Property management companies have a lot to keep track of when managing rental properties. From tenant applications and contracts to maintenance requests and rent collection, it can be overwhelming for even the most experienced professionals. Fortunately, there are some tools available that can help simplify the process and make running a successful property management business easier than ever before. Here’s how to start streamlining your property management with the right tools.
1. Tenant screening tools
Having the right tenants is essential for any property management company. You want responsible tenants so that they pay rent on time and take care of your property. However, choosing from among potential renters with an informed decision requires thorough background checks, which can be time-consuming.
That’s why there are now specialized tenant screening services such as Experian and On-Site that provide comprehensive reports on prospective tenants quickly and securely. Their detailed data allows users to accurately evaluate applicants’ credit history, criminal records, and past rental activity. These tools can be helpful for you to quickly screen potential renters and determine if you feel comfortable with them becoming tenants on your property.
2. Online contracting
Gone are the days of manually filling out contracts for each new tenant, as this is a time-consuming task. Nowadays, there are many online services that allow users to create and digitally sign contracts quickly.
This eliminates the need for time-consuming paperwork while still ensuring that all parties involved have read, understood, and agreed to the terms of their agreement. Digital signature services are also a great way to keep track of who has seen and agreed to the contract, providing property management companies with an easy and secure way to manage their tenants. Physical contracts can get lost and mixed up, so having an online resource to access them can keep things organized and make them easy to access anywhere.
3, Rent collection tools
Collecting rent can be one of the most difficult tasks when managing rental properties. Late or non-payment can cause significant financial losses, so it’s essential that any property manager have a reliable system in place to ensure the timely collection of rent.
Services such as Humboldt provide recurring transactions. This allows tenants to set up recurring payments that are automatically withdrawn each month, making rent collection much simpler. This prevents renters from simply forgetting to pay rent when it’s time for their monthly payment.
Additionally, these services allow renters to make payments via mobile or online portals with credit/debit cards or ACH transfers. This makes paying rent simpler than ever for your tenants, and this convenience can help you collect rent on time.
4. Maintenance management software
Maintenance is an important part of being a good property manager. Staying on top of maintenance requests is essential for successful property management companies. Keeping track of requests and repairs can be overwhelming without the help of software.
Using specialized software can help streamline this process by providing users with an easy-to-use dashboard for managing tenant inquiries and scheduling workers for repairs. This type of software allows users to set up customizable notifications to be alerted when new requests come in, or something needs to be done.
5. Account management software
Account management software provides property managers with the ultimate overview of their rental portfolio. This type of software allows users to easily track rent payments, generate reports and invoices, manage tenant profiles, and more.
In addition, since all this information is available in one place, it makes managing multiple properties much simpler than if each were tracked separately. This makes you work quicker and easier, while also possible on the go.
Get the right tools
Having the right tools for success is essential for any property management business. With services such as tenant screening, online contracting, rent collection, maintenance management software, and accounting software, it’s now easier than ever for property managers to keep track of their rental properties and ensure the successful running of their business. If you’re looking for other tools and resources to be a good property manager, there are various online resources and successful blogs that can help you. Utilizing these tools can not only save time but also make sure that any potential issues are addressed promptly. Follow the above guide to get started streamlining your property management company.
Additional articles you may be interested in:
- Property Management Industry Trends for 2023: Ultimate Guide
- 5 Best Tips For Buying Your First Holiday Home
- How To Approach Investing In Real Estate
- 9 Tips: Save Money and Invest in Real Estate
- How To Understand Real Estate in 2022
- How To Avoid Two Mortgages After Buying A New Home
- 4 Ways Outsourced Fulfillment Can Streamline Your Ecommerce Company
- 5 Things To Consider When Drawing Up A Legal Contract In Business
- How To Prevent Downtime From Disrupting Your Business Plans
Alaine Meier is a blogger at LadyBossBlogger. She graduated from the College of the Holy Cross with a BA in Economics and a minor in Environmental Studies.
Leave a Reply