How Online Property Management Software Helps Scale Rental Businesses
If you manage a rental property, you’re also in charge of growing the business. But between interacting with tenants, addressing maintenance concerns, tracking rent payments, and record keeping, it’s hard to find time for this crucial duty.
But what if software can automate key tasks so you can focus on the bigger picture rather than on the little details? This is exactly what online property management software offers you. Take a look at the many perks of having one:
It’s all in the cloud
Ever misplaced a lease contract or a receipt before? How long did it take you to find it? With property management software, everything will be recorded in the cloud. Just open the app, and all the information you need is at your fingertips. The data is secure, too: you never have to worry about losing your files should disaster strike. With the extra time and money you save, you can spend more time growing your business.
Become more responsive
The growth of a business is directly proportional to client satisfaction, and this rings true for rental properties as well. Most of the time, tenants leave a landlord and not the property. When you have software to help you monitor your properties, you can become more responsive to their needs. The good news is properties with a reputation for good management will rarely have vacancies.
Focus on higher-value tasks
As a new property manager or landlord, you probably don’t have a full-fledged team to assist you. That means even more time-consuming, but not necessarily income-generating, tasks like administrative work falling on your lap. A property management software organizes data automatically and in one place, so you can say goodbye to dreary tasks like placing data manually on a spreadsheet.
Monitor cash flow closely
Online payments continue to grow because of the sheer convenience they offer, so it’s not surprising that 8 out of 10 tenants prefer this mode of payment. And with the proper software, you can remind tenants of due dates and collect their payments without ever knocking on their doors. Not only do online payments make your tenants’ lives easier, but it also allows you to see real-time cash flow—a must for any business.
Have a built-in contractor network
Unless you’re handy with a toolbox, chances are you need to hire contractors to do maintenance work on your property. The question is: do you have the connections for it? A good property management software has a vetted contractor network that you can (literally) tap whenever something needs fixing. Having a pool of contractors to choose from also lets you see which one offers the best value for money.
Start Implementing Online Payments
As you can see, online rental payments have a slew of benefits, and these listed are just a few of the many benefits that come with this service. We want to make it easy on you, as we currently have an online payment system ready to go in our SecondKeys system. Want to check out how it works? Head on over to our demo page and let us show you!