Many landlords use property management software to run their rental business these days. Property management software is designed specifically to save you from the hassle of completing all your essential tasks manually and in person.
Most property management platforms offer a mobile app, which allows you to run your business right from your pocket. This gives you the flexibility to get your work done on the go.
Here are some of the ways you can manage your rental properties on a mobile app.
Rent Collection
Online rent collection has made the whole process so much faster and easier. Collecting rent the old-fashioned way requires coordinating schedules with your tenants to exchange cash or paper checks, keeping track of the physical payment so you don’t lose it, and making trips to the bank to deposit the payments. It’s quite a hassle.
With online rent collection on a mobile app, you barely have to do anything. Your tenants can make payments from their mobile app or computer using debit cards, credit cards, or ACH payments. When they do, you’ll receive a notification on your phone that the rent has been paid. With property management software and a mobile appLinks to an external site., you don’t have to put any time or energy into receiving payments.
Late Fees
Property management software allows your tenants to enroll in autopay, which sets recurring payments to be drawn whenever rent is due. This eliminates the need for tenants to remember to pay rent on time, which decreases the likelihood of late payments.
With that said, late payments can still happen, and late fees are a necessary measure to take. If a tenant misses a payment, you can set up automated late fees on your mobile app instead of tracking them down and having an uncomfortable conversation that makes you feel like the bad guy. Whenever a tenant misses a payment, they will automatically be charged a fee which must be paid on top of the regular rent payment.
You can also set customized automated reminders to be sent to your tenant to let them know when rent is due or if they’ve missed a payment. Handling late fees from your fingertips makes one of the hardest parts of the job a piece of cake.
Lease Management
Signing a lease agreementLinks to an external site., the traditional way can take a ton of time. It requires either meeting in person with your tenant, signing the lease, and getting them a printed copy, or dealing with the postal service, which can be even slower. Then you have to keep track of a hardcopy lease for each tenant.
With property management software, you can easily manage your documents from your phone. Electronic signatures can cut down lease turnaround by days. As soon as a lease is finalized, you can send it to your tenant in the app and have a signed lease within minutes. Plus, whenever you need to review a lease agreement, you can pull up the document on your phone, no matter where you are.
Tenant Communication
A mobile app gives you the opportunity for better communication with your tenants than ever before. An in-app chatroom allows you and your tenants to send each other messages without having to exchange personal phone numbers. And by turning on notifications, you can constantly stay on top of communication, which makes for a better landlord-tenant relationship.
Communication is especially important when there’s a maintenance issue. If a tenant has a maintenance request, they can send you a ticket with pictures and a description of the problem. When they do, you’ll receive a notification on your phone, allowing you to immediately begin acting on the request by contacting the right specialist for the job. When a maintenance request has been resolved, you can mark it as such on the app, which lets you keep track of all the requests you receive in a single, centralized location.
Conclusion
Property management software simplifies every aspect of your job. Platforms that offer a mobile allow you to take your business on the go. Because you don’t have to be in your office or at your home computer to get things done, you can get your work done faster and with a greater degree of flexibility.
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