Being a landlord is rewarding but far more challenging than many outside the industry think. There’s a lot more to the job than sitting back and collecting rent checks every month. Those responsibilities can keep you unnecessarily busy if you have yet to find a way to streamline your property management. As a landlord, you can save on time and stress with only a few changes.
Bringing Your Property Management Online
The internet has changed how we do almost everything, even property management. Many landlords began their careers by accepting paper applications, physically signing leases, and requiring checks to be sent through the mail or delivered directly to an office. While there is nothing inherently wrong with this approach, it can be slow and clunky when compared to its digital alternatives.
Document Storage and Signing
Keeping physical documents is more cumbersome than keeping your files online. Some landlords hesitate to make the jump to digital over security concerns. The key is research. Instead of a physical lock for a filing cabinet, you’ll choose a software that provides digital encryption to keep your documents safe.
Digital documents also allow for more flexibility for you and tenants when documents can be shared and signed online.
Payments
One of the most significant benefits of bringing your property management online is the ability to take online payments. This opens up options for your tenants and saves you time by bypassing a trip to the bank. This can also be set up as a recurring payment that will charge your tenant’s bank account or credit card. This will ensure timely and predictable payments each month.
How to Choose the Right Property Management Software
When you bring your property management online, you will want to look for an all-in-one platform. Some landlords try to save money by using a variety of management tools across the internet. In the end it costs you more in time. Having to bounce around platforms and keep everything organized isn’t worth the few dollars you might save.
As you look for the best platform for you, think about the following:
How Many Units Do You Have?
Not all property management software is the same, and often this software neglects the little guy. Software made for property management companies that manage thousands of units will be designed differently than software designed for the individual landlord. You want software that will allow you to streamline your most time-consuming tasks, like tenant screenings and rent collection, into one portal.
Choose a Mobile Friendly Solution
The new generation of renters was born into a mobile world. Many rely on their smartphones and tablets for nearly everything, so you want a portal that will work for them. Gen Z has even come to expect technology to be integrated into their daily lives. They may be turned off by the notion of a property manager who does things “the old-fashioned way.”
It will also benefit you. Most landlords find themselves running errands all over town, so it is a necessity to be able to access your portal from wherever you are.
Keep It Simple
While many of your renters will likely be a little tech-savvy, not all will. You will need to find the right balance for all of your tenants. Choosing an online, user-friendly property management platform will make life easier for everyone. It will help lessen the learning curve of moving from an offline to an online model.
Know Your Budget
When choosing a property management software, make sure to choose one designed for you and your budget. Some landlords will choose the first advertised platform in their Google search, but it may be designed for a much larger company. If so, that landlord may overpay. There are property management softwares like Prisma that offer everything landlords and property managers need to streamline their rentals at an affordable rate.
Take the First Step
We understand that making changes isn’t easy for anyone, but bringing your property management online is well worth it. Having an online portal for both you and your tenants to use will free up more time for you and reduce stress. Prisma’s software will add value to your business, and if you are interested in discovering even more, contact us today to speak with a representative.
