Should You Use PMS Over a Spreadsheet?

You have a successful rental business and your business is growing day by day. You are adding new units and slowly building up your portfolio. With multiple rental properties, do you find it difficult to organize your data? What do you do to organize your data?

If you are still using spreadsheets, then it is time to stop now. We agree that Excel does have some great formulae and formatting options. However, it also involves a lot of manual data entry and is highly prone to data corruption. If you own just a couple of rental units, you may be able to get by using just Excel. However, for multiple properties, you need more advanced technology. You need property management software.

What is property management software?

Property management software is designed specifically for owners and property managers to streamline and organize the various tasks associated with managing rental properties. It contains a wide range of features that helps with general business management, along with specialized features for the property management business, such as tenant screening, accounting, online payments, online leasing, and even inspections.

In simple terms, property management software makes rental management faster and easier to handle.

Why should you use property management software?

Property management software come with a host of features that help you manage your rental business better, keep your tenants happy, and empower your employees to work smarter.

Some of the advantages of using property management software over spreadsheets include:

Easy maintenance monitoring

Building maintenance is one of the biggest factors contributing to customer satisfaction. The better the care you take of your properties, the higher the tenant retention you will see. When your buildings are in top shape, you have to spend significantly less time and money to attract and retain new tenants.

Property management software offers maintenance and scheduling features so that you never miss out on the routine maintenance work for your properties. You will be able to see all the upcoming maintenance work needed so that you can schedule them accordingly.

Some property management software, such as the one from ExactEstate also comes with a Resident Portal. In case of emergency repairs or even regular maintenance work, tenants can submit and monitor work orders themselves. The Resident Portal is mobile-friendly which means that your tenants can access it even on the go.

Besides scheduling your own inspections and maintenance works, landlords and property managers also need to schedule and monitor all tasks that need to be completed by a third-party vendor.

If you want to manually track every single maintenance and repair work on a spreadsheet, it is going to be very time-consuming, and overwhelming. Plus, without timely alerts, you always run the risk of missing out on some critical maintenance work. But not with property management software. You get timely notifications of all the scheduled maintenance works, allowing you to remain on top of your tasks and keep your property in good shape.

Better communication

When there are multiple stakeholders involved, efficient communication is key. The ability to reach out and receive feedback minimizes delays, mistakes, and misunderstandings.

Property management software helps you stay in touch with your tenants and contractors through emails, texts, and push notifications. It could also include reminders about rent payments, outstanding maintenance orders, and so on so that you and your tenants remain on the same page regarding payments and deadlines.

Tenants can also notify the property manager in case of necessary repairs, Property management software also allows your tenants to make online payments and set up automated payments so that they are never late in paying rent. Overdue rent often attracts late fees and your tenants would be able to avoid the fees by setting up automated payments. ExactEstate’s property management software also retains a copy of all emails, invoices, and notifications sent through the system. This helps your staff keep track of all your communications with your tenants. You can also send an email to any tenant with just a click of a button.

Tenant applications and screenings

Marketing may be one of your top priorities to create awareness of your property. However, the end goal is to get more tenants to sign up. If you have invested a lot of time and money in your marketing efforts, obviously you would also want a good conversion rate.

Having a seamless tenant application process is an easy way to get more tenants interested in your property. With property management software, renters can easily submit the relevant information from wherever they are. It is not only convenient for local tenants but also for those that are moving to your area from elsewhere.

As a property manager, tenant screening is an important task in your job role. Finding excellent tenants can make your experience as a property manager enjoyable rather than arduous. Handling tenant applications and tenant screenings properly and legally is crucial for your success. You should know the landlord-tenant laws in your area and also have well-defined and documented tenant screening criteria. The tenant screening feature in property management software can ensure to a great extent that you end up with responsible and rule-abiding tenants.

Online payments

In the era of cryptocurrencies and e-wallets, online payments are crucial. 82% of Americans use digital payments. By offering your tenants the option to pay online, you can ensure that you receive rent payments regularly, and on time. Another major benefit of online payment is that it lowers the risk of late rent payments, and eliminates the unreliability of mailing cash. You also run a lower risk of bounced checks.

Online payments are extremely convenient for your tenants and also reduce the need for in-person contact. Since the money is directly deposited in the bank account, you can also save time by avoiding trips to the bank.

Contact management

Successfully managing a property requires a lot of people. It means that you will need to manage the contact information of a lot of people, which can quickly get messy. Contact management capabilities offered by property management software help you manage your contacts better so that you spend less time looking for phone numbers and emails. You can even create separate groups for tenants, vendors, maintenance workers, and more, thereby creating a more efficient contact management workflow.

Creating a tenant database can help you get hold of customers quickly, while a vendor database allows you to quickly get the service that you need. Many property management software also comes with lead management facilities, ensuring that your units remain occupied at all times.

Financial Management

You can only run a successful business if you keep your finances in control. Property management is no different. Property management software can help you keep track of your finances so that you can maximize your income and minimize your expenses. You will be able to make the most out of your operating expenses when you have a better overview of the financial health of your business.

Property management software also offers tax management features so that you can remain compliant with local and state tax laws.

Conclusion

Many people think of property management software as an expense, but it is definitely a worthy one. After all, time is money, isn’t it? With the amount of time and money that you can save using property management software, you will soon realize it is a cost-saving measure.

ExactEstate’s property management software is designed to make life easier for the busy property manager. Schedule a demo today to know how it can benefit your rental business.