Lease management software is practically a requirement for any real estate investment business today. Because of the complexities of real estate law and the requirements that owners have to tenants of every stripe, it's a massive undertaking to remain in compliance without some outside help.
This task gets even more complex and demanding when it comes to companies with multiple units or investment properties. The key to success as a landlord, therefore, is to ensure that you're using a lease management software platform with features that are right for your needs.
Finding a good lease management software platform means that you'll have everything at your fingertips when it comes to organization and implementation. There are a number of options out there to choose from, but they're not all created equal. In fact, it's a good idea to check carefully to ensure the lease management platform you're using has the following feature sets:
Direct management through the features listed above is an obvious requirement for any lease management software platform. However, there are other components of lease management that need to be addressed as well, especially those that deal with the accounting aspect of managing rental properties.
Lease accounting features are usually listed separately from lease management ones, and for good reason: they're highly specialized and specific. Platforms that offer budgeting and forecasting tools, capitalization reporting, payment and expense tracking, and tax management abilities are integral for keeping your financial activities well-documented. It's not just a good idea, after all -- it's the law.
While lease management and lease accounting are two feature sets that you need in any good lease management software platform, there are additional capabilities to consider as well. The lack of any of these features isn't necessarily a dealbreaker, but they offer a number of quality-of-life upgrades that make your job as an investment property owner easier. At the same time, they also make life easier for your tenants as well.
The ability to manage work orders for tenants or provide them with an online rental payment portal certainly makes things run smoother in any given rental property. Meanwhile, the ability to manage HOA membership features like member communities, committee and event management tasks, or maintain a member directory also helps overall site management as well.
Some of these features are only applicable in certain types of rental properties, of course. That being said, having your lease management software able to provide these additional capabilities increases not just your own ability to manage your rental properties but empowers and pleases your tenants as well. Happy tenants are good for business -- they pay on time and don't break their leases -- and this makes finding a well-rounded lease management software platform all the more important.