If you’re a landlord or property manager, you know how important it is to stay organized. Choosing the right property management software for your business can help you keep up with your business goals and needs!
You’ll want to find the one that will make your operation easier and work well with your team. Here are some key characteristics to look for when selecting property management software.
Accessibility to the software is important. Does the product offer access from both the office and home? This is important because many people prefer to work remotely these days. And this feature will come in handy when meeting deadlines or completing tasks.
Does it run on mobile devices? Your property management tool should offer mobile apps like RentRedi to help keep track of things even when you’re on the go. Available in both iOS and Android, RentRedi is easy to use so your team can start quickly with minimal training.
Essentially, you want to be able to use your property management software from anywhere and on any device. Web accessibility means finding one that works no matter where you are or what type of internet connection you have.
Scalability is the ability to grow your business without having to change the software. If you’re growing rapidly and need to add new users constantly, then scalability becomes an important consideration.
Scalability also extends beyond how many properties or tenants the program can support. The reports should match and be customizable enough so that they provide meaningful data without overwhelming you with too much information.
Responsiveness can be measured in two ways: how fast the system responds and how efficiently it accomplishes its task.
For example, you scheduled a maintenance request through the app. However, you have trouble getting in touch with the support. Then there would be a significant lag time between when you made your request and when your problem got fixed. In this case, there was no real efficiency involved.
It’s important to note that responsiveness is different from the responsiveness of the app itself. You should look for both.
Upgrades are important because they allow you to keep your software up-to-date with the latest features and capabilities. These upgrades can help you stay competitive in the market, as well as stay compliant with industry regulations and trends.
The more current your software is, the easier it will be for your team. They’ll be able to use their skills more efficiently, which will save you time and money.
It’s also important to note that upgrades don’t just mean new features. They can also include security patches, bug fixes, and other important changes. Upgrades are a sign of commitment. If a software company is willing to invest time and money into improving its product, then it will likely do the same for your business.
You need to look for a system that can help you automate the day-to-day tasks of your business. This doesn’t mean just automating the processes that are already in place. You also look at how automation can improve service and reduce costs.
This can include things like:
- Automating the creation of invoices, credit card statements, and other documents.
- Automating inventory management so that you don’t have to worry about running out.
- Setting up automated email reminders or notifications for important tasks.
This is especially important if you’re a small business owner. Automation can help prevent mistakes from happening and improve your workflow. You don’t want to spend your time manually entering data into different systems; instead, you want the software to do that for you.
Security is another important aspect of software. You don’t want to risk your business by using software that isn’t secure. After all, you need to protect the data on your computer and prevent others from accessing it without permission.
This can include things like encryption and password protection. A good property management software will include these features and more.
Accounting should be intuitive and easy to understand. The accounting portion of property management software should be able to handle the general accounting tasks associated with your business—such as taking in payments and tracking expenses.
The right one will be able to integrate with other accounting software, saving you time and effort by consolidating all your data. It’s also key for this part of your software to handle multiple currencies, especially if you own properties abroad.
8. Reporting and Tracking
To effectively manage a property, you need to know where things stand. What happened last month? How is the turnover rate trending?
Ensure to compare property management software. If it doesn’t offer the right reports, it can be difficult to get the data you need—and even more difficult to make decisions based on that data. Two of the most common and main types of reports are:
- Progress reports: These show how much progress has been made toward reaching a goal or completing an objective, such as improving rent collection.
- Dashboard – This provides an overview of all your properties in one place. It should include metrics such as occupancy rates and maintenance costs, so you can quickly see any issues that need addressing.
9. Lease Management
Lease management is a crucial part of good property management software. If you’ve ever had to manage your lease—you know how much time and effort it takes to keep track of tenants, pay rent on time, and fill out paperwork.
When looking at software options, make sure they have this feature integrated into their platforms. If they don’t, you’ll have to use a separate program, which can get confusing. With an integrated lease management system, you can easily see what your tenants are paying, when their rent is due, and how much time is left on the lease term.
10. Interface and Design
Interface and design are two of the most important things to look for when choosing property management software. If you’re not comfortable using a system, it’s going to be difficult to get any work done.
The interface should be simple and designed to allow users to perform tasks quickly without getting in their way. It should also have a clean, modern design so that it looks professional and up-to-date.
Design elements like color schemes, font choice, and more can make or break how intuitive your software is. And one thing we all know about intuitive interfaces: they save time!
If something takes too long to figure out how it works or where everything is located within the program—people will give up before they can get anything done. They won’t feel confident using it again. Thus, visual design matters so much more than many other aspects of software development.
11. Tenant Screening
Tenant screening is one of the most important parts of property management. It ensures that you know who your tenants are, where they come from and what kind of people they are.
You should always do a tenant screening before renting out an apartment or house to any prospective resident. There are many different types of tenant screening available today; each is tailored to specific needs and budgets:
- Credit score: This is one of the most common methods because it’s easy and inexpensive. It also gives you an idea of whether or not someone has a history of debt.
- Criminal history check: This can show if someone has been arrested in the past five years. There may be other factors that affect it like violent offenses or misdemeanors.
- Employment verification: This will tell you how long a person has been employed at their current job—and if they have any previous ones on file as well. Check to see if there aren’t any gaps.
12. Integration With Other Software
Integration with other software is a great feature to have because it can save you time and money. If you use an application like Salesforce, having access to your tenant database right in the same system could be very beneficial. The same goes for any other applications that your office uses—like payroll or accounting software.
Some applications also integrate with third-party systems, which can make your life much easier. For example, some software will allow you to send emails or text messages directly from the system. This makes it easier for you to communicate with tenants and manage your database in real-time.
Boost Your Properties’ Value With the Right Technology
If you want to boost your property’s value and make it more profitable, you need the right technology. Good rental management software will help you manage all aspects of your business, from tenant screening to maintenance requests. It should also make it easier for you to find new tenants and keep them happy once they move in.
Needless to say, the property management software you choose is just as important as the properties you manage. You want a program that will give you all the tools to run your business efficiently, but not overwhelm you with complexity.
The best property management software will help you manage your business with ease, making it easier for you to focus on what matters most: your tenants.