Advancements in computing technologies have significantly changed how business processes and data get handled. One such business is real estate, which has immensely benefited from the rental property management software.
This property management solution streamlines and automates all complex processes for landlords and real estate agents, easing the burden of managing rental properties leading to more efficient property management. The software combines all the functions associated with property management into only one platform and helps property managers save time and costs, and also increase the productivity of their workflow business. It helps eliminate piles of paperwork that come along with managing a rental property as all the data and files are securely stored in cloud storage, that is accessible from anywhere in the world.
Consequently, many people and business groups now prefer to use this powerful tool to simplify their operations and effectively manage rental properties. Here are the three essential features of the rental property management software you should know.
Automates Property Management
The defining feature of a rental property management system is that it automates the entire rental process, saving you energy, time and resulting in greater efficiency. Tenant web portals will enable online rent payments, so as a landlord or property manager, you can bid farewell to the hassle of collecting checks and cashing them at the bank.
Service requests like leaks or electrical issues are another essential aspect of managing a rental property that can take up a lot of your time and energy. The cloud-based software lets tenants log their maintenance requests online, which lets you view and take care of them remotely.
It also automates vacancy management, allowing you to list properties faster and more easily. That reduces the time to fill vacant units and informing you about upcoming lease expirations. The software can help prevent disputes between tenants and the property manager as it maintains a record of all communication and transactions made between the two parties through it.
Provides Greater Accessibility and Collaboration
The rental property management software allows you to handle all your daily activities via an app on your phone. You can communicate with your tenants, view service requests, and even evaluate your business’s financial matters with the swipe of a finger while on the go.
As all the data gets stored in cloud storage, a secure network of servers, you can access the online database in the cloud rental property management software from virtually anywhere and anytime you want, as long as you have an internet connection. This real-time collaboration is a significant advantage as it means that you and your team are no longer restricted to a single PC, server, location, or time zone.
That allows for greater collaboration as your team can access all work-related files from different locations and on any device and work on the same master documents. Quick and easy to install, the rental property management software lets you integrate other platforms into the app. That combines everything in a single platform that is easy to track and manage. You may visit DoorLoop.com for a full list of features the rental software management system has to offer. For example, Door Loop offers you the convenience to share data between different programs like Zapier, Outlook, Hellosign, Google Drive, and more.
Reduces Operational Costs
One of the most significant benefits associated with cloud management software is its cost-efficiency. With traditional systems your data stored in large, physical servers that cost thousands of dollars and also require IT, specialists, to install, maintain and upgrade it. The licensing costs and energy bills associated with this extensive hardware can add up and could cut down your profits significantly.
On the contrary, rental property management software lowers these operational costs as it does not require you to own this software infrastructure. You do not have to buy any expensive servers to store your data, as all your property files and documents get stored securely in a cloud-based property management system. Also, you may upgrade or downgrade your storage as needed, which means you only pay for what you use.
Rental property managers have to shoulder a variety of essential responsibilities. They have to juggle many tasks like advertising vacant space, attracting and sourcing tenants, drafting lease agreements, collecting rent, overseeing maintenance and repairs, and managing financial records.
Managing these day-to-day tasks for multiple properties can be very overwhelming for property managers. This is where the rental property management software comes to the rescue. The cloud-based solution allows you to efficiently manage these operational tasks sustainably and conveniently via your smartphone or PC, saving you time, money, and energy.