Once upon a time, property management was simple. You owned a single property for rent, and keeping track of it required much less effort than it does today. You didn't need property management software back then – you could probably keep most of it in your head! It was great – so great in fact, that you've started to acquire more and more properties over time, enough that keeping on top of it all became a job in its own right.
So now you're starting to wonder if it's time to make the leap and get your business some professional tools. But how do you know if you if you need property management software?
Question One: Do You Have Too Many Vacancies?
Professional property management software can automate placement for your vacancy ads, using sites like Zillow and Craigslist. Customizing options let you filter applicants by factors like employment history, or income level, and can even request credit and background checks.
Question Two: Do You Have Delinquent Rent?
As you know, renters aren't always reliable. With multiple properties, simply depositing rent checks can become a huge time sink – and that's before you get into payments coming in sporadically. With property management software, you can handle online payments and automate reminders for missed dates, saving massive amounts of time.
Question Three: Has Activity in Accounts Payable Fallen by the Wayside?
Managing properties involves a lot of different moving pieces. Landscaping, maintenance… just when you think you've got everything covered, another vendor who slipped your mind arrives on the scene.
With property management software, you can avoid all this unpleasantness, by utilizing a central payment platform, giving you one or realistically dozens fewer things to worry about.
Question Four: Are You Getting Overwhelmed by Maintenance Requests?
You can't control when something's going to go wrong. You can try to predict it, but even that is an exercise in futility. But with property management software, your tenants can submit online maintenance requests at any hour of the day, any day of the week. You can automate notifications for tenants, tie requests to invoices, and otherwise untangle the knot of maintenance into a smooth process.
Question Five: Are Cash Flow Irregularities Hurting Your Business?
Sometimes you have plenty of income, but obstacles arise nonetheless. Property management software can ensure payments get made, even if your tenants aren't always paying on time.
In the end, there's no set size at which you suddenly need property management software to handle your investments – most of these factors will be gradual. But eventually, it becomes too much, and keeping pace with other professionals demands professional tools.
For any questions or tips, contact the professionals at Zenith Properties to keep your property management game ahead of the competition.