Recently, we invested in a property management software system and all I have to say it is one of the best things we have ever done to help our business. The software system has made our lives as landlords so much easier that it has been well worth the investment.
Here are some of the software’s features.
- It handles all of the accounting, creating easy to read reports for monthly operations and for tax time.
- It produces timely reports regarding who has paid and who is behind.
- It will generate the appropriate letters to those who are behind.
- It comes with a website that provides us with an awesome web presence. On that webpage prospective tenants can:
- View all of our available properties with picture and descriptions
- Apply directly online for one of those properties
- Review our terms and policies
- Current tenants can use our webpage to:
- Set up automatic ACH rental payments
- Review their accounts
- Send us maintenance requests.
- The software automatically generates an ad on our webpage and on Craigslist and Backpage as well as other sites when a unit comes up for rent. Because of this feature, our out of state business has increased significantly.
Why Property Management Software?
All of these features have greatly increased our efficiency and productivity. No more spreadsheets and no more trying to figure out quickbooks (ugh!). Even better, it has dramatically reduced the number of phone calls both from prospective tenants and current tenants because much of what they need can now be found online. In sum, this software has made our lives much, much easier.
Be warned though, using this software required a lot of upfront work imputing data. It does not automatically know anything about you or your properties. Someone …read more