A property owner knows the challenges it has to face while finding competent tenants, screening their background and credits, renting process and maintaining the property. The management team did all these things in the past, and then the property management softwares. After the innovation in technology and the increasing importance of cloud systems, the landlords are coming towards the new softwares or upgrading their previous ones.
They wish for something efficient that works on all points and gives landlords and tenants equal ease. Don’t worry; I will discuss the top 10 features you must look for in property management software if you buy one.
Top 10 Features to Look For in Property Management Software
Online cloud solution
If your data is stored online in the cloud, it is stored in a secure network of servers, and you have easy access to it via the internet. It is cost-efficient, and cloud management software’s main benefit is accessibility and flexibility. You can save downtime and work from anywhere with cloud property management software.
Make Your Rentals Accessible to All Needed Person
People look for apartments for rent online. And good property management software allows you to showcase your property beautifully with the required information. Some softwares, like TenantCloud, are also linked with many listing websites and generate premium leads; thus, they make sure to bring the right tenants to you as tenant applicants.
A good property management software always finds the best tenant for your property with tenant screening. They ask the people to fill out tenant applications, inquire about their credit and, most importantly, do a criminal and financial tenant background check.
Moreover, some softwares like TenantCloud allow landlords to add their own screening questions for further knowledge.
Paid & Maintain Online
Getting payment and maintaining the property is one must feature that property management software provides. It benefits both the landlords and renters simultaneously. It keeps the data and efficiently collects the rent, and allows the landlords to check and track the maintenance needs, labor time, materials used, and expenses on the maintenance.
A secure database of your client is one of the crucial and important parts of property management software. As a real estate manager, you have to process lots of sensitive data of clients, so it is necessary that your property management software reliably encrypt data, and it is based on two important factors.
- Two-factor authentication
- Push notification about unauthorized login and immediate breaks
This feature must be in your software if you are fed up with managing payment records and cannot handle them manually. To cope with errors and unnecessary stress of remembering dates, names and numbers, the tenants should use the pm software feature that decreases the risk of missing payment records.
Reporting is an essential part of any business and property. When choosing a property management software, check if it contains a built-in reporting module so that you have a keen observation of production reports, financial reports, and daily activity reports.
A smart calendar is another important feature of your property management software. This calendar automatically updates all your check-in, check-out, reservations, events, and holidays. It ensures you can check all details in just one second. This calendar allows the creation of opportunities for new reservations and also has the ability to optimize workflow.
As a property manager, you can’t neglect the possibility of using the system remotely. Reasons like meeting with clients, open houses, and commuting from one place to other should never interfere with your work. You are in a safer zone if your property management software includes a mobile application. It will help you access the property, respond to emails, manage inspections, schedule a tour, get payment online, and communicate with your client more appropriately.
Another ideal feature to be in your software should be rate planning. With the help of this feature, you can easily calculate the amount of money the renter pay according to check-in and check-out date, and your employees are safe from doing it manually with errors and mistakes.
A property management software containing all these features will prove the best helping tool in finding tenants and managing your rentals. So, If you are looking for one, try to check these features; otherwise, you will miss out on something very good.