Managing property is a different business than it was just a few years ago. Modern landlords have a range of concerns not known to previous generations.
Fortunately, technology is a game-changer for landlords.
Modern landlords have access to property management software, an invaluable investment in any rental business. The software provides landlords with features including online rent collection, tenant screening, lease signing, and more. Many of these features have the capability to be partly or fully automated.
Here are four processes landlords can and should be automating.
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Rent Collection
Online rent collection is one of the most fundamental features of any property management software option. The software allows online rent collection to be fully automated.
When tenants set up AutoPay, the software will automatically withdraw funds from your tenants’ bank accounts each month when rent is due. This convenient feature means tenants don’t have to worry about late fees, and you don’t have to worry about enforcing them.
What’s more, property management software also automatically generates payment receipt emails to tenants for their personal records. You no longer need to worry about creating and sending receipts (or maintaining your own payment records). Simply log in to your software account and view all the information you need.
Routine Communication
Routine communication with tenants is another process landlords should automate to save time.
For instance, property management software can be configured to send automated monthly rent reminders to notify tenants who haven’t made a payment yet. Your tenants can receive helpful reminders while you stay entirely hands-off.
Many software options allow routine communications to be customizable, meaning you can specify who receives which notifications when. For example, a tenant who has already paid does not need an extra email reminder in their inbox. Simply designate who will receive the messages ahead of time, and your property management software will ensure that no tenants complain about unnecessary spam messages.
Other routine notifications that can be automated with property management software include bill postings, maintenance updates, and regular office closings.
Late Fees
Many landlords find it difficult to maintain accountability when tenants ask for rent extensions or fee waivers. While it’s never fun being the “bad guy,” there are several reasons why you should never accept these requests.
Firstly, you don’t want to teach your tenants that late fees are empty threats. Additionally, your tenants might request fee waivers every month or find other ways to take advantage of your lenience.
Automation and property management software present a solution to this problem. When you set up online rent collection, tenants will be automatically charged your pre-determined late fee without any tenant-landlord interaction at all. Your renters will also be blocked from submitting future payments until they pay the previous month’s rent and any incurred late fees in full.
In short, property management software keeps your tenants accountable by handling the messages you’d rather not send yourself.
Lease Signing
You might think of lease signing as a fundamentally hands-on process, which it is. However, parts of the lease creating and signing process can still be automated.
For instance, landlords can customize and indicate repeated fields, such as the lease start and end date, when creating or uploading your lease to property management software. Then, the software will autofill all fields with that designation on the lease—saving you lots of time and effort.
When you share your lease, property management software can also automatically send copies of the lease to all tenants you indicated, who can then sign at their convenience. There’s no need to meet in person, as the software will automatically notify you when tenants have signed the document.
Automation: The Landlord’s Friend
Automation is an essential component of all property management software solutions. As technology improves to meet the needs of modern landlords and tenants, more and more tasks can be automated. Increase efficiency and profit by using all the automated features of your property management software and reap the benefits for your business.