Real Estate

5 Ways Property Management Software Can Make You a Better Landlord

Property management (PM) software is arguably the most important subscription you should use in your business.

The right software will automate everything from late fee and rent payments to lease termination reminders and lease signing. This will streamline the search, communication, and maintenance of new tenants. It will also act as a buffer between you and your tenants, and help you set boundaries and stick to your policies.

In turn, when you can run your business efficiently, you can provide better services and experiences to your tenants, keeping them happy and satisfied. Using property management software presents you as a professional business to your tenants. This sets a precedent that you take your business and property seriously.

Here are five benefits of using property management software.

1. Immediate care responses

Having a system that keeps all of your maintenance requests in one place is not only great for you as the landlord, but it also benefits the tenant. Delayed maintenance is a common tenant complaint. You can keep your tenants happy and pay just by staying on top of any maintenance requests.

Be sure to train your tenants to understand that all requests must come through your portal. If they call you with a request, I recommend saying:

“Hello [Tenant]Please enter this request in the portal so that our maintenance team can look at it and contact you as soon as possible so that we can fix everything. If you call or text me your request, the care team doesn’t know about it, and I can forget about it. Once it’s in the portal, you can see the status and communicate directly with our repair people. Thanks!”

Always make sure your workflow is tailored to the tenant in terms of how it benefits them. If people perceive a valid reason behind their intention to do something, they are more likely to do it.

2. Ability to send tenant communication blasts

Most software offers a feature that lets you announce communications to all tenants. We all know that communication is key, and that tenants just want to know what’s going on and be communicated with.

For example, if you are planning to replace the roof in a multi-family property, a communication blast is great for keeping all tenants up to date. There may be tenants who work from home and need to coordinate a workplace for the day. If the roofing work and the noise are a surprise to them, chances are they won’t be happy.

Extreme weather is another important topic to discuss with tenants. As landlords, we want to make sure that tenants do certain things in the house during cold temperatures to prevent burst pipes. On the other hand, if you provide snow removal for tenants, they will probably want to know when it’s being done, since they likely have a job and a life.

Using communication blasts to communicate these things to your tenants in advance will make everyone’s life easier.

3. Regular tenant contact

As with anything, having an organized and centralized system is the best way to ensure that something gets done. As a landlord, it is your responsibility to talk to tenants about any questions or concerns they may have.

If you have one tenant who usually texts you, one who emails, and one who calls, it can be very confusing and stressful trying to remember to do all of these things. How to communicate in different ways. Using property management software will eliminate this stress, as all your communications will be done in one place. That way, you can easily get back to your tenants in a timely manner to make sure they are happy with their living situation and take care of any issues that may arise.

On the other hand, texting someone with a complaint or question is much easier than visiting a tenant portal. It creates an essential barrier between you and your business. Like any business owner, you shouldn’t be expected to respond every hour of the day, every day of the week (except in emergencies, of course). Property management software gives you some breathing room and also creates professionalism on your part.

4. No more losing leases.

In the world of property management, there is nothing more terrifying than losing a lease. If you don’t have a contract to rely on, it can soon become a game he said.

Many landlords have no organizational systems and misplaced leases. With the right property management software, your lease is stored online for easy reference for both tenant and landlord. Lease, after all, is your source of truth and is very important.

E-signing is another great feature that comes with most property management software. This saves you time and stress by not having to run around town to meet with tenants to sign your contracts. Instead, they can sign in by logging into the property management software.

5. Eliminate late fees.

If you are collecting rent manually, it is difficult to actually enforce the late fee. It might feel a little personal to text your tenant that they actually owe another $30 for a late payment.

Also, there are no auto reminders for your tenant, or a way to set up automatic payments for them to ensure they never have to pay a late fee. So often, it feels easy to let go.

But when you do, you’re leaving money on the table as a business owner. Your tenant is contractually obliged to pay you late fees, and there should be no reason why you are not making sure they are.

When you have a proper property management system in place, you don’t have to make the emotional decision of whether or not to charge late fees. Rather, the system does it for you. The best part is that the tenant doesn’t have to be angry with you, because it’s as simple as whether he paid on time.

If a tenant complains about late fees, you have a great solution for them too. Any suitable property management software will have a convenient auto-pay solution. You can tell your tenants they’ll never pay late fees again by setting up automatic payments. It’s also great for you as the landlord because it means you know exactly when you’re getting your rent each month.

As a tenant, this is a great solution to guarantee no late fees. Remember, a happy tenant is a good tenant!

What software should you consider?

Here’s a look at some property management software options.

TenantCloud

When I was choosing a PM software, I wanted something that was user friendly, yet powerful. I also didn’t want to pay per property, as many PM platforms require.

We use both. TenantCloud For our rental business. I have been using it for three years, and I highly recommend it. You can use TenantCloud for as little as $13 per month. I pay for the Growth plan, the most non-customizable plan, and it’s only $50 per month. If I value my time at $100 per hour, I only need TenantCloud to save me 30 minutes per month to return my investment.

Bulldam

Bulldam is a very powerful software that is generally used by very large management companies. Prices range from $52 to $166 per month.

Almost any management feature you can think of will be in buildim. It has more advanced reports and financial features than many other platforms. However, while Buildium has great accounting integration, it is less user-friendly than other software.

Raintree

Raintree Another user-friendly platform is one that has a tenant-friendly mobile app. Other features include unlimited document storage, the ability to connect with local handyman or maintenance contractors, and no limit on the amount of units you can manage with your plan.

Plans start as low as $9 per month and go up to $20 per month. Readers with a BiggerPockets Pro account have free access to RentRedi accounts.

Other options

You can spend days comparing different management software. As mentioned, it’s best to start with the software you want to get out of, add in what you want to pay for, and then try a platform. Most platforms offer free trials and even free software demos.

Other popular platforms include:

Save time and money with this refreshing guide to managing your properties..

I Self managing landlordAmelia McGee and Grace Gudenkauf share the secrets to effective property management, tenant screening and onboarding, and scaling your business—all to help you break free from the 9-to-5 grind and build lasting wealth through real estate. To help make.

Note via BiggerPockets: These are the opinions expressed by the author and do not necessarily represent the opinions of BiggerPockets.


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