Streamlining Affordable Housing with Property Tech

Property managers are always looking for new ways to increase efficiency and lower costs. They want solutions that are easy to use yet powerful enough to handle all of their needs.

Some of the 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 will allow you to input data about each applicant, including information about their income, rental history, and credit score. Then, the software will use this information to generate a report that includes a recommendation about whether or not to accept the applicant.

It can include details on their low-income housing tax credit (LIHTC) status, as well as how much they can afford to pay rent. This way, you can be sure that you are only accepting residents who are truly in need of affordable housing and who will be able to make timely rent payments.

Financial Management

The software should have a comprehensive financial management system that includes 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 give you the ability to generate reports on your properties' financial performance.

It should also have a payment processing feature that allows you to accept and track rent payments from tenants. 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

Additionally, one of the other top features of a PMS is an automated maintenance and repair scheduling system. This ensures that all common areas in the property are regularly inspected and that any repairs or maintenance needs are promptly addressed. By having this feature, you can help to keep your property in good condition and avoid any potential health and safety issues.

This can boost resident satisfaction as they will know that their concerns are being addressed promptly. It can also save you money in the long run, as addressing issues early on can prevent them from becoming more costly problems later down the line.

Tenant Communication

Most affordable housing property management software will come with some form of communication tool. This is important because it allows you to easily get in touch with your tenants and keep them updated on what is happening with their property. You can use these tools to send out 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 both subsidized and unsubsidized residents because you can use communication tools to target specific groups of tenants. For example, if there is a repair that only affects unsubsidized residents, you can send out 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 is a website that tenants can log into to view information about their property, such as their balance or upcoming events. Some portals will also 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, but especially for those in affordable housing. Property managers need to track a variety of data points and be able to 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

The security of your tenants is always a top priority for any property manager. The best affordable housing property management software will have features that allow you to keep an eye on who is coming and going from your property. This might include features like surveillance cameras, access control systems, and visitor management systems.

Additionally, you'll want to make sure 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 in case you have any questions or run into any 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 designed in a way that is logical and easy to understand. The software should be organized in a way that makes sense for the workflow of affordable housing property management.

Affordability

Cost is an important factor to consider when selecting property management software. You want to make sure that the software is affordable and won’t break your budget. You also want to be sure that the software has all the features you need to manage your property effectively.

When looking for affordable housing property management software, be sure to 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 that has 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.