Small to mid-sized landlords have a lot on their plate. Even if you only manage a few properties, you know how challenging it can be to juggle rental responsibilities while balancing your work or personal life.
Given this reality for many landlords, it may sound ambitious to manage your rental business entirely on your own. However, with best property management software, this goal is possible.
Whether it be through integrations, automation, or streamlined tenant screening and maintenance processes, property management software gives you the tools you need to successfully manage a rental business by yourself.
Here are a few ways you can reduce costs by self-managing your properties with property management software.
Integrations are how a software company facilitates interactions with other software applications. Property management software companies offer many integrations with useful sites and apps, including listing sites like Apartments.com, digital payment portals like Zego, and rental accounting services like QuickBooks.
By taking advantage of integrations, you can reduce the need to hire additional staff. For instance, if you use QuickBooks to manage your rental accounting, you can integrate this application with your primary software platform and avoid hiring a full-time accountant.
Likewise, instead of hiring someone to manage content and social media, you can integrate your software with your company website on platforms like Buildium. Buildium’s integration with Goodjuju allows quick incorporation of property management software into your website, and vice versa.
Automation can also help you save money on rental management. Automated features lessen the likelihood of needing outside help to accomplish tasks.
For instance, automated messaging, late fee infrastructure, and automatically generated payment records make it unnecessary to manage these tasks yourself. Automated records especially help small to mid-sized landlords who want to do their own accounting. Because records are instantly updated and accessible, you can easily funnel them into accounting software like QuickBooks.
On-Platform Tenant Screening
Tenant screening is a serious project. Each tenant needs a credit and full background check in addition to their rental application.
If you’re being thorough with tenant screening, screening even one tenant can take a significant amount of time. A pile of new applications can eat up hours and absorb your energy.
Without hiring someone to handle screening, property management software makes screening much more manageable. Almost all property management software companies offer tenant screening directly on the platform. Some even automatically run credit checks when tenants submit their applications.
By the time you get around to reviewing a tenant’s materials, your software has already done half the work. All you need to do is check the automatically generated reports, interpret the findings, and make a final decision.
If you’re handy with maintenance, you might avoid hiring additional maintenance staff. But for large businesses and more complex problems, there may be no way around hiring help.
Even if you only have one maintenance contractor, property management software helps you streamline the maintenance process. Software platforms offer a maintenance feature with which tenants can submit tickets with pictures or videos of the problem. Then, you or your maintenance staff can respond to the message, schedule times to come in, and monitor the progress of the task.
Whether or not you hire additional maintenance staff, property management software saves your time and energy. When maintenance problems are resolved more quickly, they’re less likely to expand into bigger, more expensive problems.
Property management software helps you manage your own business, reducing the need to hire an accountant, property manager, or other employees.
However, if you do have these team members, don’t fret. Many property management software companies offer multi-user management, which allows you to add additional team members as secondary users of the software. You can even assign them roles and give each access to the features they need to do their jobs.
Self-Manage Your Business with Property Management Software
Although self-managing your rental business might seem like hard work, it is possible. Property management software provides all the necessary tools to manage your business on your own: integrations, automation, on-platform tenant screening, and more. Even if you have other team members, software accommodates you with multi-user management. With these tips and features, your business can thrive under whatever management you decide on.
Also Read: Interesting Articles At: Disruptors Companies.