For a long time, pop culture and Hollywood have parodied the image of the landlord. It’s either that creepy fat guy or a cranky older woman who is always angry for some reason or the other.
However, landlords used to have no choice but to live on the property to oversee the operations. They need to be collecting rent, supervising repair and replacements, and even serve as security. With all the burden on their shoulders, it’s no wonder they were always angry.
Fortunately, in recent years, the landlord need not hover around the property as they can manage the operations from afar. Landlord software will make remote management more efficient.
What is a Landlord Software?
Landlord software is a technological innovation that will help property supervisors become better managers. It has all the tools that will help streamline operations and allow them to get more free time without sacrificing profits.
With the solution, you can easily track the leases, vacant properties, maintenance tasks, collect rent, cut on the expenses, and manage your purse.
Features for the Landlord Software
Although property management solutions can be lumped under one umbrella, they do not share the same features. For example, some are better suited for small operations, while others are geared toward multiple properties.
However, here are some of the features you could not do without when you are looking for Landlord software:
- List properties — Any vacant room is a loss. To maximize your revenue, you need to make sure that all your rental properties are occupied. The software must have a one-click listing capability. By activating the feature, your property will then be syndicated to popular property websites. Queries from potential clients will then be directed to your inbox.
- Background screening — Gone are the times when landlords have to trust their gut instincts in accepting tenants. In today’s digital environment, it is tough to sanitize an unfavorable report. If the applicant has skeletons in their closet, chances are, the software will unearth them. It means past criminal records or unpaid obligations from their previous landlord.
- E-collection — Collecting rent has always been a bane for landlords. With the electronic collection feature, however, you only have to set the due date and allow the software to do the rest. It will also generate a report of who among your tenants are delayed in their monthly payments. Another add-on tool you should insist on for your software is the credit reporting feature. It will send reports to TransUnion, Equifax, and Experian all at once. Your tenants are likely to pay on time if they know that their credit score will take a hit.
- Rental market estimates — Have you ever wondered if you are pricing your rental properties correctly? For instance, if you are unaware that the market value of the properties in your neighborhood has increased, you are possibly losing out on additional revenues.
According to estimates, there are more than 48 million units for rent in the United States in 2015. Of the total, about 4.5 million were vacant. However, the occupancy rate is always in a state of flux, depending on several factors. With the property management software, you can maximize your profits and also give you extra time for yourself.