Property management software is crucial for landlords as well as property administrators or managers to boost productivity, keep costs down and also simplify procedures. An all in one property management software is the ideal product a manager or landlord would want, one that can simplify your accounting, assist in marketing and sales, help with legal processes and resident interaction. Property administrators will have the capability of screening prospective renters, come up with leads, facilitate web based bills payment and lease contract signing in addition the ability to make a web site where tenants and property managers can interact
The list of functions a property manager or landlord would want from a property management software is long and seems to grow longer as new software enter the market and vie for customer attention. There are however new functionalities that are fast becoming necessities for property management software to have instead of it being a “nice to have”.
One of the functionalities that is fast becoming a necessity instead of a nice to have in property management software are ePayments. Has it ever happened to you that you already have the money to pay the rent but are not able to go to the property manager’s office or even to the bank to pay for it? Have you been penalized for paying the rent late? This is a conundrum that property managers and landlords face often, trying to set an appointment to collect the rent or your tenant not having the time to pass by the office. A great solution that several property management software companies have already installed is the tenants being able to pay online. With this one simple change, paying for the rent becomes easier. Records are updated faster because these are done almost automatically. The property management software is able to walk you through setup with a host that payments can be made online. This makes the payment process easier because the tenant can log online and make payments as well as view past payments. Payments can be made in different ways like paying with credit cards, Check, ACH, using the mobile phone or via check. The software also automatically sends out reminders which can be customized so that no tenant will ever have to say that paying slipped their mind or that they were not notified. All these functionalities will decrease the time manager use updating records and can therefore focus more on managing the rental properties.
Another incredibly innovative functionality is an Ad assistant. Since landlords and property managers are also in charge of listing the vacant units in websites like craigslist or sending off ads in newspapers some property management software have also included functionalities that help landlords post ads on craigslist and other sites. Because creating ads is time consuming some property management software not only helps one post on craigslist but teaches you how to make a site where your rental properties are highlighted so that tenants will be able to see the positive aspect of the units and vacancies will be minimized.