According to Grand View Research, the global real estate market size is estimated to expand from 2022 to 2030 at a compound annual growth rate of 5.2%. This steady growth of the market size has led to the development of the property management software market by 5.73%. Well, property management can be a tedious and repetitive job. This is where bespoke property management software tools come in handy. Here are some benefits of using the right property management tools for your rental business.
Boost your customer loyalty
For starters, property management is a people-oriented industry. Proper property management software can boost customer loyalty by making tenants feel listened to and valued. You can incorporate chatbots and voice agents into the software to provide 24/7 support to tenants whenever they have an emergency. Nothing is as frustrating as not being able to reach your landlord when you need them. In addition, you can enable multiple currencies and languages on your software to make tenants from other countries feel included, boosting your landlord-tenant relationship.
Effective tenant screening
You wouldn’t want just anyone to waltz into your apartment and rent an apartment. Background checks on potential clients are essential to ensure they don’t have a history of criminal activity, will adhere to your regulations, and will make payments on time. In the past, landlords would sign agreements with their tenants after the screening process came back clean.
Unfortunately, documents can get lost or destroyed. An effective property management software makes the screening process easier and faster by granting landlords access to state registers. This software also ensures that it protects the tenants’ privacy by only reviewing documents that are available to the public.
Improve report generation and data tracking
As a property manager, you should keep track of everything around the premises. However, this task is easier said than done, especially if you manage multiple homes and apartments. An efficient top-rated property management software generates comprehensive reports on crucial information like tax payments, expenses, and your current stream of income. The data you collect from these reports will give you an overall picture of where you stand and help you make more informed decisions for the future. You can also use these reports to determine what changes you need to make to your property to improve your ROI.
Receive and manage your payments
Electronic payments have made work easier for contractors, tenants, and landlords. You no longer have to meet with the other party in person or keep daily hours to collect money from people who owe you. The right property management software helps you automate payments and save the time you would have spent depositing or processing payments. The tenant can also opt to make a direct debit, subtracting money from their bank account for urgent payment. In case of a dispute over rent payments, you can easily access the reports and records on the property management software and track all the payments they have made.
We understand you are juggling numerous tasks around the property you are managing. It is normal to feel like there aren’t enough hours of your day to handle all the responsibilities assigned to you. Some days slip past your fingers, and you forget to meet with a client or conduct a routine inspection.
An excellent property management software displays bookings, meetings, appointments, and other pending tasks that require your attention. You can also set reminders to collect rent from your tenants. Property management software is designed to help you never forget anything about your property again.
Improve property inspection
Your building is bound to deteriorate with time. Therefore, a property inspection is a necessary yet time-consuming process you need to undertake. The right property management software helps you save time without compromising on the quality of your work. The inspection templates ensure you get all the information and save time on sections you have already inspected. This software also helps you generate informative reports with accurate details that you analyze once you return to the office.
These are just a few benefits of investing in the right property management software. These tools provide real estate professionals and owners with a faster, more convenient way of running a profitable business. The right tool will help you increase your revenue by attracting and maintaining the right tenants. You can also lower unexpected costs and expenses that are eating into your profits. You will certainly save time and earn more cash as a property owner or manager.