One of the most important aspects of running any business, but especially when you’re managing rental property, is having adequate software to do so. The right property management software can help you streamline your business so that it’s easier to manage day-to-day tasks.
Many landlords even claim that using the right software has helped them earn more money through their rental properties. However, not all property management softwares out there are created equal. Here are seven tips for choosing the right one for your rental business.
1) Consider your property size
Are you a small property owner with just a few units, or do you manage hundreds of properties? The size of your portfolio will dictate the features you need in a property management software. If you have a small portfolio, you may not need all the bells and whistles that come with a more comprehensive system. Conversely, if you manage a large portfolio, you'll want a system that can handle all your properties and tenants with ease.
2) Consider your property type
Do you manage apartments, single-family homes, commercial properties, or a combination? The type of property you manage will dictate which features are most important to you in a property management software. For example, if you manage single-family homes, you'll want a software that has powerful marketing tools to help you find tenants quickly.
If you manage apartments, on the other hand, you'll want a software with robust tenant screening capabilities so you can find the best tenants for your units. Keep your property type in mind as you evaluate different software options.
3) Start with simple, cloud-based systems
If you're just getting started in the rental business, you'll want to start with a simple, cloud-based system. This will help you save money on hardware and IT costs. Look for a system that offers an intuitive interface and easy-to-use features.
Tenant screening is important, so make sure the system you choose offers this feature. Choose a system that is scalable so you can grow your business without having to replace your software. Lastly, make sure to read reviews before making your final decision.
4) Consider your budget and pricing options
If you're in the market for property management software (PMS), chances are you're feeling a little overwhelmed. It can be difficult to know where to start with the wide range of alternatives available. Additionally, you may not be sure if you can afford PMS if your finances are tight.
The good news is that there are plenty of affordable options out there that offer some great features without breaking the bank so always consider your budget and pricing options while selecting one.
5) Find a platform that offers a free trial or demo
When you're looking for property management software, it's important to find a platform that offers a free trial or demo. This way, you can try out the software before committing to it. Additionally, a demo or free trial will provide you with the opportunity to determine whether the software is suitable for your rental business or not.
6) Consult with industry professionals
When you're ready to start looking for property management software, consult with industry professionals to get their recommendations.
When it comes to choosing property management software for your rental business, there are a few key factors you'll want to keep in mind. tenant screening, accounting, and maintenance tracking are just a few of the features you might want to look for. You'll also want to consider ease of use, price, and customer support when making your decision.