Property management software streamlines many management processes and reduces the stress placed on landlords and their property managers. From promoting available properties to maintaining tenant relationships, this software can add efficiency and value to many property management responsibilities.
However, choosing the right software often involves identifying the biggest pain points of existing property management processes. Some property managers may want a tool that makes it easy to cross-list properties on as many of the top sites as possible. Others may need help managing an overwhelming number of applicants and tenants. Thankfully, the right software offers both of these time-saving features in addition to many others.
If you’re looking for the best property management software to meet your rental property’s unique needs, check out our Real Estate Software Guide to browse our comprehensive list of solutions.
In this article...
Automated Rental Listings
Rental sites like Apartments.com and Zillow are invaluable to the property management endeavor. They are the primary destination for prospective tenants who want to browse available rentals, so managing listings effectively can make a difference in how quickly a vacancy is filled.
Property management software helps reduce the time and effort it takes to maintain open listings across all of the top rental sites. The right platform will ensure all listings have consistent information and up-to-date availability. Avail is one such property management solution that makes the process of cross-listing properties on as many outlets as possible becomes a simple, streamlined process.
With Avail, property owners and managers only need to enter rent and lease details, upload photos, and list applicable amenities once for each property. Then, Avail automatically syndicates the listing information to top sites like Realtor.com, Trulia, HotPads, Zillow, and Apartments.com.
Streamlined Applicant Management
Property management software solutions help manage the deluge of housing applicants that landlords often face when a property is finally on the market. The right software will make it easy to organize and sift through applications and find the best tenants.
For example, DoorLoop digitally collates applications and stores their contents in a simple and clean display. It sorts applicants by property and keeps all of their data neatly organized by name. Because DoorLoop keeps all of the information sorted in such a convenient view, it is easy to make a decision when a prospective tenant has submitted all of the necessary information.
In some cases, property management software can even take the next step of helping landlords screen potential tenants automatically. Avail’s application management features provide each tenant’s 5-year rental history, verified employment and income details, and automated reference checks. For tenants that make it past the initial screening, Avail also offers deeper reports like background checks and credit histories as add-ons.
Efficient Lease Agreements
One of the most time-consuming, labor-intensive aspects of property management is preparing lease agreements with the right details. Therefore, lease agreement management is one of the most important features a rental solution can provide.
Products like Avail help property managers create digital lease agreements with a range of customization options, including lease terms, property- and state-specific clauses, accepted payment methods, and other important policies. The ability to duplicate these customized agreements is also a massive timesaver any property management company needs in order to operate at peak efficiency.
Maintaining compliance with lease agreements can also be a difficult affair when laws related to rental properties differ from state to state. For this reason, many rental management solutions typically work with legal experts to make meeting compliance requirements less complicated.
With TurboTenant, for instance, property managers gain access to lawyer-reviewed, state-specific lease agreement templates. These leases are simple to generate, and the fact that they have been reviewed by lawyers ensures the agreements will be in compliance with relevant laws.
Convenient Rent Collection and Accounting
Many property management solutions support digital rent collection, and property accounting can be easily managed within the software for a relatively low price per unit.
Some platforms like Yardi Breeze offer native payment processing capabilities. Tenants can choose to pay rent via credit, debit, or ACH (Automated Clearing House) transfers, and they can set up automated payments to avoid late fees. This flexibility has become a standard in the rental property market, so not offering online payment methods could deter prospective tenants from signing a lease.
From a landlord’s perspective, online payments make it easy to identify tenants who haven’t paid their rent, so the missed payment can be addressed as quickly as possible. In fact, with Avail’s convenient FastPay feature, rent collection funds are available as soon as the next business day.
Property management software also simplifies accounting processes. Tasks like budgeting overhead costs, managing payables and receivables, and preparing tax documents are easier when all of the financial information exists in a centralized platform. For large management companies that prefer to use a dedicated accounting suite, platforms like Propertyware integrate with QuickBooks for synchronized bookkeeping.
Do You Need Property Management Software?
Property management software is designed to support property managers in every aspect of their jobs, from posting rental listings to optimizing a property’s financial future. The features that the software offers are often easily scalable, so property managers and investors can rely on a single solution as their portfolio of rental properties grows. With the right property management solution, the prospect of managing dozens of properties becomes a more realistic and strategic endeavor.
To find the best rental property management solution for your needs, check out our Real Estate Software Guide.