Why Should You Invest in Property Management Software Today

Managing investment properties can be challenging. Especially if you have many things on your plate. Whether you’re dealing with vacancies, tenants who pay late, or legal compliance, many things can keep you busy at all times. These tasks can be overwhelming! This piece highlights the six ways that property management software can really help your business.

Graphic of man before a digital touchscreen with a property management icon

Investing in property management software can be an excellent idea. Well designed software will streamline property operations, such as managing your properties and attending to the tenants’ concerns on the go. If you’re interested, keep reading to learn about the key six benefits.

1. Access Information Anywhere

Running an investment property requires handling plenty of information. These should even be at your fingertips to help you make informed decisions and manage your property correctly. To make this happen, you need a reliable tool like Foliolens’ property management software and other options to access essential information wherever you are in the world and get organized.  

For example, if you need to keep track of tenant applications, payments, repair requests, and other information, you can use software to access them quickly. Since most of these technological advances are mobile, all you need to do is check your phone or laptop anywhere.  

2. Get High-Quality Tenants With Streamlined Tenant Screening  

If you want to get the most out of your investment property, you need to get high-quality tenants to achieve it. However, with many people looking for places to stay, finding the right tenant for your property can be challenging. This is where reliable property management software comes into play.

By investing in this software, you can filter out your candidates using verification tools, renter histories, and background checks, among other things. Also, since most property management software comes with background screening capabilities and credit check functionalities, you can detect potential tenants who can or can’t pay on time. All these things can help you screen prospects for your property.

3. Handle Tenant-Landlord Communication With Ease

Photo of the top of an office desk with property management information on a paper

Using property management software can also be essential when handling tenant-landlord communications. If you have this innovative tool in place, your tenants can quickly check property terms, know the status of their accounts, pay their rents with ease, and many more.  

Consequently, you can simplify property management processes while making your tenants satisfied. Remember, the happier your tenants are, the more returns you can get from your investment property.

4. Manage Building Maintenance Issues More Effectively  

When you manage a rental property you’ve bought as an investment, it’s crucial to pay attention to your building’s maintenance to ensure utmost customer satisfaction. The better you take care of your property, the higher tenant retention and returns you’ll get from start to finish.

But with the help of project management software, you can handle building maintenance matters more effectively. For example, this innovative tool allows you to keep track and schedule maintenance work orders promptly. It lets your tenants take photos of the problem and store them with the software’s file repository.

Consequently, the service providers can use the photos to fix the issues quickly and adequately. You can also use this type of documentation for seamless insurance claims applications.

5. Ensure Proper Contact Management

Since it requires the assistance of several people to ensure successful property management, you need to be organized with your contact list. To do this, investing in property management software right from the start can be a great idea. This tool can be used to organize your contacts and avoid wasting your precious time looking for phone numbers and email addresses.

For example, you can utilize the software to group your contacts according to tenants, vendors, maintenance service providers, and other partners. That way, calling them about any matter would be much easier and less stressful. This can save you a lot of time in the long run.

6. Manage Your Accounting Tasks More Efficiently

Like other aspects of property management, your accounting chores should be handled more efficiently to avoid finance-related issues. This is one reason why using property management software makes a lot of sense. With this software, you can do the following: 

  • Set competitive rent prices for your property 
  • Calculate the amount of rent due to every tenant
  • Prepare tax statements for your investment property
  • Tracking income and expenses easily
  • Generating financial reports anytime 
  • Handling other accounting-related tasks

Bottom Line

Property management can be daunting if you have no idea what to do in the first place. But with the help of property management software, you can improve your efficiency and provide a better life for your tenants. Remember, the more you streamline some basic tasks, the better you can focus on building good relationships with your tenants and other business partners.

Therefore, if you’re still unconvinced with the importance of property management software, keep the reasons mentioned above in mind to help you make a sound decision for your property today.

Tre Pryor, Realtor

Tre Pryor is the leading real estate expert in the city of Louisville. He is a multi-million dollar producer and consistently ranks in the top 1% of Louisville Realtors for homes sold. Tre Pryor has the highest possible rating—5.0 stars on Google—by his clients and is routinely interviewed by the local NBC news. Tre Pryor is a member of the RE/MAX Hall of Fame.