As a property manager, you have the task of overseeing the day-to-day functions of your building. For example, you must ensure all tenants are paying their rent on time and keeping the common areas clean and well maintained.
While it can be easy to focus on these tasks as they arise, it’s important to take the time to implement strategies that keep your business running smoothly in the long term. Here are ten ways flexible residential property management software can help you handle property management like a pro.
1) Keep Communication Lines Open
One of the most important aspects of managing your property manager is communication. Without it, you won’t know if there are any issues with your properties or how they are performing. Keep in contact at least once a month and provide feedback as needed. Be sure to give your property manager feedback on their performance to improve their services accordingly.
2) Always Check Your Statements
Check your statements for accuracy, late charges, and NSF checks. If you see anything incorrect or missing, call your property manager immediately.
3) Take Full Advantage of Technology
Always be able to keep in contact with your property manager through email, text, or phone. Utilize your property management dashboard for 24/7 access to view and manage properties from anywhere. Use these platforms to stay on top of any issues before they become more difficult and costly to fix.
4) Find the Balance Between Micro and Macro
Once you’ve found a property manager, setting clear expectations and goals is important. For example, are they responsible for finding tenants? Does your company have access to the tenant information? How often will they be in contact with you? By establishing these details early on, you can avoid potential misunderstandings later.
5) Stay On Top of Your Property Manager’s Performance
Keep a written log of complaints and any follow-up action taken. If you’re unhappy with the performance, don’t be afraid to fire your property manager.
6) Gain Insight Into Tenant Performance and Risk
Property management software lets you keep tabs on how your tenants are performing. This includes their rental payments, maintenance requests, and other important information. This data at your fingertips helps you make informed decisions about your rental properties.
7) Track Tenant Information More Efficiently
Property management software allows you to track all of your tenants in one place. This includes their contact information, rental history, and other important notes. If a tenant moves out without notice, it is much easier to contact them when they are on file with your property management software.
8) Keep Track of Expenses, Income, and Reports
Property management software makes it easy for you to keep track of your expenses, income, and reports. This way, you can stay on top of your finances and ensure that your property runs smoothly.
According to MRI Software, “Not only will your property management software help you get organized, but it also makes tax time easier.” All the information about the property is stored in one place, so it’s super easy to submit all the required documents at once.
9) Streamline the Rental Process
Rental property management software can help streamline the rental process by automating tasks like advertising your vacancy, screening tenants, and collecting rent. This way, you can focus on being a landlord and not a full-time property manager.
10) Get Involved When Needed
While you don’t need to be involved in every little detail, it’s important to be active and engaged in the big decisions. That way, you can ensure that your property is being managed to meet your standards.
Property management software is an essential tool for any landlord or property manager. It can help you keep track of your properties, tenants, and finances, as well as handle repairs and maintenance.