Benefits of rental management software

Managing rental properties is no easy feat. For generations, property managers and landlords have been using paper, email and graphs for their businesses. But like any other industry, if you’re not using the latest technological innovations for your property rental business, it will undoubtedly impact profitability and efficiency in the longer run.

To effectively monitor rental properties and daily operations, property managers and owners should use rental management software.

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What is rental management software? Who should use it? What are the benefits? Continue reading to find out:

What is rental management software?

Whether you’re a property manager, a real estate company or have large complex portfolios, property management is a key priority. Property rental software is a one-stop solution to manage your properties in a highly convenient, accurate and effortless manner.

Be it rentals, repairs, maintenance, occupancy management, payment processing or housekeeping; you can always be at the top of your property management game with powerful property management software.

Common problems faced by real estate owners

While every rental property management business is different and faces a host of unique challenges, a few issues are common in the industry:

• Late payments

Manually sending rent payment requests is a time-consuming process. Not to mention that managing financial records manually is highly prone to errors too. If finances are not under control, it is only a matter of time before you lose control of your business.

• Inadequate communication

As a property manager or owner, it is your duty to be present for your tenants whenever they need you. You’ll also need an ongoing leasing process for finding and managing new tenants. Communication plays a critical role in these processes. You can no longer rely on emails and phone calls to keep up with the expectations of your tenants.

• Managing maintenance requests

Running a property rental business means that you have to be available for maintenance requests 24×7 as accidents can occur any time of the day or night. Then there is the struggle of finding contractors who will visit the property for maintenance at a time that you and your tenant are both comfortable with.

How does rental real estate software eliminate these problems?

One of the primary benefits of using rental management software is its automation capabilities. A software solution streamlines your rental management business by automating a host of your everyday tasks. Here’s what a feature-packed real estate rental software can help you achieve:

• Effective payment notifications, online payments and record keeping

Timely rent collection is crucial to your business. With cloud rental management software, you can set payment reminders that will be automatically sent to tenants on a selected date. Tenants will also be provided access to a secure online platform to make payments.

Once rent is received, the software will automatically update the payment record so that you don’t have to get into the error-prone process of manual record keeping.

• Improved communication and instant service requests

Property owners, managers and even tenants should always have easy access to each other. Rental real estate software helps you in this regard as well. For instance, the software provides tenants with an online channel that they can use for logging service or maintenance requests.

The software works as a convenient gateway between property managers and tenants to ensure improved communication.

• Easier property inspections

Regular inspections are another vital aspect of running a successful property rental business. When you’re out in the field inspecting your properties, a real estate software solution will make it easier for you to make a note of all necessary information.

Software comes with multiple property inspection templates to help you accurately log required information and track online.

• Access information in real-time

Managing piles of documents and spreadsheets is one of the most daunting aspects of the real estate rental business. But not anymore! Cloud-based rental property software pretty much eliminates the need for manual documentation and ensures that the required information is available to you 24×7 in a digital format.

Not only property managers and owners, but tenants can also use the software to log and track all the vital details related to the property.

Who needs rental property management software?

It’s commonly believed that an extensive real estate rental software like the one offered by MRI Software should only be used by property managers responsible for managing hundreds of properties. While there is no denying that most large property management companies and managers rely on such software solutions, they can also be used by:

• Landlords: If you’ve recently acquired a property that you’d like to let out, rental management software can help you make the most of your new endeavour.
• Absentee owners: Even if you don’t live anywhere close to the rented property, you can use online rental management software to effortlessly manage your property, tenants, and other everyday operations.
• Small Property Managers: Even if you only manage a handful of properties, rental management software is sure to make a world of difference to your small business.

Features of MRI’s Rental Management Software

Here are some of the top features that make the MRI rental software the best in the market:

• Residential and Commercial Property Management

Online software puts you in the driving seat of your residential or commercial property rental business. From attracting tenants, engaging residents to managing front office and back-office tasks, the software is a one-stop solution.

• Integrated Accounting

The robust rental property software instantly streamlines the accounting aspect of your rental business. It comes with features such as online rent payments, rent notifications, budget forecasting, and more to streamline financial operations

• Reporting and Analytics

With next-gen data visualisation and reporting features to help you make informed decisions for growing your business.

Take your rental business to the next level with MRI Rental Management Software

As seen above, rental management software from MRI offers a host of valuable benefits and eliminates a wide range of issues faced by property managers and owners.

Learn more about MRI’s rental property management software and book a demo today.