When it comes to finding the best property management software, one thing you’re sure to be researching is the features that come with the platform. After, what comes with the software is a make-or-break deal for whether or not you purchase it!
Below, we’ve included some of the best features you’ll want to look out for when investing in rental management software!
1. Automatic Rent Collection
When it comes to rent collection, there are many ways you can go about gathering payments. Of course, there’s the manual ways like mailing or picking up checks. However, with the onset of technological advancements in the renting world, there are new, automatic ways to collect rental payments!
Using software like RentRedi empowers you to set up all charges at once. Now, you’ll want to make sure that the rent collection features enable you to customize charges to your lease. For instance, if you have a year long, 6-month, or month-to-month lease, ensure that the property management software provides the capability to create charges that match.
Now, the best property management software will also enable you to collect rent automatically. This can be done by sending out automatic rent reminders and by having the lease charges set up all at once, so your tenant can simply go into their app and pay the charge!
2. Tenant Auto-Pay
Having a feature like tenant auto-payments can make rent collection even easier and MORE automatic. When renters set up automatic payments, you automatically get your money on-time every month (or whenever your charges are) and they don’t have worry about writing out a check every month or forgetting.
For RentRedi, tenants simply go into their rental payment app, tap “Rent” and simply set up auto-pay from there!
Auto-pay is a great feature for any property management software to have, as this can make collecting and paying rent easier for everyone!
3. Tenant Screening
Tenant screening is a crucial, must-have feature for the best property management software to have.
When you run a tenant background check, it should provide you with a full credit, criminal, and eviction report. As a bonus, RentRedi’s tenant screening also provides you with a leasing recommendation.
Screening tenants is important because it ensures that you have qualified renters in your units. This helps protect your investment with tenants who have a good renting history and will treat and maintain the condition of your rental.
4. Maintenance Management
Maintenance can be a tricky issue for many landlords. Do you manage it yourself? Hire contractors? Hire property managers? Regardless of what you choose, getting property management software that can help you manage all types of maintenance issues and processes can be beneficial.
In RentRedi, for example, you get a dashboard for maintenance and you can see all repair requests at a glance. Tenants can submit maintenance requests right from their app and can even attach a video of the issue.
If you decide to hire our for contractors or property managers, you get access to free teammate accounts so you can add as many people as you need to help manage your rentals.
Check out our guide to rental property maintenance here!
Accounting can be so scary to set up for real estate investing! How do you know which forms you need? How to do you set up all your properties and finances?
The best property management software should include accounting features that make all the number crunching less…well, crunchy!
RentRedi’s add-on rental property accounting software connects directly with your RentRedi data so you can easily manage all your properties from one plce
6. Lease Signing
Lease signing is another one of those rental tasks that can be arduous and manual. However, the best property management software will include a lease signing option so you can simply send the document to your tenant for an electronic signature.
This ensures that you and the tenant do not have to play the run-around game trying to get signatures and paper leases signed. RentRedi’s software also comes with document storage, it addition to lease signing, so you can upload and store any leases or other documents right in the software! No more messy file cabinets or hundreds of computer files to sort through.
Prequalifications are another cool feature that rental management software can have to make your life easier! Getting a rental pre-approval questionnaire from a tenant can streamline the rental process for both of you. If you request a tenant fill out a simple prescreening form, you can easily compare their self-reported information to your minimum requirements to ensure the renter meets that criteria.
Let’s say, for example, the minimum credit score you’ll accept in 650. However, on the prescreening form, the applicant indicates their credit score is 450. Now, you’ll be able to see quickly that the tenant does not meet the criteria.
In RentRedi’s platform, prequalification forms are built right into the product so you can easily send, accept, and reject applications!
When it comes to rental applications, the best property management software will have this feature built right into the platform.
This makes it easy for you manage all your applications from one place, standarize the form you send, and organize all of the documents the tenants submit. Plus, having electronic applications means that you don’t have to print paper applications, find a time to get it to a tenant, and then store and organize the document once its completed.
Since applications are a major component of quickly filling your rental, having an efficient application process saves you time—and money!
P.S. RentRedi’s application is free for tenants, so it also saves them money!
9. Rent Reporting
A key feature that distinguishes the best property management software from the rest is rent reporting. If you don’t know, rent reporting is not a feature included in every rental management platform BUT it can be an important feature for tenant management.
Not only is rent reporting to build or improve a tenant’s credit score an attractive feature when you’re trying to fill a vacancy, but it’s a great way to incentivize on-time rent payments!
This also makes it easier for the renting experience down the road, as you can build a good relationship with the tenant using technology that simplifies the process.
Did you the best property management software will come with perks for their landlords!? How awesome is that!
Perks will vary by the platform you choose, but RentRedi’s membership comes with the following perks:
- Home Depot discounts
- $100 referral program
- Maintenance Coordination Add-On
- Accounting Add-On
How to be the best property management software?
So, when it comes to being the best property management software, you’ll want to find the application that serves you with all ten features listed above. Having these features will make your life easier as a landlord, so it’s important the software includes them in any package.
What property management software is the best?
Well, we don’t want to brag, but we think RentRedi is the best property management software!
RentRedi has all the features above, PLUS unlimited units and tenants regardless of what plan you choose. This means you get all the tools you need to manage your business without having to worry about paying more for units or tenants.
Sign up here to get started managing your properties with RentRedi!