The 2018 PwC’s Yearly Trend Report indicates that real estate players risk missing opportunities for failing to integrate technology in their operations. Technology now influences many aspects of the sector.
If you area landlord looking to optimize your property’s management, tech gives you the tools you need. Using landlord software is one of the smartest ways to capitalize on this tech revolution. It is an application that helps streamline property management on a single platform.
Property management systems help with maintenance management, financial reporting, tenant communication, automatic, accounting and bookkeeping and lease management.
The software also covers online marketing, digital solutions, automatic invoicing/notifications/reminders, automatic invoicing/notifications/reminders and much more.
But how do you choose the best software for your landlord tasks? This guide highlights the crucial features to look for in any property management system:
A User-Friendly Dashboard
Once you elect to use the landlord system, you will do everything from the same place. For this reason, you should go for an easy to use dashboard that eases your work.
A good dashboard should bring all the important issues to the fore through a quick business overview. These include reminder notes, rent arrears, and pending rent reviews, expiring leases, vacancy list.
Easy Access from Anywhere
The best property management system should allow for remote access. As a landlord, you should closely monitor every aspect of your properties and this calls for quick access to the system.
Cloud-based landlord software is a timely solution as you can log in from any location and carry out administration roles.
Accounting is one of the essential tasks for a landlord. It is also among the toughest, but with the best property management software, this shouldn’t be an issue.
Look for accounting capacity to track expenses, securely manage your bank accounts, make and accept rent. The software should also have powerful financial reporting capacity, tax filing capacity, among other accounting functions.
Smartphones are now an integral part of life and you will find yourself working a lot from this device. For this reason, look for management software with a mobile app for easy access when on the go.
Communication is key between the landlord, tenants and suppliers. When choosing a property management software, go for one that allows streamlined communication.
Look for communication features such as triggered messages, alerts, client access and other such tools for seamless communication.
Online Property Advertising/Marketing
Marketing is a key task for the landlord. As such, you should go for landlord software that helps you market your vacant rentals online. The functionality includes loading pictures, videos among other property advertising tasks.
Look for software with listing syndication partners to give you access to sites such as Trulia, Hotpads Zillow and Apartment List. This makes it easier and more cost-effective to market your property.
The whole idea of using software to complete landlord tasks is to make life easier. As such, you should look for an application that streamlines operations. It should make it easier to manage one or more properties from one place.
From task planning, reminders, maintenance alerts to tenant feedback, the best software offers wide functionality to boost your investment.
Are you struggling to handle all your landlord responsibilities? It is time to start leveraging the latest technology. Landlord software streamlines operations, boosts efficiency and saves money in property management. It is the smartest move for landlords seeking to get the best out of their investments.
Excellent article. I would add one more thing to consider when choosing a platform. Make sure it’s been around for a little while. Especially if you are collecting rent through the platform!
There are so many new fin tech companies getting into this space now. I’ve heard horror stories with some of them losing their funding or having issues that results in landlords losing their rents.