The Top 6 Benefits of Rental Property Management Software

Managing a property isn’t easy, and there are always a lot of different tasks you need to complete to ensure everything runs smoothly. Sometimes you may wish you have something that does everything for you and makes your job ten times easier. Luckily, there is property rental management software available that can do all this for you.

Property rental management software provides you with a user-friendly dashboard where you can handle everything from collecting payments to uploading listings. It offers a wide range of benefits, and once you’ve started using it, there is no doubt you’ll never want to go back.

Below are six of the main benefits you’ll experience when using property rental management software.

Improves communication

When you have multiple properties that you’re renting out, it can be difficult to stay on top of all the messages and maintenance requests you receive from your tenants. Property rental management software allows you to track maintenance requests and set up chatbots so you can stay on top of all your messages. 

The key to being a good landlord is by being attentive towards your tenants, therefore you need to ensure you are replying to them promptly. If they have a request, you can organise it on the software’s dashboard as well so you know when to get everything done. And if you aren’t around to answer a question, you can set up automated responses for common requests. 

For an added bonus, you can also receive documents, images, and videos that can add any extra context to the issue so you understand each other better straight away. 

Boosts efficiency

Nowadays, paperless is the way to go. When you keep everything organised online, it is less likely that you’ll lose an application or document in a pile of papers. This means you can streamline your processes and make everything more efficient. There is also a lower chance of any errors in your documentation, and you can easily correct them if there are any, 

You can also easily manage the status of all your properties in the click of a button. If someone has just had an application approved, you can approve this status through the software. Similarly, if no one is staying in the property at the time, you can also state this, so you know which properties you need to take care of. 

Data tracking/analysis

No matter what business you’re in, whether it’s managing properties or selling televisions, you need to have accurate data that will help you make informed decisions. There is data everywhere, and when you have to input this manually, there is a higher chance of error which can affect the next steps you make for your property rental management business. 

However, when you have software, the data is automatically stored in the system, and you don’t have to worry about missing anything or adding incorrect information. You can then ask the software to perform the analysis for you so you can discover new opportunities for growth for your business. It is all completed with the click of a button and saves you time having to do it all yourself.
 

Access information in real-time

Every time a change happens through property rental management software, it is automatically updated through the system, and you can access this information straight away. If a prospective tenant sends in an application, you will be able to see it from the moment it has been received. This makes things much easier and can streamline the entire application process rather than waiting for an application from your estate agent or in the post. 

Since property rental management software is based on the web, you can see data at any time from anywhere in the world. You can download the platform on your mobile phone and take it around with you, so if a tenant has a special request or needs to talk to you, then you will receive their communications straight away. 

Online payments

Collecting rent can always be a bit of a nightmare, especially when you have multiple properties. Whether you have to collect cash directly from the tenant or wait for them to go to the bank to make a payment, it can make receiving it a long process. You may also struggle to track who has made a payment and who hasn’t.

With property rental management software, you can ask your tenants to pay directly from their mobile phone. It will then arrive in your account in a matter of minutes. This will all be done through the system so you can see which tenants have made a payment and when, as well as which ones are late. You can go back to these records whenever you need it and run financial reports on them.

Helps you grow your business

The aim of any business is to grow and succeed, and that is no different when it comes to property maintenance. You always want to look for ways you can improve client satisfaction, increase your annual income, and look for further investments. The property rental management software provides you with insights on how you can enhance your bottom line and make it further in the industry. 

When you spend less time managing your property manually, it also gives you more opportunities to think about how you can improve your own system. You may not need to hire as many people, which will also save you more money in the long run. Overall, you’ll see a massive amount of growth from the moment you download the software. 

Final thoughts

If you are a landlord or property manager and have to look over more than one property at a time, then there is no doubt you’ll benefit from downloading this software. Hospiria offers a bespoke service where you can download property rental management software and have everything you need at your fingertips. You can get in touch with an expert today to download a demo and find out more.