Owning a rental property seems to be an attractive way to earn extra income. But, it is not as easy as it looks. Managing your property or properties would entail hard work on your part. Being a landlord would make you wear many hats. For some, hiring a property manager is the obvious answer.
The continuous advancement of technology provided another solution. With property management apps, the idea of being a landlord is starting to be appealing again. Here are some ways how these mobile apps can help someone manage their rental properties.
Builds a Good Starting Point
Property management apps have all areas of handling a property covered. A landlord can use it even on the marketing phase of their units. They can post their vacancies and upload details or photographs to listing sites. The right software could also help them check a potential tenant’s history in renting. Landlords can also track what units in their properties are still vacant.
It is like having a virtual property manager in their pocket. Even a novice landlord can take advantage of such applications. These apps could help them learn the ropes about renting out properties. Having the initial stages set well can lead to a promising career as a lessor.
Organizes Schedules and Finances
Being a landlord entails keeping many appointments. Some examples are a meeting with a contractor or scheduled maintenance. These things could slip a landlord’s mind without a reliable app to remind them. When you have all your important tasks stored in one place, you could plan your days better.
Accounting is one of the most dreaded tasks as a lessor. The tenants’ rents are the bread and butter of this business. But, keeping an organized record of monthly rents with many units could be taxing. With accounting software, bookkeeping could be a breeze. With a few clicks, you could accept payments and record them. You could even generate and issue digitized invoices. These small acts of financial management can help you keep your records updated. In doing so, you would not find it hard to make comprehensive quarterly or annual reports.
Helps Save Time
Automating tasks can help lessen the time you spent doing them. For example, by collecting rent online, you do not have to meet with each tenant. Also, by having sophisticated accounting software, you can be more precise. Automatic computations are more reliable than manual ones. You do not have to waste time correcting mistakes that you are prone to make when you do the tasks by hand. With more time at your disposal, you can focus on other aspects of being a landlord. You could improve your property or look for new ones.
Keep Tenants Happy
Having property management apps in place would help any landlord address issues promptly. Maintenance does not have to come to a point where tenants have to live in an uncomfortable space. Also, payments are easier on both sides. Communication between tenants and the landlord is cordial. The lines are not strained with unresolved maintenance issues or late payments.
Using property management apps also attracts good tenants. Landlords may have requirements in finding and accepting tenants. But, it also works the other way. Tenants also look for excellent landlords. Tenants like to see that a lessor is very organized. This is achievable through the use of property management software. Modern-day renters want to see that lessors also keep up with the changes. It would be very outdated to see a landlord still keeping their records on paper. Even basic computer programs or spreadsheets are not enough anymore.
Offers Enhanced Security
Accepting payments online gives a sense of security for both parties. Cash payments are not that safe because one has to carry a big amount. This act could be prone to theft. Check payments have the possibility of bouncing or being fraud checks. One must also wait for a few days for its clearing.
Online payments ensure real-time transfer between accounts. Thus, there would be fewer issues about timeliness and security. Tenants can use security features to make them more confident with their transactions.
The ultimate gain in using property management apps is to make a landlord more effective. With technology, processes are more streamlined. You also consume less time and energy. This translates to less stress as a landlord. You do not have to worry that you will get overwhelmed with the responsibilities of a landlord. You can enjoy your role as a lessor and grow your real estate portfolio with ease.