What is Rental Property Management Software? How to choose the Best in 2022?
In this post, we will discuss cloud based rental property management software! After all, we use a software tool to ease our effort or save our time and money to do any hectic, long, or tough work!
A rental property management software is for property managers or real estate investors. It is to ease the job of people who holds lots of rental properties to manage every day.
Yet this kind of simple-to-use software can also be helpful for non-professional homeowners. DIY landlords who have limited rental property to invest in could also make the best use of it!
One can simply understand it as a rent collection or tenant management software. It is a complete system! It helps rental property managers and owners perform their regular tasks or operations while handling their properties.
It acts as a secure environment for its users and even eliminates the daily repetitive tasks. Online rental property management software can save your time and effort. It can also help one calculate the financial health of the property.
It is possible by offering reports on monthly expenses, income, and rent payments. A software, using which you can automate the management of any of your rental properties with less finance.
Having property management software is the best option than even a human manager. One major benefit is that there are almost zero chances of error. After all, everything is in the control of a software bot. It also helps tenants get a proper channel from where they can also track their transactions and apply for troubles.
By the way, it takes effort and time for a newbie human manager to maintain and take care of a property. Tenants can also apply for maintenance of a property through software at any point in time.
What are the Essential Features of a Rental Property Management Software?
Below is the list of the main functions that you should look for while choosing software for your personal or professional needs;
1) The software must be easy to install and use even by a single person without any trouble!
2) A user-friendly dashboard to get the status of the rents received, total properties, and their occupancy.
3) It should help you track everything based on your rentals. The list includes expenses, income, tenant lists, documents, loans, bank accounts, and property value.
4) There could be an option to save security deposits, rental rates, and lease terms in the software app.
5) You can look for paid and outstanding rents when needed.
6) A user can easily prepare, customize, and forward rent receipts to the tenants on the go.
7) Tenant application and their information.
8) Record keeping about the maintenance of the property.
9) Rent Roll to avoid trips to the banks and unnecessary paperwork.
10) Management and tracking the maintenance of the property.
11) There must be an option for the tenants to pay rent directly online, or if mutually agreed, the payment process can be made automatic.
12) A user should send notices to the tenants about the dues directly from the app.
13) There application must send certain reminders or notifications to the tenants for payments, like a link to pay via email.
14) It should help users find the expenses and rental income from their credit card or bank account.
15) It must give all the analytics and data helpful for a quick tax plan.
16) Tenant screening – You must have complete details about your tenants, such as their criminal or credit history.
17) You can also look for the following features in rental property management software;
– Income tracking, Tenant Portal, Rent Collection Online, Custom Emails, Secure Storage on Cloud, and Smart Receipt Scan.
– Tenant & Property accounting, Cash payment network, and SMS notifications.
– Website for Property Management, Online yet secure Storage for Attachment and Files.
– Custom Expense/Income reports, Detailed Vacancy, Lead generation, and Rental Reports.
– Full accounting, online payments, Rental agreements & e-sign, and on-demand printable reports.
What are the Advanced Features of a Rental Property Management Software App?
With the above operations, you also might need to automate or digitize some of the below add-on modules in your rental management software;
– Vacancies Marketing and Marketing Syndication.
– Easy to operate with the help of mobile apps.
– Help users to promote their properties.
– Advertising to listing websites.
– Applicant tracking, eviction, criminal, and credit report.
– Lease Management, Tracking, and Reminders.
– Communication with the tenant.
– Prospect and Vacancy tracking.
– Document storage and Online maintenance.
– Renters Insurance Tracking and Online rental applications.
– Managing the contacts and Live Chat.
– Communication with multiple tenants.
– Vendor Payments and Walk-in Payments.
4 Things to avoid when choosing a Real Estate Rental Management Software
After a search, you can find many software options in the Free and Paid categories. You can try as per your needs! Try to make sure to avoid selecting software that matches one or more of the following facts;
– It should not ask for any upfront cost for onboarding that might not be worth it for many landlords.
– It must not charge a big minimum amount from a user to use its full features. After all, not all of its users have thousands of properties to handle or that much budget.
– Many software vendors provide only a ticket system to offer support or resolve their client’s issues. It could be frustrating for many of the users!
– If a software is not having the tenant portal, you would be lacking one of the vital features of a rental property management software.
10 Things you should not avoid to have in your Rental Property Management Software
Following are the things that you can keep in mind while choosing a real estate rental management software;
– The company must take the feedback from its users and improve/update its app regularly to avoid any issues.
– There must be the option of a monthly payment instead of a yearly subscription to use the paid services of the app.
– The software should come with an app, or at least be compatible with mobile devices.
– There should be 24/7 customer support for the users or landlords with maintenance handling.
– It is good if tenants can also get some inbuilt support or help if facing any issues with the software.
– Free Training on using the software and/or its app.
– Low cost per unit of property management.
– Integration with third-party apps like email.
– Both the mobile apps and browser versions must be smooth enough to use.
– Tenants can include videos and photos with their maintenance requests.
The users of rental property management software lie among two classes. One category belongs to lite users i.e. landlords who might have one or few properties to automate their management. The other group is heavy users, homeowners who are seriously into the property management business!
A well-balanced software can keep both parties i.e. owner and tenant happy! It should offer satisfactory services for the great value for the money spent. There must be no minimum caps on how many properties you are listing on it to manage. It should also be scalable with your growing need or Rental Empire!
By the way, readymade software might not give you all the benefits and features you need. Also, it might not be an all-in-one platform to avoid using different software tools for each purpose!
A cloud-based platform can offer data security with no more hassles of installation and maintenance for the clients! For any of your custom or specific requirements, you can contact GBKSOFT & Altamira Group! It is a web and mobile app development agency known to provide high-quality results.
They also offer Out of the Box ready-to-use software. They can help you make the right cloud-based rental property management platform for your firm or individual needs. It will surely help you avoid any rework or clutter!