7 Key Features of Property Management and Accounting Software

60% property managers acknowledge that technology lowers operational costs, according to Zipdo.

As a property manager, it’s important to explore various software solutions. Find out how they can help with property management and rent collection. Knowing which one to pick with so many different landlords and property management solutions can be tricky.

Focus on the features a given software offers to determine if it’s ideal for your needs. Read on to discover seven key features of property management and accounting software.

1. Automated Rent Collection and Payment Processing

Relying on traditional rent payment methods can be overwhelming and time-consuming. You may have to physically collect manual checks or cash from the tenants and make multiple trips to the bank to deposit.

Overcome these challenges by finding software for landlords offering automated rent collection. Tenants can make payments online via credit card, debit card, or bank transfer. Online payment options enhance convenience for both you and the tenants.

Tenants can pay their rent at any time of day or night via online payment options. As a property management firm, you can leverage this feature to:

Allow for multiple payment methods
Simplify record-keeping and tracking payments
Encourage tenants to pay their rent on time
Simplify cash flow management and accounting

Strive to find property accounting tools with automated rent collection features. Get help from a property management accounting software consulting firm to pick the right tool. Reach out to Balance Asset Solutions to get this help.

2. Lease Management

Property management software provides a centralized location to store and manage records. It simplifies managing and storing lease agreements, tenant information, and renewal schedules. Property managers can access, update, and review critical information.

The tool minimizes the risk of missing critical details such as:

Rent increases
Renewal terms
Lease expirations

They can leverage this feature to ensure that lease agreements are always up-to-date. They can use it to automate reminders for lease renewals and vacation dates.

The software offers e-signature capabilities, allowing tenants to sign lease agreements electronically. This software can reduce the need for physical paperwork, simplifying property management.

3. Maintenance Tracking and Request Management

Many tenants complain that their property managers keep skipping property maintenance. They feel they must physically call or visit the manager to submit a maintenance request. You can leverage property management tools to overcome these challenges.

The tool offers online options for submitting maintenance or repair requests. They make it easy to schedule maintenance and repair tasks, ensuring they’re done on time. You can rely on them to keep your property in good condition.

Also, timely maintenance and repairs can increase tenant satisfaction. It can help you reduce vacancy periods, boosting your rental income.

4. Tenant Communication and Engagement Tools

Property management software includes communication features to send tenant announcements, updates, and notifications. You can use it to send bulk text messages to your tenants. Tenants can also use it to communicate with you as the landlord or property manager.

However, you may need to educate your tenants on how to use the tenant portal. Guide them on how to access their accounts and track their account details. Show them how to make rent payments and submit maintenance requests.

Find property management and accounting software with a user-friendly interface. Its design should be intuitive, making it easy for anyone to use.

Consult the developer about the software’s customization options. Find ways to tailor essential software features to suit your needs.

5. Tenant Screening and Background Checks

Finding reliable tenants is one of the most critical steps in the property management process. You need to find tenants who’ll be paying rent on time. Besides, they should abide by the terms of their lease agreements.

The property management software you get should have built-in tenant screening tools. The idea is to simplify conducting background checks, credit checks, and rental history reviews. Reviewing this information is essential before approving a tenant application.

This helps reduce the risk of renting to tenants with poor credit or eviction history. This feature enhances the quality of tenants and reduces the likelihood of future issues.

After getting the property management software, check out its tenant screening feature. Find out how this feature works and how to tailor it to fit your property. Leverage it to automate tenant screening, expediting finding good tenants for the vacant units.

6. Comprehensive Financial Reporting

Property managers and landlords should track income and expenses on time. They need to know the total rental income a property generated in a given period. They should also have records of operational costs, such as property repairs and maintenance.

Tracking these things manually is tedious and prone to errors. Properly maintaining all hard copies of financial reports can be challenging. Some of them are likely to be misplaced or damaged over time.

Using property management and accounting software can help you overcome these challenges. The software can automate the tracking of income and expenses.

It can generate comprehensive financial reports, such as income statements and balance sheets. These reports can help you determine the financial performance of a given property. You can also use them when filing your rental income tax.

7. Compliance and Legal Management

Property management software can help you stay compliant by offering tools to track legal obligations like safety inspections and licensing. It has built-in templates and customizable forms.

You can use these resources to generate legally compliant documents such as leases and eviction notices. The software can share alerts for upcoming legal deadlines, helping you avoid fines and legal issues.

Leverage Property Management and Accounting Software to Boost Returns

Managing a rental property can be overwhelming and time-consuming. Managing everything manually can magnify the challenges. Automate things by investing in property management and accounting software.

This tool can help with tenant screening and comprehensive financial reporting. Consider landlord software features when comparing different tools. Strive to find software with a user-friendly interface and incredible customization options.

Want to integrate property management with accounting software? Balanced Asset Solutions is a reputable software consulting firm you need. We can help you find the right property management tools.

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