Last updated on June 21st, 2023
how to use property management software
KEY TAKEAWAYS
- If you’re a landlord or property manager looking to maximize your rental’s potential, property management software could be the solution you’re looking for. By utilizing property management software to its full potential, you can find the ideal tenants for a short-or-long-term rental.
Introduction
Finding quality tenants is a top priority for landlords and property managers, and for good reason. A good tenant is worth finding and keeping and will maintain the value of the property.
A great way to simplify and improve the tenant screening process is by using software. With its features and tools, rental or property management software can help streamline communication, automate administrative tasks, and even aid in marketing efforts to attract quality tenants.
In this article, we’ll cover five tips on how to use property management software to find the best short and long-term tenants for your Airbnb. By implementing these tips, you can save time and resources, make informed decisions when choosing tenants, and create a more efficient rental management process.
What Makes A Good Tenant?
A good tenant is someone who demonstrates responsible and reliable behavior in their role as a renter. They have a history of making timely rental payments, taking care of the property, and adhering to the terms of the lease agreement.
You should be expecting a relationship with your tenant in which there’s transparency regarding information from both sides. As a tenant wouldn’t want leaks and breakages hidden from them prior to signing a lease, so the landlord should expect honesty with regard to credit score, owning pets, and any other influencing factors.
Luckily, property management software makes this far easier to navigate. Read on to see how you can streamline your experience using technology.
1. Use Screening Tools to Evaluate Tenant Applications
Property management software can provide valuable screening tools to evaluate tenant applications, such as credit checks, background checks, and rental history. By using these tools, you can quickly and easily identify good tenants and avoid renting to tenants who may cause issues.
Property management software has access to information that would be difficult to access on your own. This data is instrumental in calculating the risks and rewards each potential lessee would bring to the agreement. Using screening tools is probably the number one reason to use property management software.
2. Offer Online Applications
Online applications are a great way to streamline the tenant screening process. Property management software can enable you to offer online applications, This can make it easier for potential tenants to apply and for you to manage the application process. By offering online applications, you can reduce errors and speed up the approval process.
It’s also easier to then compare potential tenants side by side and easily see who’d be the best fit for your space. Additionally, this is a clever way to manage small commercial properties where different businesses will have different ways of operating within a space. A salon will bring in foot traffic, while a small joinery business will be quieter but could damage the property. Being able to compare these factors is instrumental in making the right decision.
3. Automate Tenant Communication
Effective communication is crucial for building good relationships with tenants. Property management software can automate tenant communication, such as lease renewals, rent reminders, and maintenance requests. This can help you to stay organized, save time, and provide a better tenant experience.
It’s important, however, to monitor these communications so that you know when to step in and offer a clearer explanation or take the time to introduce yourself. Feeling like their queries are being answered quickly and properly will attract higher quality, and therefore more serious, applicants.
4. Use Marketing Tools to Attract Quality Tenants
Property management software can provide marketing tools to help you attract quality tenants. For example, you can use listing syndication to post your rental property on multiple listing sites, use social media to reach potential tenants, and create virtual tours to showcase your properties using a real estate website builder.
By using these tools, you can attract better tenants and reduce vacancies.
As with the above tip, it’s important that the marketing done on your behalf is a true reflection of what you’re offering. You want to put your best foot forward, especially in these uncertain times where markets are fluctuating. If you’re using good software, these adverts should be highly customizable and shouldn’t increase your spending by a huge margin. Do your research and be sure to use reliable software.
5. Track Tenant Data to Identify Trends
Property management software can help you track tenant data and identify trends, such as tenant turnover rates, late rent payments, and maintenance requests. By analyzing this data, you can identify areas for improvement and take proactive steps to improve your property management operations. For example, you may identify that maintenance requests are taking too long to complete. If this is the case, you can then adjust your processes to improve response times and tenant satisfaction.
Conversely, tracking tenant data can help you to realize which tenants need more attention than others. Someone who never complains might be complacent with their rental and let problems build up until the end of their lease, which brings conflict and incurs costs. A tenant that complains constantly might be someone who’ll shift their responsibilities as a renter into your hands as the property manager or landlord.
A Technological Advantage In The Property World
Using property management software to find the best tenants for an Airbnb is a smart move for landlords and property managers. By leveraging the screening tools, online applications, automated communication, marketing features, and data tracking capabilities that come with property management software, you can make the tenant screening process easier and more effective.
By attracting good tenants, you can reduce vacancies, improve tenant satisfaction, and increase rental income. Additionally, by automating administrative tasks and communication, you can free up time to focus on other important aspects of your rental management business. Overall, implementing these tips can help you find the best tenants for your properties and improve your rental management operations.
