If you’re new to property management, you probably realize by now that this profession involves recording and keeping track of a lot of details. To be able to do this, you need to have high quality software that can make your property management business run as smoothly and effectively as possible. Here are four must-have property management functions you’ll need to have in your software, along with the importance of getting a license for property management.
1. Interacts and Communicates Well with Tenants
One of the main qualities to consider when buying property management software is an exceptional tenant interface. To succeed as a property manager, your tenants should be able to easily contact you. That’s why you need software with a user-friendly tenant interface so that you can clearly communicate with people.
The software should include a simple way for tenants to pay rent as well as request repairs. Besides benefiting your tenants, a good tenant interface helps you. Just think about how you can save money and time by not having to hire a third party to collect rent or do other jobs.
2. Keeps Track of Maintenance for Multiple Properties
Trying to manage several investment properties can be an overwhelming task since it can mean doing regular upkeep on different types of properties. This includes remembering what was done on each unit.
Because of the complexity of managing several investment properties at once, property managers need software that can remind them to do routine maintenance jobs, such as mowing lawns, pest control, cleaning gutters, caulking and other tasks. What’s more, as a property manager, you can expect your tenants to call you, at any hour of the day or night, to make repairs and take care of problems. Therefore, you need software that can easily schedule and track tenant requests.
3. Manages Documents Efficiently
Property management software should include effective document management This means the ability for creating, storing and searching for files and documents, such as vendor lists, eviction notices, leases and other items. For example, when selecting a product, look for software that has templates for filing leases that include details about units.
4. Finds New Tenants
One of your primary jobs as a property manager is finding new tenants. Thus, you’ll need property management software that allows for online advertising for tenants. Choose products that let you publish listings on popular real estate websites. You’ll also need software that lets you screen and manage potential tenants.
Other Considerations and Warnings
The Bottom Line
Are you thinking about becoming a property manager? Maybe you’re just starting out in this business but don’t have a foothold in the market. Getting a business off the ground can be difficult and expensive without when doing everything on your own. Download our free Cost Comparison Sheet, which is a guide to the hidden costs of opening your own property management company DIY style vs. using a license through Property Management Pros.