Posted on Aug 28, 2017
Busy landlords and property owners want shortcuts that will help them manage their rental properties without sacrificing attention to detail. If you’ve been curious about rental property management software, learn what you need to know about choosing and using this utility.
What Is Rental Property Management Software?
There are many types of software for managing rental properties. Since not all platforms offer the same tools, it’s important to know what’s generally available, then screen software to make sure it offers features that you really want or need.
Most software for landlords lets you accomplish tasks, such as:
- Market and advertise rentals
- Screen tenants
- Manage information for every rental unit and tenant, for at-a-glance reporting
- Accept rental applications online
- Manage maintenance requests
- Analyze rental unit performance
- Access paperwork and landlord forms
- Budget for long-term maintenance or other goals
Benefits of Landlord Property Management Software
Whether you rent a single unit or own a multi-family complex, staying on top of all the details can be difficult. For some, this means stress or time spent worrying about tenants. For others, it could mean a missed deadline or overlooked maintenance that eats into your profits. When you use software to get organized, you’ll notice a dramatic reduction in the stress associated with being a landlord. You’ll be able to plan, which can save money — say, by advertising units well in advance of vacancy so you never miss out on income; or by keeping up with preventative maintenance to reduce emergency repairs.
Most property management systems these days include some form of cloud-based or online access. This lets you check your accounts from anywhere. If you travel regularly or no longer live near your rental, it’s helpful to have remote access to all need-to-know information about rental units, so you can take decisive action while drawing on data.
The software can also streamline your income and expenses, including bill pay. You might send rent collection reminders to tenants, to reduce late rent payments. With accounts payable and receivable functions, you can scroll through units to determine if there’s a missing payment — or, conversely, if you need to pay a water bill. Landlords who own multiple properties enjoy the simplicity this brings to property management.
Projected profits features let you look into the future, so you can develop a plan to save for that remodel you’ve always wanted and work toward goals.
At American Apartment Owners Association, we offer discounts for ManageZoom, Rentec Direct, Tenant File and Property Matrix. Explore the features these programs offer, select the tool that’s the right fit for you, and get started with property management software for less. Once you try it, you’ll wonder how you went so long without it.
Disclaimer: The information provided herein is for advisory purposes only and AAOA takes no responsibility for its accuracy. AAOA recommends you consult with an attorney familiar with current federal, state and local laws.