You are an investor and have purchased a property to rent as an investment. Maybe it is commercial and maybe it is residential. It really does not matter as the process is the same. But were you prepared for all of the work that you need to do to get your investment property ready and tenanted? And once it is tenanted do you have the correct documents you need to be sure you are doing things right? Even with one property you will want to investigate use of property management software. It is a life saver for the first time investment property owner.
The advantages of using Property management software are many. I recommend that you choose a cloud application software so that you have access to your data and tools any time anywhere with a computer or tablet or mobile smart phone. Imagine taking a vacation and being able to see your rent roll from the beach in Hawaii. If you have people who work for you, you should be able to add them to a portal through which they can perform their duties using the software. The Associate Portal should give you an eye to watch the progress of each associate or employee. You will be able to see what they have accomplished and in what time frame.
Property management software data entry should be a single entry system. That means that once data is entered it does not have to be re-entered. Automation of processes cuts down on mistakes. Manual entering of repetitive data is prone to error.
You should have a robust accounting platform built into the software which allows you to automate rent collection as well as pay payables like the mortgage, vendors, utilities etc. right in the software. The accounting system should be double entry which balances all accounts with every entry. Why, you ask, should I automate rent collection? Top 8 reasons you should use automated rent collection:
1. Gets you out of the monthly hassle of physically collecting rent payments only to find that the tenant is not there or does not have the payment.
2. When rent is automated, if it is late, the late fee is automatically attached. You don’t have to negotiate the late fee with your tenant.
3, All accounting for rent payments is done for you in your ledger, your rent roll, the lease and your tenant account portal.
4. You receive a notice when your tenant submits a rent payment and that gives you peace of mind.
5. The software provides receipts for rent payments. You do not have to do this.
6. If the rent is not paid on time, the software automatically sends a late rent notice to the tenant and adds the late fee to the balance due.
7. You do not have to go to the bank multiple times per month to deposit rent payments.
8. And the best part is that your tenant will get into the habit of paying rent on time (97% with automated rent payments)
There should be a qualified tenant screening system built into the software. It allows you to send a request for screening to a prospective tenant and brings the report right back to your dashboard for review within minutes of the tenant having filled out the request.
Your property management software should have a customer support team to help you if you get stuck with doing something in the software platform. They should also be knowledgeable about property management so that you have a resource if you have a question.
You should have all tools necessary to do property management available in one place to perform the daily tasks required in a way that saves you time and money. Tenant screening, advertising webflyers, state compliant leases, message systems which store all messages, and a section which allows you to set up recurring notices and also create custom notices, should all be available in your software.
Now imagine that you could get all of this for just $5.50 per month per unit.
Take a look at Smart Property Systems. It is your one stop property management shop. https://smartpropertysystems.com