Rental property management is a job with lots of responsibility and effort. Consider property management software to make your real estate business scale up and increase efficiency, saving you time and money.
Landlords can work more productively, manage their properties better, and increase the value of their investments with the help of online property management software. Modern software platforms provide a wide range of features and tools, each tailored to a specific type of landlord.
The cost of using rental property management software is decreasing while its quality for landlords is improving. Property management software has experienced a tech revolution in the last five years, becoming an incredibly sufficient and affordable tool for all landlords. TenantCloud, for example, is a property management software solution that provides landlords with everything they need all in one place.
How Do You Organize Your Rental Property Business?
One of the easiest and most effective ways to immediately generate significant income and results is to use property management software. An advanced property management tool will be greatly appreciated by tenants, increase productivity, and offer data-driven intelligence that will give you real-time visibility to spot issues and take prompt action.
Here are four top organizational tips for landlords struggling to organize rental property business.
- Keep detailed records and document everything.
- Create a filing system.
- Communicate with tenants.
- Track finances and taxes accurately.
With the right property management software, you can accomplish all of these things and more.
What is Rental Property Management Software?
Setting the rent, marketing your rental online, screening tenants, collecting rent payments, and responding to unexpected maintenance requests are all part of managing a rental property. Having the best rental property management software will streamline the process.
By offering the greatest possible experience for tenants and landlords, property management uses technology to provide effective operations, successful and effective controls, and executive-level monitoring of real estate.
Related: How To Choose The Best Rental Property Management Software
Are There Disadvantages to Using Rental Property Management Software?
Some property management software provides a free trial for users, which we highly recommend before you make your final decision. A free trial of rental property management software helps to familiarize yourself with the capabilities while searching for software that will fulfill your needs.
TenantCloud Free Plan is comprehensive, works flawlessly for unlimited units and listings, and you can upgrade to a Growth Plan if you want to grow your business whenever you want.
It is a perfect chance for small DIY landlords or those just starting in real estate. Landlords can use and benefit from screenings, debit and credit rent payments, maintenance management, and other services.
Let’s take a closer look at each plan TenantCloud offers. Each higher-tier plan includes the previous plans’ features and additional functions.
- A Free Plan is a perfect option for individuals just starting their journey in real estate. Although a free option is an excellent choice for small landlords, as you can easily do screenings, debit & credit rent payments, maintenance management, and many more services are offered.
- The Starter Plan for $15 a month includes additional services such as ACH rent payments, e-signature, auto-pay for tenants, premium leads, and more.
- The Growth Plan is suited for landlords with small and medium-sized portfolios. For a $50 monthly subscription, the Growth Plan offers all prior plan features, and advantages such as team management and tools, custom domain, team tracking, task management, team calendar, and more.
- The Business Plan is an excellent choice for a property manager who supervises employees. Those who require team management tools regularly will benefit as it expands the landlord's and their employees' options.
Who Can Use Property Management Software?
Property management software is an efficient method that provides multiple tools and solutions for every part of the real estate business for tenants, DIY landlords, and real estate agencies. Property management software helps users: attract, screen, and manage tenants, respond to maintenance requests, accounting needs, and much more.
5 Reasons You Need TenantCloud Property Management Software
TenantCloud is a cost-effective cloud-based solution for landlords with less workload that handles maintenance requests by integrating service professionals into the system.
Source: TenantCloud Landlord Community
TenantCloud includes TC Messenger, an internal messaging system that allows users to communicate with other TenantCloud users. By automating your conversations, creating message templates, and personalizing notifications based on the situation, you can save time and money. With the TenantCloud app, you can manage all of your properties from your smartphone.
Let’s take a closer look at other features included:
Tenant Screening
Paper applications are outdated and slow things down. Instead of requesting applicants to bring a paper application, landlords can run credit and background checks online. Tenant screening reports contain information about eviction notices, credit reports, housing histories, and criminal histories.
Lease Agreements
It's not difficult to find a standard lease agreement online, but not all of them contain the necessary details to formally bind the tenant. TenantCloud offers customizable, state-specific online lease agreements that have been vetted by attorneys.
We make creating and signing a lease straightforward and quick for tenants and landlords. With TenantCloud, you can create customized leases, duplicate, and autofill them. It makes the process simple and allows you to scale up your business while saving time.
Related: Landlord Forms: Lease Agreements for Your Rental Business
Online Rent Collection
Online rent payments are easier to manage and facilitate for both tenants and landlords. With TenantCloud, collecting rent online is easy and secure with the help of an effective payment processing system powered by Stripe. The system includes both ACH Transactions and credit/debit card payments.
Source: TenantCloud Landlord Community
Our property software enables you to notify tenants automatically when their rent is due. In addition to facilitating payments, the system may keep additional receipts and categorize them, which will aid you in your accounting.
Related: Real Estate Automation: Top Main Tips to Keep in Mind
Maintenance Request Management
Maintenance request management simplifies the planning, delegation, and management of all maintenance tasks for tenants and landlords. This strategy improves response time to emergency repair requests, reliability, and tenant experiences.
Cost Efficiency
Landlords who run a property management company understand how high prices can significantly reduce an expected cash flow if they don't keep a tight rein on spending. Keeping these costs under control is the simplest way to ensure that profit margins satisfy goals and support business expansion. Property management accounting tools and reports make it easier than ever.
Source: TenantCloud Landlord Community
Automation tools and listing syndication will assist landlords in providing an effective marketing strategy and closing vacant rentals more quickly while saving money on ineffective advertising.
