As a landlord, you have a lot of balls to keep in the air. That’s where having a landlord property management app comes into play.
Let’s face it, you’re responsible for finding and screening tenants, collecting rent, handling maintenance and repair issues, dealing with tenant complaints, and keeping up with the ever-changing laws and regulations governing rental properties.
It’s a full-time job—and then some!
Fortunately, there’s help available in the form of landlord property management apps. Here are just a few of the ways that using one can benefit you.
1. Save time by automating mundane tasks
A landlord property management app can automate many of the time-consuming tasks associated with being a landlord – tasks like rent collection and generating late notices. Automating these kinds of tasks will free up your time so that you can focus on more important things, like showing properties to prospective tenants or dealing with maintenance issues, and finding new clients and increasing income.
In addition to making your job easier, automating property management tasks can also help you to gain more clients. Tenants who are satisfied with the condition of their rental units are more likely to recommend you to their friends and family. And, when potential clients see that you offer a convenient and hassle-free renting experience, they may be more likely to choose you over other property managers.
2. Get paid faster
When you use an app to collect rent, you’ll get paid faster because tenants can pay electronically with just a few clicks. No more waiting for the rent check to come in the mail! This is especially helpful if you have tenants who are chronically late with their rent payments.
There are plenty of good reasons for landlords and tenants to use an online rent payment system. Perhaps the most obvious benefit is that it’s much easier and more convenient than having to write out a check each month and either mail it or deliver it in person.
Another big advantage is that online rent payments are typically processed much faster than traditional paper checks. That means you as a landlord can get the money they need to cover expenses like repairs and maintenance sooner, and your tenants can avoid any late fees or penalties.
Last but not least, paying rent online can help you keep better track of your finances. Most platforms will send you a confirmation email or text message after each successful transaction, giving you and your tenant a clear record of when a payment was made and how much was paid.
This can come in handy come tax time or if there’s ever any dispute over the amount of rent that a tenant actually owed.
3. Stay organized and stay on top of important deadlines
A good landlord property management app will help you stay organized by keeping all of your important documents and records in one place. The app will also remind you of important deadlines, like when rent is due or when a lease is about to expire. This can save you a lot of headaches down the road!
Organization is key for any property manager. By being organized, you can keep track of your properties, maintenance requests, and money owed. This helps you to stay on top of things and avoid any potential problems. Additionally, organization makes you more efficient and can help you to better serve your tenants.
Good property management requires a lot of coordination between different people and systems. If you’re not organized, it can be difficult to keep track of everything that’s going on. This can lead to problems like missed rent payments, unreturned phone calls, or even tenant complaints.
Being organized will help you to avoid these kinds of problems. You’ll be able to keep track of all the important details, so nothing falls through the cracks. Additionally, you’ll be able to respond quickly to any tenant requests or maintenance issues. This will help to keep your tenants happy and avoid any potential conflict.
4. Keep track of your expenses easily
When you’re using an app to manage your property, it’s easy to keep track of your expenses because all of your records are in one place. This is helpful come tax time or if you ever need to provide proof of expenses to your insurance company.
Keep in mind that some apps even allow you to track expenses by category, so you can see where most of your money is going at a glance.
A property manager has a lot of responsibility when it comes to managing a rental property.
Not only do they have to keep track of the rent payments and make sure the property is in good shape, but they also have to keep track of the expenses associated with the property. This includes things like utility bills, repairs, and upkeep.
Here are some of the most common expenses a property manager has:
- Utility bills: Another common expense is paying the property’s utility bills. This includes things like electricity, water, and trash service.
- Repairs and upkeep: Property managers also have to budget for repairs and upkeep of the rental property. This can include things like painting, fixing leaks, and mowing the lawn.
- Insurance: Property managers also need to carry insurance in case something happens to the property or the tenants.
- Advertising: Finally, property managers need to budget for advertising the rental property. This can be done online or through print ads.
5. Offer better customer service to your tenants
When you’re using an app to manage your property, tenants can submit maintenance requests electronically and receive updates on the status of their request in real-time.
This is a huge improvement over the traditional call-the-landlord system, which often resulted in tenants feeling like they were being ignored or that their requests were taking forever to be addressed.
With an app, tenants always know what’s going on with their request – which goes a long way toward fostering good relations between landlords and tenants. Good customer service to tenants can make a rental property more profitable in several ways.
First, happy tenants are more likely to renew their leases, which saves the time and money that would otherwise be spent on finding new tenants.
Second, good customer service can lead to positive word-of-mouth marketing for the property, which can attract new tenants.
Finally, well-cared-for properties tend to appreciate in value at a higher rate than those that are not well-maintained, so over the long term, good customer service can increase the value of the rental property.
If you’re looking to further your knowledge on managing rental property, get your copy of Achieving Financial Success as a Property Manager: An Insider’s Guide today.
This comprehensive guide will provide you with all the information and strategies you need to become an expert in rental property management.
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Content created by J. Scott Digital freelance copywriting services.
