Investing in rental property should be treated as a business. This isn’t a hobby or something you do for fun. You’re spending real money to buy real estate that you rent out for a profit. Because of this, you need to have the right tools in place.
Using rental property software helps you manage your real estate and tenants. You can better manage the many tasks required. Most importantly, you can track your ROI and ensure your investment is profitable.
Consider these qualities when choosing the right software for your rental property management needs.
The software you choose needs to provide all of the features you need to manage your rental properties effectively. It should streamline the rental process from start to finish.
- Tenant applications
- Applicant screening
- Document processing
- Rent collection
- Maintenance requests
- Accounting tools
By having everything in a single software platform, you can streamline the rental property management process. It’ll give you a centralized place to store documents and track the status of various tasks.
There are more factors to consider than the cost of acquiring the software. However, you can’t ignore this factor. Some platforms are free for you to use up to a certain number of properties.
Then some platforms are anywhere from $50 to $1,000 per month. Some software options will charge you based on the number of properties you need to manage.
Determine your budget and look for software that fits within that budget. Remember that more expensive software typically comes with more features. This doesn’t mean that more expensive is automatically better. Balance price and features to find a platform that’s suitable for the number of properties you own.
If you plan to use your software while on the go, then you’ll need it to be mobile-friendly. This lets you manage your properties from anywhere. Cloud-based software lets you access your property information from anywhere, making it more convenient.
A program that lets you manage your properties across several devices is the most useful. It should update in real-time. This lets you work with other people while ensuring everyone has the latest information.
The software you choose needs to be easy to use. It should have a pleasing yet easy to navigate user interface. This will lessen the learning curve and allow you to hit the ground running. Software that’s overly complicated or hard to learn will be cumbersome and reduce productivity rather than improve it.
If you have managed rental properties for a while and are looking for software to grow your investment, then you need a platform that’s easy to integrate into. Compare the ease of entering past management documents and data for a smoother transition to your new software system.
You may only own one or two properties right now, but what if you buy more in the future. The software you buy needs to scale up with you. That way, you don’t have to worry about looking for a new software platform again in the future.
Work with a Property Manager
There’s an alternative to purchasing your own rental property software. Instead of spending time seeking out the perfect software and paying for the right to use it, you could just work with a local property management firm. Reputable property managers use software to manage the many properties of their clients.
When you work with a property manager, you benefit from using their software to manage your property. Your tenants can make online payments. Your manager will send you regular accounting reports. You’ll be able to track everything related to the management of your rental properties.
Contact our skilled team of managers and experience the ease of working with a property manager and using their management software.