What Features of Property Management Software are Most Useful?
When running a rental business, one of your priorities is simplifying and automating tasks wherever possible to make your life easier and improve your bottom line. This makes property management software your new best friend.
With the best features of property management software at your fingertips, you’ll be able to make tasks that might have taken hours take only minutes, helping you to breathe easier and help your tenants pay rent, submit maintenance requests, and more. Not every property management software platform is created equal, though, so you need to know what features to look for. Let’s explore the top five property management software features you should expect from a quality company.
1. Tenant Communication
Unfortunately, tenant communication can sometimes be an afterthought. Communication is key, however, when it comes to keeping your tenants happy in your units, especially with property management software for small landlords who prefer closer contact with their renters.
Good property management software should include features that allow you to communicate clearly with your residents, like the ability to comment on maintenance request tickets and send automated messages or reminders about payments. Being able to talk directly with your tenants through your property management platform builds rapport and allows you to better manage your units, all while keeping a record of conversations.
2. Maintenance Management
Speaking of maintenance requests, your property management software should include a way for tenants to easily submit maintenance tickets. The easier it is for a renter to send in maintenance requests (think photos, descriptions, etc.) the better off you’ll be — and the better your unit will be maintained.
Here are a few important questions to consider when evaluating property management software’s maintenance management features: How easy is it for tenants to send in a ticket? Can they send them on their mobile devices? How will you or maintenance providers be notified?
3. Tenant Screening
A good tenant saves you time, money, and energy in the long run, so knowing how to find them is key. Tenant screening is vital for your properties. It allows you to view important information about a tenant’s criminal, eviction, and credit history before you give them possession of your unit.
Some property management software goes above and beyond this expectation, offering higher levels of customization (like designating a pet’s breed, weight, or age) and status management of different applicants. Some even provide an option for tenants to upload income verification documents, like paystubs or bank statements. Some of these advanced features might be more important to you than others, so seek out a platform that offers the level of customization that’s right for you.
4. Lease Management
Digital lease management can help you finalize leases days ahead of traditional turnaround times and keep your documents organized in one place. You and your tenants can access documents like a lease agreement on the go at any time through the right software instead of having to store printed files.
A good additional tool is the ability to create a reusable template that can be sent to multiple tenants. The ability to copy information like lease start and end dates and input them in the correct places on a lease will make leases stress-free and simple to create, send out, and sign.
5. Online Rent Collection
Arguably the most important feature that will save you the most time and energy is online rent collection. Tenants can send rent payments with the click of a button (or even automate payments) rather than writing and mailing a check that you have to keep track of. This means that more residents will pay their rent on time, saving you time chasing after them and taking physical payments to the bank.
All tenants have to do to set up rent payments with most property management software platforms is input their credit card or bank account information. This feature makes rent collection easier for all parties, which your tenants will appreciate.
Choosing What Property Management Software Features Are Most Important for You
These features are important to keep in mind when shopping for property management software that works for you. But remember, while these features are a base or foundation for good property management software, you may have different needs specific to your units. Write them down and research what platforms offer the services that you need most. With the right features, your business will be able to grow and your tenants will be happy — everyone wins!
