Property Management Software
80% of property managers are involved in rent collection, repairs and maintenance, and the collection of fees. In addition, they are usually responsible for communicating with tenants and handling tenant queries and complaints. Being a landlord is 90% admin and 10% making deals.
Managing these tasks is imperative for tenant retention and tenant satisfaction. So, how can property managers use property management software trends to improve tenant satisfaction and building operations?
Read on to learn about the property management software trends all landlords should know about.
Property Management Software Trends For Landlords
Let’s look at some of the ways property management software is being used to help landlords manage their properties more effectively. Property management software allows various landlord tasks to be executed on one easy-to-use platform, streamlining daily operations.
Property Management And Maintenance Requests
Maintenance requests can become quite overwhelming for property managers and landlords. In addition, if maintenance requests are not filed using a single organized platform, they can often get lost in email inboxes and text messages.
To better manage your maintenance requests and provide tenants with a way to view the status of their maintenance requests, property managers and landlords can use property management software.
Property management software allows users to file maintenance requests and view the status of their demands, eliminating the need for them to contact their property manager with queries repeatedly.
Since property managers can often become overwhelmed with messages from tenants, this can free up their time to focus on more pressing matters.
The software also allows property managers to keep track of their contractors to ensure they have called contractors for maintenance requests.
Since poor response time to maintenance requests can make it challenging to retain tenants, landlords should know the tools available to help them handle maintenance requests more effectively.
Property Management And Rent Payments
A significant element of property management is keeping up-to-date with rent payments. Tenants may forget to make a payment, or you may lose track of which tenants have made upfront payments for the months ahead.
Property management software allows you to keep all of this information in one place, making it easier to track expenses and enabling tenants to pay using an online system.
Property management software sometimes enables alerts to be sent to tenants when a payment is due or when they have missed a payment. Since the landlord or property manager would usually have to draft and send out messages for each missed payment, the software can save time.
With a streamlined payment platform, landlords can better manage payments and review payments quickly without sorting through cash payments, bank transfers, and cheques each month, which can be easy to lose track of.
Property Management For Communication
Property managers are responsible for all communications with tenants. If they have queries, maintenance requests, late payment requests, or wish to renew or terminate their lease, all of these processes will be communicated with the property manager.
With the massive amount of emails, texts, and messages property managers receive, it can be easy to lose track of conversations on multiple platforms.
By installing property management software, landlords can provide one preferred method of communication with tenants, allowing them to keep all communications in one place.
Property management software also enables a chatbot to handle small queries that a chatbot can quickly answer. Since a chatbot can answer small questions, this will significantly reduce the number of messages the property manager must respond to personally.
It also means that tenants won’t have to wait as long to receive an answer to simple questions regarding the building, rent payments, and more.
Property management software can also allow landlords to establish clear protocols for new tenants, such as tenant referencing and credit checks and their monthly income.
Technology & Automation For Property Management
Property managers adopt cloud-based technologies and IoT devices more frequently to help with convenience and energy savings. With cloud-based property management software, landlords can handle property tasks and respond to tenants anywhere.
Similarly, tenants will be able to access the online payment portal and make a transaction from anywhere. In addition, you can trigger automated alerts for late payments, due payments, and when a tenant’s lease ends.
Property management software allows landlords to manage their properties and tenants without manual processes, freeing up more time to focus on essential tasks.
Property management can be a severe undertaking. Poor organization can cause tenants to become unhappy and frustrated, as landlords and property managers fail to resolve complaints, queries, and maintenance requests.
To ensure tenants are satisfied with the services in their building, property managers should consider streamlining all property management processes to one user-friendly platform.
This way, all the information landlords need is held in one place, allowing them to have a consistent overview of priority tasks.
The British Landlords Association is a national landlords association for residential & commercial landlords. Join us today membership for the year is only £69.95
Our top read blogs: