Streamlining Affordable Housing with Property Tech
Affordable Housing
Property managers always look for new ways to increase efficiency and lower costs. They want solutions that are easy to use yet powerful enough to handle their needs.
Some top features in affordable housing property management software (PMS) include cost, time-saving abilities, and a user-friendly interface.
Here are a few key features that can make a big difference:
Resident Screening and Selection
One of the top property management software features to look for is the ability to screen and select residents. This is important because it can help you choose residents who are most likely to be a good fit for your property and who will be the least likely to cause problems.
The best screening and selection features allow you to input data about each applicant, including information about their income, rental history, and credit score. The software then uses this information to generate a report recommending whether to accept the applicant.
It can include details on their low-income housing tax credit (LIHTC) status and how much they can afford to pay rent. This way, you can be sure that you are only accepting residents who truly need affordable housing and who will be able to make timely rent payments.
Financial Management
The software should have a comprehensive financial management system with budgeting, accounting, and reporting features. The budgeting feature should allow you to create and track budgets for your properties.
The accounting feature should allow you to track income and expenses, and the reporting feature should allow you to generate reports on your properties' financial performance.
It should also have a payment processing feature allowing you to accept and track tenant rent payments. This feature should include the ability to process online payments, such as credit card and ACH payments, to make it easy for tenants to pay their rent.
Maintenance and Repair Scheduling
Another top feature of a PMS is an automated maintenance and repair scheduling system. This system ensures that all common areas in the property are regularly inspected and that any repairs or maintenance needs are promptly addressed. This feature can help keep your property in good condition and avoid health and safety issues.
This boosts resident satisfaction, as they know their concerns are promptly addressed. It can also save you money in the long run, as addressing issues early on can prevent them from becoming more costly problems later on.
Tenant Communication
Most affordable housing property management software will come with a communication tool. This is important because it allows you to easily contact your tenants and keep them updated on what is happening with their property. You can use these tools to send mass emails or even text messages. This can be a great way to keep your tenants informed about repairs, maintenance, or even upcoming events.
This is useful for blended occupancy properties with subsidized and unsubsidized residents because you can use communication tools to target specific groups of tenants. For example, if a repair only affects unsubsidized residents, you can send a message to just those tenants. This helps to keep everyone on the same page and prevents confusion.
A resident portal can help facilitate communication between you and your tenants. This website allows tenants to log in to view information about their property, such as their balance or upcoming events. Some portals allow tenants to submit maintenance requests or pay their rent online. This can be a great way to make your life easier and save time.
Reporting
Reporting is crucial for any property manager, especially those in affordable housing. Property managers need to track various data points and generate reports on demand to stay compliant with various regulations. The best software will offer a variety of report types and allow you to customize them to fit your needs.
In HUD-regulated properties, for example, managers need to track data points such as the number of units occupied by tenants with disabilities, the number of units set aside for victims of domestic violence, and more. The software should make it easy to generate reports on this data so that you can prove to HUD that you comply with their regulations.
Security
Any property manager always prioritizes the security of their tenants. The best affordable housing property management software will have features that allow you to monitor who is coming and going from your property. These might include features like surveillance cameras, access control systems, and visitor management systems.
Additionally, you'll want to ensure that the software you choose offers excellent customer support. This is especially important if you're not particularly tech-savvy. Look for a software provider who offers 24/7 support if you have any questions or issues.
User-Friendly Interface
As with any other software, the user interface is important. It should be intuitive and easy to use. The top affordable housing property management software will have a user-friendly interface that is easy to navigate, even for managers who are not tech-savvy.
The interface should be logical and easy to understand. The software should be organized in a way that makes sense for affordable housing property management workflow.
Affordability
Cost is an important factor to consider when selecting property management software. You want to ensure the software is affordable and won’t break your budget. You also want to ensure the software has all the necessary features to manage your property effectively.
When looking for affordable housing property management software, consider the features mentioned here to check whether the tool offers good value for money. The cheapest option isn't always the best, but the most expensive doesn't guarantee better quality either.
Takeaway
When looking for affordable housing property management software, you want to find a system with the features you need to manage your property efficiently. This way, you can keep track of your finances, leases, and tenants.
ExactEstate offers these top property management software benefits while also being affordable. Schedule a demo today to see how our software can help your property.
