Real estate management isn’t a walk in the park. Overseeing properties and acting on behalf of property owners can be a tough task, making the job not much of a crowd favorite. You have to assist owners in constructing budgets, advertising rental properties, assessing tenants, collecting rent, complying with local landlord-tenant laws, and maintaining properties.
Preserving property value while earning income can be chaotic, which is why real estate managers turn to a platform that can bring them back to sanity: rental property management software.
Industry Research predicts that the global property management software market will grow at a compound annual growth rate of 5% with revenue amounting to $ 489.02 million during the 2020 to 2024 forecast period. Meanwhile, the market’s year on year growth rate for this year is gauged at 4.51% by the end of 2024.
It’s easy to get caught up in day-to-day real estate management routine and even easier with the help of property management software for landlords. Amidst all this hustle, have you had time to ask whether or not you can make your property management software better?
If you’ve started thinking twice about your online property management software and if you’ve spotted some areas for improvement, you can look more into these techniques to help you enhance your platform:
- Focus on your core tasks
This tip is especially useful for property managers who have just recently acquired their own real estate management software.
Make sure that your platform streamlines core tasks such as guaranteeing accuracy of simple bookkeeping entries, double entry accounting and split property income and expense monitoring, intuitive property owner reporting, and tenant rent collection and web payments.
Check if your software’s functions also simplify your communications channel with tenants, maintenance requests and ticket management measures. Go through your rental property management software features and use them to optimize lease and document management as well as producing perceptive financial reports.
Concentrate on these essential tasks and orient your business to keeping both your landlords and tenants satisfied. For an increased possibility of authentic service, you can use the right software solutions you already have and manage rental property like a pro.
- A little more knowledge doesn’t hurt
Acquiring rental property management software has proven to be a sound investment for most real estate management companies.
However, being equipped with even the best rental management software is not enough to successfully manage your real estate portfolio. You need to work alongside your platform if you want to achieve the most favorable results.
This means looking at the strength of the rental market, checking the best cities to invest in rental property, learning how to earn more revenue in rentals and most importantly, taking the opportunity to participate in lectures and courses for online property management software.
It’s extremely important that all members of your property management team are on the same page. This ensures consistency in the high level of service delivered to your residents. Providing the proper training makes all the difference, since it broadens your team’s knowledge on real estate mechanics.
You can invest in certifications, which have long-term benefits for your organization. Let staff members shadow employees working around the property to enhance visual knowledge. Ensure that team members know the answers to popular questions by heart. Subscribe to online courses that demonstrate how to make the most out of your real estate software.
There are plenty of ways to encourage growth and learning among team members, so use these possibilities to conduct whatever ongoing training you might need.
- Be firm on your agreements
To protect your property from the very beginning, use tight-fit and leak-proof agreements. This is the secret of most successful property managers.
To enforce this, you would need the assistance of a real estate management software. Most property management platforms provide features that enable better document control for property managers.
Check if yours is able to conjure configurable ironclad agreements with a simple click of a button or if it has a bonus feature that allows you to immediately create late rent notices. Use its functions to streamline gathered, stored and retrieved information to oversee properties and residents from all critical aspects—billing, finance, safety, inspections, and regulatory compliance among others. Record and retrieve agreements electronically and without hassle, so you can enforce them better and have one less thing to worry about when managing your real estate.
- Automated documents
The best rental management software has the ability to go beyond storing documents in a secure depository. It can also form them automatically in order to boost your productivity and streamline your communications processes.
To take your business a step further, use the features of your online property management software to automatically construct documents such as leases, disclosure forms, agreements, renter’s inspection worksheets and other essential documents. Some software also have a solid and accessible database of free rental applications you can use to smoothly send rental applications to your residents.
These functions skip tiresome steps in your property management process and give you more time for other necessary tasks.
- Invest in additional software
Although modern online property management software can assist in virtually handling your day-to-day tasks, you might have particular needs that are better addressed by integrating your software with other systems.
If you’re a property manager with a large portfolio, you might need an extra hand with advertising your rentals. Marketing automation software can help you in facilitating email, social media and SMS campaigns to reach a broader swath of prospects.
If you’re having trouble monitoring rent payments, property maintenance as well as inventory costs, you can consider integrating your real estate management software with a property management accounting software to be able to generate budgets and forecasts and obtain a sound overview of your business’s financial health and maximize profits.
In addition to this, Orbis Research notes an increasing need for error-free documentation and calculation in the industry, which has prompted property managers to acquire applications that provide impeccable data computation considering contrasting schemes and activities like inventory, payroll, receivable accounts, payable accounts as well as the general ledger. You might want to jump in on this trend and obtain a software that specifically targets your accounting systems.
Additional platforms are also useful if you own a particular set of properties such as apartments. You can acquire a special platform such as an apartment management software, which has specifically designed tools such as tenant and lease monitoring, online listing management, and a tenant portal to streamline rent collection.
Having the best virtual collaboration tools for remote teams is also essential to provide access to everyone even when they’re on the field or on-the-go.
Managing multiple real estate units is difficult, and it’s not simply done by handling documents and collecting rent on time. This is why having the right software and proper integrations are essential to cover all your business needs.
Do it for your residents
Your end goal for obtaining rental property management software should not only be limited to maximizing profit and streamlining business processes. Ultimately, you need to improve tenant satisfaction through acquiring this technology and keeping up with new real estate management software trends that drive the real estate market. After all, your properties can only thrive if you have residents, which is why when seeking improvement, you always have to consider them first.
Keep in mind that tenant experience should be top priority. Property marketability and the rest of the success will surely follow.
If you’re interested to explore options, you can visit this review of PreApproved Renter to get an overview of the tool’s core features and benefits. This can help you evaluate how you can improve and optimize your rental management processes using the right platform that suits your needs.