Rental property management software provides property owners and real estate management companies the ability to list and market vacant rental properties. It also allows them to efficiently manage tenants, track overdue fees, collect rent and much more.
Additionally, rental property management solutions help property managers and landlords to record rent payments received from tenants, as well as monitor income and expenses incurred on maintenance, work orders and other actions taken to improve the property.
Rental property management software is similar to other software solutions often used in the real estate industry, however, this type of software is specifically designed for rental property owners, managers and small real estate firms looking to market vacant commercial and/or residential properties for short- and long-term rental.
The product comes with features and functionalities that help its users, especially when it comes to tenant screenings, credit card processing for rental payments and handling work requests from tenants.
Rental property management software solutions are extremely useful in conducting a number of crucial day-to-day processes. Property managers are responsible for maintaining a smooth operation in their rental property, meaning taking care of the essential daily tasks to ensure that the property and the tenants are taken care of.
Most of these tasks and processes involve managing tenant information, tracking background information for applicants (tenant screenings), billing and accounting management, processing work orders and maintenance requests and taking care of the online tasks like posting vacancies in online listings and marketing the property to potential renters.
The software solution helps to simplify these tasks by providing a few key features relevant to this specific industry, including tenant management, lease management, vacancy tracking and a tenant portal.
For short-term rental property managers and landlords, the software solution enables them to efficiently manage any actions associated with tenants/guests, including online rent transactions, room bookings, unit assignments and the processing of deposits and credit card payments.
Most rental property management software solutions in the market also allow users to keep track of lease agreements and monitor renewal schedules.
Guesty is marketed as an end-to-end property management software solution. It focuses on simplifying the processes and tasks associated with short-term rental properties. If you’re running a short-term accommodations rental business, Guesty will help you run your operation in the smoothest way possible.
Through its many different features and tools, which include a unified inbox for quick and easy guest communication, multi-calendar functionality, channel manager, automation tools and a mobile app, property managers and landlords will have a far easier time running the day-to-day of managing their rental properties.
The tenant portal is part of the customer service function of the rental property management system. It is essentially a dedicated online channel for tenants/guests, where they can communicate with the management or the landlord and submit any questions they might have regarding the rental unit. It is also an excellent way to stay in touch with your tenants and accept any maintenance requests they might have.
Finally, the vacancy tracking feature allows property owners to keep track of the status of their rental properties in terms of vacancy and occupancy. This is a great tool for real estate management firms and owners of multiple rental properties in different locations.
If you’re a property manager of multiple residential and/or commercial properties, this tool will be very useful in the management and maintenance of these properties.
Other important features offered by all of the top rental property management software solutions in the market include applications and tenant information management, maintenance record keeping, financial accounting and reporting and income and expenses management.
Rental property management software is created to facilitate daily tasks, to minimize errors, to help rental owners become more efficient in managing and marketing their rental units and to keep the operation running smoothly.
The platform does all these by automating the majority of the processes and tasks mentioned above. Through automation, users will be able to save time and effort while still being able to provide the best accommodations for your tenants and/or guests.
The automation process also ensures that tasks are completed accurately and without error, ensuring that everything can run smoothly for property managers.
In addition to the cost and time savings provided by automation, the software also allows for real-time data access. This means that rental property managers and landlords, and even property owners residing at a different location, can easily access crucial information regarding their rental units, i.e. vacancies and occupancies, tenant contact information, billing and accounting, maintenance requests and work orders, etc. by simply using their smartphones and/or tablets.
Most property management software systems in the market come with iOS and/or Android mobile apps for information access, management tools and customer service support. This is very useful for real estate management firms and rental property owners/managers taking care of multiple rental units in different locations.
Just like any other software solution, users will have the option between an on-premise setup or cloud-based. The cloud-based setup is the more popular of the two, since it’s significantly less expensive, far more convenient and doesn’t require extensive maintenance.
Rental property management software is the ideal platform for smaller real estate management firms and property owners who need a simple and cost-effective solution to facilitate the processes and tasks associated with managing your rentals. From the listing and marketing process to tenant screenings and handling maintenance requests, this kind of software solution is a good one to have if you’re a rental property owner/manager.