There are more renters than homeowners in over 100 suburbs in the U.S. With more people renting than ever because of high housing market prices, investors have a chance to cash in on the growing trend.
If you’re a real estate investor or property manager with several properties to work with, you need to use the right software to help you keep track of everything.
There are dozens of rental property management software programs out there. How can you choose the best program without spending weeks on product research?
Read on to learn how to find the best rental property management software for your needs.
1. Know Your Needs
You have to know what you’re looking for before you start searching. Otherwise, you look at tools with a vague idea of what you want and end up getting a program that doesn’t work for you.
Here are some things to think about. How many users need to have access to the software? How many properties do you have now? Where will your business be in a few years?
Think about how you spend your day and what features would make your work easier. Rental property management software can send reminders to tenants a few days before the rent is due.
2. Look at the Features
Rental property management software programs tend to offer different features. Take a look at the features you need now and ones that you’ll need later as you grow your real estate business.
Property management software must have a portal for tenants to log in, pay rent, send messages, and request maintenance repairs.
If a tool lets tenants set up automatic payments, it’s even better. Your cash flow becomes much more predictable.
From a property management standpoint, you should be able to keep paperwork and documentation related to the tenant in one place.
You should also be able to manage vacancies and advertise them easily. The software also needs to integrate with your accounting software.
3. Compare Costs
You could spend nothing on property management software or spend hundreds of dollars a month. Rental property management software is priced based on the features and number of units.
You should expect to spend between $50 and $300 a month on your software suite.
4. Onboarding and Service
Do you already use software for your rental properties? You’re going to have to migrate that data into your new software for property managers.
A comprehensive software program has a learning curve. What kind of training and support do you receive as you get started with the new tool?
Yardi Voyager has online training tools. You can take classes from other vendors to get a hands-on training experience. Discover more information training on Yardi to see what your options are.
Choose the Best Rental Property Management Software Suite
Investors and property managers need to have the right tools in place to scale their respective businesses.
The right rental property management software lets you do more with less. It gives tenants an easy way to communicate with you, creating a better experience.
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