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Running a business

Choosing the Right Property Management Software

If you’re running a property management company, you already know you have a lot of details to track. Get the help you need to grow your business and increase your client base by choosing the right property management software. To know which software meets your needs, try starting your search for property management software by making a list of the features you want, including the following capabilities.

Help With Business Operations

Managing multiple investment properties involves keeping track of routine maintenance for all of the different properties. That’s a complex task, and it requires software that streamlines your tasks. Ideally, your software lets you set reminders related to everything from cleaning the gutters to redoing the caulking, to mowing the lawns at various properties. Whether you have an internal maintenance team or work with outside third parties, you want software that enables tracking of which professionals you scheduled to do various jobs while also documenting costs incurred and time involved. On top of that, your residents are going to call about emergency repairs; look for software that allows you to schedule and track those requests easily.

Versatile Tenant Interface

When your tenants can reach you easily, they feel happy with your management. If your property management software offers a tenant interface, you open the door for clear communication with tenants. In particular, you may want tenants to be able to sign into a portal where they can pay their rent or request repairs. Here’s a bonus to finding the right software: When your software facilitates communication and handles routine tasks like accepting rent, you don’t have to pay an employee to help with those activities, allowing you to divert that payroll expense to other property management priorities.

Streamlined Leasing Functionality

To streamline other property management activities, consider software that helps you advertise and lease the properties you manage, providing templates that save property listings including photographs, and that sync with local or national listing sites. The right software makes it easy to write your advertisement and tap a button, and the software takes care of the rest of the listing process. When prospective tenants find your listing, they can easily apply online. Software that facilitates electronic signatures simplifies that process even further.

Accounting Capabilities

Every business has to track incoming revenue as well as outgoing expenses. As a property management company, however, you need extra organizational help that companies in other industries typically don’t need. In particular, you need accounting software that lets you break down rental income and expenses for different properties.

To make your life easier, look for accounting software that can engage with your property management software. For instance, if one of your tenants pays rent through an online portal, you want that payment synced and uploaded to your accounting software. That helps you save time, and it reduces the mistakes associated with manual entry.

When upgrading your software, consider doing a demo or checking out a free trial so you can ensure the software you select is right for your needs. Also pay attention to whether the new software syncs with your current hardware and software. Keeping those tips in mind increases the chances that you’ll find the best software for your property management company’s needs.

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