Digital tools have become essential elements for the property management business. Not surprisingly, the number of tech-savvy landlords searching for effective digital property management tools is constantly increasing, especially in 2021.
In addition, the pandemic-related lockdowns and travel restrictions have made the landlords and property owners reconsider their business strategies and leverage technology in their daily tasks.
Property Management Software
Property management software systems are now increasingly necessary for self-managing landlords. They help in managing rental properties, performing day-to-day responsibilities and keeping property-related finances organized.
While there are a great number of rental management systems available, some of them have a more robust functionality and allow for less time spent on routine tasks by automating most of them – from advertising vacancies to accepting rent payments and handling maintenance requests.
What are most landlords looking for in an online property management service?
- Tenant portal.
A property management system that includes a tenant portal provides access to rental information, allows renters to pay online and submit online maintenance requests.
- Easy accounting.
The accounting dashboard allows you to view all income and expense transactions online as well as rental payment status and details.
- Maintenance management.
Fixing maintenance problems quickly is the key to retaining renters. With the help of maintenance management, it’s easy to review a maintenance request and handle the repair efficiently.
- Customizable marketing website.
Setting up a customizable marketing website (if this functionality is provided by your software) can help to more quickly fill vacancies and attract more applicants. By utilizing a marketing website, you can highlight all the perks of your rental, add images and provide any additional information you find relevant to potential renters.
- Online leases and E-signature.
Online lease agreements signed electronically are valid legal documents that more quickly and efficiently finalize the move in process. In addition, using an online lease agreement allows for both parties to have access to the rental agreement if they need to double-check lease clauses.
- Customer support.
When it comes to online tools, being able to reach out to a trustworthy support team is essential. Customer support can be especially helpful for new users if any accounting issues occur.
To better understand effective rental management tools, check out the following article: 3 Property Management Services that Help Monetize your Rentals.
You might also want to take a look at the property management strategies that will help scale your business: Top 5 Property Management Strategies to Scale Your Business
Digital Payments
Digital transactions are a safer alternative to offline payments such as cash or paper checks. In turn, digital transactions are now the number one solution for landlords, especially those who manage multiple properties or cannot meet with their tenants in person due to Covid lockdown restrictions. When utilizing online payments, you can track transactions and review their details whenever you need.
Online Communication Tools
Effective online communication is important for managing rentals remotely. Digital communication options make it possible to instantly send text messages or reminders to multiple tenants at once and to have all conversations stored in one place.
When it comes to rental showings, virtual tours are now substituting traditional in-person showings. Fortunately, there are services that can create highly effective virtual showings. Video chat apps allow you to record videos and upload them to YouTube, where they will be readily available to potential renters for viewing. These apps also allow you to conduct live video tours via free online platforms such as Zoom, Google Hangouts, or FaceTime.
Are you using any cloud-based property management services? What do you think is the best online tool for rental management?
Last updated: Nov. 26, 2021
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