All of you know how difficult it is only to find a rental real estate to purchase. Not to mention the maintenance and management. Hence, you have your hands full. It would be nice if you had someone or something to help you around. Well, guess what? There is! There is a fantastic solution for almost all of your problems, rental property software. You can use it to ease up your everyday job. Plus, it helps you find the best solution for every problem you might run into. People make mistakes. Having a help is a big plus for a landlord dealing with different kinds of troubles with rental property. Read on and find out how rental property software helps you manage your rental real estate.
What are the most important features of a rental property software
The first thing that rental property software allows you do is searching for real estate information a lot easier. If something like that exists, would it be wise if you implemented it into your rental real estate business? Surely yes. We all feel exhausted and sick after work. Having an extra hand we pay one time for would surely be of great help. Make your life easier, get some rental property software! Here is what are some of the most important rental property software features:
- Collecting tenants information- Keep in touch with tenants using rental property software
- Landlords rent roll- Keep track on your rent roll directly over the software.
- Management of vacancy- Immediate listing when the vacancy appears.
- Keeping records on maintenance- Never miss a maintenance again.
- Reporting and financial accounting- Keep an eye on your finances using software for your rental real estate.
Collecting rental and information from and about your tenants
Having rental property software you wouldn’t be forced to be personally present to receive the payment, find out something about your tenant or receive any kind of request from them. The tenant portals enable you to collect the payment online, tenants can make a request for, say, repair, and you can communicate with them on whatever subject might be. You could request your tenants complete the documentation, plus you could archive it immediately after receiving it. Furthermore, you could check on every potential tenant credit score, rent history or even criminal activity. The software would do all the checks for you. As we said, after you find out anything, you could archive it, being that’s the additional option of rental property software.
Keeping track of your rent roll
Having an option to receive payment online, and to keep it recorded over the software for your rental property, you have no need for all the annoying paperwork you used to be forced before. You also don’t need to go to every rental real estate you own to check on the tenants’ consumption of utilities or if they pay the bills and similar stuff. Your software would calculate everything for you, keeping you updated when someone doesn’t pay some bill. The software automatically informs tenants and landlords when there’s a delay in rent payments.
Collecting the listings of current and upcoming vacancies
Never worry again about the opportunities you could miss. The software would take care of everything. There’s an option of automatic updating of your vacancy listings as soon as they appear. That’s not all about the vacancies. You get informed when there is some lease to expire soon. So you could prepare for an action. Or if there is a vacancy in a location that is not utilized enough. Plus, you get the information about the space for moving in and moving out of each vacancy that appears!
- You get alerted whenever there’s an upcoming need for maintenance, making sure you never miss a maintenance again.
- You can make the list of the priorities, set the tasks, and make your objectives so you would make the whole rental business of yours more efficient.
- Having these options makes it easier for you to delegate the tasks to your subordinates.
Taking care of your accounting and financial reporting
This software for your rental property wouldn’t be complete without financial reporting and accounting. But having that kind of option makes you think it is the perfect addition to your job. Here are just some of the things that your software checks, when it comes to your finances:
- General ledger
- Balance sheets
- Income statements
- Both accounts- payable and receivable
- Calculation of local and state income taxes
- Viewing the current revenue
- Future cash flow forecasts
So, what are the actual benefits of rental property software?
We asked this question so you could think: ‘what, like there weren’t enough benefits already mentioned in the article?’ Because, the actual benefits are that you do the job more precisely, avoid the delays, keep track on your finances, get in touch with your tenants any moment, collect the information and the rental online and so much more… Using only your software for rental real estate. Therefore, out suggestion is to get some platform of rental real estate software and get the job done more easily and more efficiently at the same time. Here are top 3 recommendations for rental property software.
Here’s an example of how rental property software works: