of them separates into different pricing and features model, so it can be completely practical for those who are only at the beginning of their journey and for those who are the ultimate landlord gurus.
Choose the right property management software for your company
It is truly all about finding the right software and solution for your business. You need to properly search through all the software and process to comb through the possibilities and finally figure out a solution that works best for your business. Check out websites, blog pages, services, and social media pages alongside all the details we have shared.
See how they help and assist your property management and aid in your day-to-day transactions without breaking your bank!
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