More than half of property owners (56.3%) do not use any type of property management software, instead opting for Excel spreadsheets or accounting software. If one of your 2022 new year’s resolutions is to streamline your rental property business, then now is the time to make the change to rental property management software.
Top 8 Benefits of Rental Property Management Software in 2022
Rental property management software makes rent collection a breeze. Collecting rent online saves time and effort and eliminates misunderstandings about when rent is due and how it should be paid. Plus, as a landlord, you get to watch and track payments as they arrive in real time.
It’s easier for your renters too. Online payment software can provide multiple payment methods, so your tenants can choose what works best for them. Tenants will also have the option of signing up for automated payments, which eliminates issues caused by late rent.
Every landlord should screen their prospective tenants before offering a lease. But screening each tenant can be a laborious and time-consuming process without property management software. Fortunately, software can streamline the whole tenant screening process, including background and credit checks.
If you’ve ever used a system that requires tenants to fill out and submit written maintenance requests, then you know what a hassle it can be for all parties involved. Maintenance requests can also get buried and lost very easily if there isn’t an effective system in place to keep track of them.
Rental management software eliminates this problem. Maintenance requests are automated and organized automatically, and can be accessed easily via your computer, smartphone, or tablet. This system also allows property managers to communicate effectively with tenants and contractors to ensure that the necessary maintenance always gets done.
There was a time when some landlords shied away from using rental property management software because of its cost. These days there are many affordable options and, for most property owners, the increased efficiency of modern software is more likely to save money and reduce operating costs.
Filling vacant rental units has always been a hassle. Today’s most advanced property management software identifies and notifies landlords and/or property managers of vacant units automatically, and makes it easy to begin advertising them with just a few clicks.
Keeping lines of communication open between all parties is among the most challenging aspects of property management. One of the most significant benefits of property management software is that it keeps everyone’s contact information in one place.
That means landlords, tenants, managers, and contractors can all reach each other when and how they need to. As a landlord, it’s great to know that you can text or email a tenant or your management team any time using your software’s built-in communication features.
In today’s world, it’s more important than ever to know that your sensitive online date is stored safely and securely. The data encryption included with the best rental property management software ensures security for all parties, and keeps sensitive information like credit cards and lease agreements from falling into the wrong hands.
Bookkeeping is not a task many landlords enjoy, and some simply put it off until the end of the tax year. That, of course, is not a good idea, but for some property owners, it’s simply hard to find the time to keep up with accounting. That’s another good reason to choose property management software that can help you keep track of rental income and expenses.
Son-Rise Property Management
Son-Rise Property Management has been serving the needs of property owners, community association members, and renters in Whatcom County since 1996 and Skagit County since 2001.
Contact us today to learn more about how we can help support your rental property business in 2022.