When it comes to managing your tenants and properties, you want to make sure you’re doing it efficiently. Not only does this help your business stay organized, but it also helps foster a good working relationship with your tenants.
Luckily, you’re not alone when it comes to running your real estate business. Using property management software can be an advantage when it comes to cultivating a good landlord-tenant relationship and streamlining the way you manage your properties.
1. Filter tenants
The search and selection of tenants is a crucial step in the management of rental properties. So you want to make sure you’re doing it right. Fortunately, property management software can help you manage the process every step of the way, from preselection applications to comprehensive background reports.
When you use prequalifications, applications and tenant screenings, the information is collected and stored in a central location. Background checks performed with property management software will provide you with credit, criminal, and eviction reports. Then you can dive into each application and decide which tenants are fully qualified for your rental property based on your requirements for credit score, income, pets, and more.
2. Create a database of tenants
If you have more than one tenant, it’s hard to keep track of who lives where, who paid what, and who owes money. Using property management software is a big plus when it comes to creating a tenant database that manages all of this information for you so you can access it at a glance.
Another advantage is the lease and document storage for tenants. You can use property management software to upload electronic documents and store them in the app so they’re easily at your fingertips at all times, especially if you’re using cloud-based software. Property management software also allows you to send these documents to tenants electronically so they can also store them in their tenant app.
It helps your business stay tidy, so you can focus on managing your rentals and not on finding tenant information or looking for paper leases.
3. Tenants on board
When it comes to onboarding your tenants, review the ownership and tenancy rules to make sure your tenants understand their responsibilities regarding your tenancy.
Of course, when the tenant signs the lease, you can assume that he has read it. However, it’s always a good idea to sit down with the tenant and go over any specific tasks they may have, such as mowing the lawn or making sure the trash is taken out on trash day. Talking about property rules and agreements with your tenants ensures that both parties understand who is responsible for different aspects of property maintenance.
Plus, going over these responsibilities is a great way to show them that you’re communicative while building a professional relationship with your tenants.
4. Connect with your tenants
Too often, landlord-tenant relationships become strained when miscommunication occurs. Fortunately, property management software can be a great asset when it comes to ensuring that communication takes place with your tenant after going through the initial onboarding process with them. Typically, property management technology includes features that you can use to notify your tenants, such as push (in-app) or email notifications.
These notifications are useful for transmitting the necessary information to your tenants. For example, if a tenant submits a repair request for a water leak, you can use property management software to send an in-app and email notification to the tenant when maintenance is complete to resolve the issue. issue. You can also use the software to send notifications such as automatic rent reminders to reduce the likelihood of your tenants forgetting to pay rent on time.
5. Help tenants pay their rent efficiently
Rent collection can be chaotic and difficult. You may have one tenant who wants to pay cash, another with a check, and yet another with an app. Fortunately, property management software can handle all rent payment preferences. Yes, even tenants who pay cash!
Property management software may have partnerships with companies like Chime that allow them to set up accounts and deposit money at many in-person locations, then submit payment through their tenant app. Plus, you can also offer your renters the option to pay with ACH and card so you’re covered for all types of payments.
6. Report on-time rent payments
Some property management software comes with features like credit reports that allow tenants to report their rent payments on time to credit bureaus. This helps them build and improve their credit score, which is important to many renters in today’s society.
This can be a great incentive for tenants to pay their rent on time and also shows that you’re able to offer progressive features that tenants wouldn’t otherwise have access to outside of using the property management system.
7. Take out tenant insurance
Another important benefit that property management software can offer tenants is tenant insurance. Many renters don’t feel the need to purchase renters insurance because they mistakenly believe that your landlord’s insurance covers damage and theft of their belongings and liability issues.
However, it is important to explain that tenant insurance is what tenants need to protect their property and personal liability for their rental. Luckily, property management software can allow tenants to purchase tenant insurance right within the app, making getting coverage for their belongings a snap.
8. Manage maintenance and repair requests
Another major hurdle facing the landlord-tenant relationship is maintenance. When tenants notice a problem, they’ll want a way to easily communicate with you about how to fix it. Property management software is efficient in that it allows tenants to submit their maintenance requests directly to you through an app. Then you can determine the next steps to repair the repair.
On your end, you can easily hand over the repair to maintenance personnel or handle the repair yourself and use the notification features mentioned above to let the tenant know when they can expect the issue to be resolved.
9. Better tenant management with property management software
By using technology to manage your rentals, you not only streamline and organize your business, but you also provide your tenants with many benefits for using technology. Property management software can also be used to improve your tenant’s rental experience. This can include different options for paying their rent, credit reports, tenant insurance, and maintenance requests.
Overall, property management software is an effective solution that you can use to manage your tenants and your property portfolio. Even better? RentRedi offers free property management software to BiggerPockets Pro members, who can sign up directly from their Pro page. Manage unlimited tenants and properties, collect rent, screen tenants, list properties, sign leases, and manage repairs, all from one app. If you’re not a BiggerPockets Pro member, sign up for all the additional content, tips, and products you can use to manage your entire real estate experience.
This article is presented by RentRedi
RentRedi is a modern, end-to-end property management software that is transforming the real estate and rental industry.
RentRedi provides over 15,000 landlords with simple and effortless web and mobile applications for online rent collection, tenant screening, Zillow and Realtor.com listings, lease signing, maintenance management and accounting, as well as an unlimited number of properties, tenants and teammates.
For tenants, RentRedi’s easy-to-use mobile app lets them pay rent, set up autopay, report rent payments to TransUnion, prequalify and sign leases, and submit maintenance requests.
Note by BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.