By Ben and Dina Lynch, Co-Founders of RentMindMe
Last month, we dispelled some common myths surrounding online rent collection. Now, we’re offering some guidance to help you choose the best rental management software to meet your needs. While there are many options, they’re not all created equal. When choosing a software, you want to ensure that — most importantly — that it’s going to make your life easier.
Here are three tips to help you evaluate your options when it comes to rental management software. If you have more questions about an online solution, get in touch with the RentMindMe team today. We’re always ready to help.
Tip 1: Ensure it Can Handle Real-Life Needs
When looking into a solution, make sure to ask if the software can help make real-life challenges easier to solve. Only you understand your unique business needs, so talk through your requirements and make sure that the software you choose can accommodate the quirky demands that arise when things come up.
It’s also crucial that the software remains flexible and adapts to your business as it ebbs and flows. Your property management process can be very different from others. Make sure it offers you tools that work with you to make things easier, not more difficult.
Needs Vary by Portfolio Size
Maybe your needs are simple and all you want is to automate your rent billing, collection and enforcement of late fees.
On the other hand, maybe you own/manage multiple units where you and your team are managing multiple buildings with many units and collections and reconciliation of bank deposits are a priority.
Either way, rental management is made easier when the software you use is an extension of the way you work. Ask questions to get to the heart of what you’ll need and has all the features necessary to support your portfolio now and in the future.
Tip 2: Know what is going on all the time
When thinking about rental management software it’s essential that you know when the important stuff happens. You should never feel like you’re in the dark. All processes should be transparent.
Visibility into what’s happening
A premium software option will keep you notified when your tenants set up their profile or take actions such as enrolling their bank account, paying rent or submitting a maintenance request. Make sure it sends you email/text notifications, so you know what is happening the moment it happens.
As you evaluate software be sure that you are understand what your tenant experience will look like. When the system doesn’t provide you visibility it creates unnecessary work in following-up or checking-in. With automated notifications you can relax knowing that the right things are happening at the right time.
Tip 3: Find a Solution with Personalized Support
When you have questions or issues, you want to be sure you can get in touch with a real-live human who understands the real-life scenarios that can happen when you’re managing tenants. Find a solution that offers ample support from people who have experienced the challenges of rental management.
It’s important to check to see if there are resources for your tenants to get help and questions answered too. A good software will offer support geared specifically to your tenants. The more information that is provided, the easier it will be for your tenants to get setup.
Put Yourself in the Driver’s Seat
Take control of driving your success at managing your properties. The right rental management software allows you to oversee your rentals from anywhere at any time with access to all the information necessary to manage your business. Knowing what is happening the instant it happens gives you the horsepower to make your passive investments a lot more passive.
If you’re ready to find a solution and want to put these tips to use, schedule a demo with us today!
RentMindMe.com is an online rent collection and management software designed by landlords like you to streamline business processes for landlords, property managers and centralized business offices. Co-founded by Ben and Dina Lynch, RentMindMe combines their 40+ years of business experience with their 20+ years of rental management experience to provide you with an easy to use, intuitive rental management tool.
If you have questions, please call 419-318-0664 or email [email protected].