If you don’t use property management software yet, it’s time to get started. Cloud-based property management is made specifically for landlords and property managers, and it’s designed to facilitate every aspect of your business.
Cloud-based property management software provides several features that will save you time and money, and they’ll also make the rental experience more pleasant for your tenants.
Here are 6 of the benefits of cloud-based property management:
- Collect rent online
Online rent collection is just simpler and more reliable than collecting rent the old-fashioned way using checks or cash. You don’t have to worry about payments getting lost or about making trips to the bank to deposit rent payments.
The option for automatic payments gives your tenants the option to set reminders, which decreases the likelihood of late payments. And, in the case of late payments, automated late fees and notifications do the hard part for you, so you can ensure that you’re getting your payments without having to track down your tenants yourself.
- Tenant screening
A great tenant is one of the most important things a landlord can have, and you won’t get great tenants if you don’t conduct thorough tenant screening services. Property management software will provide you with key information about your tenants, such as criminal records, past evictions, and credit history.
Good property management software will take this a step further by allowing you to obtain custom information you might want to know about your applicants (such as the age and breed of a pet). It also allows you to request supplementary forms (such as bank statements or pay stubs).
- Quicker lease turnaround
Manual paperwork is far too often the reason for delays in filling a unit. With digital documents, you no longer have to wait on misplaced paperwork or things taking time to be mailed. This reduces turnaround time from days to minutes. Furthermore, studies show that electronic signatures alone reduce document turnaround time by 80%.
Cloud-based property management also allows you to create reusable templates that will save you time in the lease creation process. This increases lease velocity, which means fewer showings and greater savings on your time and money. The cloud also keeps all your documents organized in a centralized location, making them easy to pull up at a moment’s notice.
- Financial reporting
Good property management software generates accurate and detailed expense and financial reports that give you the information you need to make better business decisions. These reports can range from budget reports to profit and loss statements to rent rolls. Property management software also lets you see patterns of tenants who do not consistently pay on time. These financial insights are helpful in guiding your decisions in the future.
- Communicate with tenants
Tenant communication is critical and oftentimes overlooked by landlords. Good communication makes renters happy, which means they’ll be more likely to renew leases and stay long-term. With great communication, you can also prevent issues ahead of time by staying on top of tenant concerns and maintenance requests.
Property management software allows you to easily communicate with your tenants on a computer or mobile app. And built-in capabilities such as maintenance ticket chats, automated reminders, and automated messages help ensure a steady flow of communication between you and your tenants.
- Maintenance Management
Maintenance requests are an inevitable part of managing properties, and they aren’t fun to deal with. The good news is that property management software makes the process as simple as possible for everyone. Tenants can submit tickets with detailed pictures and descriptions, which allows you to quickly assess the situation and get the right personnel on the job (electrician, plumber, etc.).
Conclusion
Cloud-based property management houses all the tools you’ll need as a landlord in one centralized location. Each of these tools provides several useful benefits for you and your tenants, streamlining your business and saving you time and money.
