Considering Property Management Software? Answer These Five Questions
Beginning with just one rental property, you found that managing it was a cinch. Yet as you acquired more, it started feeling like a full-time job rather than a side gig. So, you might be wondering, do I need property management software? Let’s figure this out together! Consider these five questions:
1) Are Some Tenants Behind on Rent?
Are there some tenants who haven’t paid their rent on time and you’re struggling to remind them because there are just too many? Trips to the bank for depositing rent checks becoming too frequent? This might indicate you need automation. With property management software, rent payments happen online and are tracked automatically. So, you’ll get alerts when rent is overdue.
2) Are Your Finances Unpredictable?
Despite having enough income, are you still finding it difficult to make ends meet? Property management software can keep your finances in check. It’ll help you track income and expenses, and you can generate financial reports right away – whenever you want.
3) Late with Paying Bills?
Ever taken by surprise by a bill from your gardener or a long-forgotten plumbing invoice? With property management software, all your invoices are kept in one central location. They’ll be flagged automatically when it’s time for payment.
4) Drowning in Maintenance Requests?
With online portals, your tenants can put in maintenance requests anytime. No more missed requests due to odd-hour calls or distractions. Plus, such software can help you notify tenants about upcoming inspections or maintenance.
5) Struggling with Vacancies?
Property management software can automate posting vacancies on sites like Craigslist and Zillow. It can also help you filter tenant applications based on your criteria, say income level or employment history. Plus, it can help you request credit and background reports, manage rental contracts online, and notify you when lease renewals are due.
Great property management software, coupled with a competent management company, can make managing a sizeable property portfolio a breeze.