Rental property management is a complex business that requires a lot of attention to aspect. However, success comes from having the right tools for rent collection, maintenance requests, tenant screening, and more. This article will walk you over everything you need to know about cloud-based rental property management software and show you how it can help your business run more smoothly and more profitably than ever before.
Cloud-based software is the buzzword of the decade. It’s everywhere, from restaurants to retail; cloud-based software is taking over every single industry imaginable. The advantages of online applications for property management are endless. Everything from easy access and streamlined communication to more accessible tenant screening and streamlined reports makes using an online property manager a no-brainer for those looking to save time and money.
How to pick the accurate software for your rental business:
When it comes to property management software, you have plenty of options. But before you take the time to evaluate all your options, ask yourself what’s important in your rental property business. What are the essential features? When deciding on which cloud-based rental property management software is right for you. Therefore searching for the right rental property management system, one of the first things that will jump out at you is the number of options available.
Unfortunately, the market is dominated by large software companies like Yardi and RealPage who offer solutions for managing single-family homes and apartments. Still, there are other smaller companies whose niche products work well in apartment communities. First of all, decide what kind of a business you have. You can either run a small one-person show or a large company with multiple branches and a few hundred employees working under you. This step is the most important when choosing software for your business! The next thing that you need to figure out is what do you want it for? However, It will support you keep track of all your work and make it easier to manage everything.
What is cloud-based rental property management software?
Cloud-based rental property management software is an online system that enables small to medium-sized landlords, property managers, and even real estate agents to quickly and easily manage their properties. However, it is the most recent and professional way to manage your rentals. Usually, it’s a web-based platform that allows you to manage all aspects of your rental properties from anywhere in the world. These platforms typically include:
- A calendar or diary for tracking maintenance and inspections;
- Property and tenant information, such as maps, photos, notes;
- Automatic rent collection, and much more!
Rental booking software can be a huge time saver for landlords, letting them manage their properties independently without the help of third parties. However, landlords have to keep track of several things to ensure that they are compliant with all regulations and adequately manage their properties.
The main tasks that they must accomplish include: accepting new tenant applications, running credit checks on applicants, collecting rent payments from tenants using online payment methods, sending out monthly statements to tenants, handling maintenance issues in an efficient manner, tracking expenses related to each property, and much more.
Top features of cloud-based rental property management:
Cloud-based rental management software is a great leap forward from traditional rental property management. Features such as remote access, automatic backups, disaster recovery, and high security make this type of system ideal for any operation. Some of the top features have been discussed below;
- Rental Customer Portal:
A rental customer portal is a powerful tool for both your business and your tenants. It’s a way to manage the entire rental process online without ever needing to pick up the phone or physically visit the office. A well-designed rental customer portal provides all the necessary information in one location, saving you time and effort while creating an excellent experience for your renters.
Rental companies can take advantage of technology to decrease costs and increase revenue. First, rental companies need to create a customer portal for customers. Next, consider adding an online scheduling system that will allow customers to schedule services through the website instead of over the phone. Online scheduling could be integrated with your CRM system so that when customers schedule appointments, their contact details are saved in the system.
- Rental Locking Period:
When a product is rented, it can be locked for a specific period. If users attempt to rent the product again before this period ends, they will receive an alert. This feature gives you complete control over when your products can be rented again and allows you to set custom lock periods. With rental locking service, you can be sure that your favorite products will stay in your inventory for as long as you want them to. Remember that the longer the rental period, the higher the income potential.
- Rental Reservation:
The rental management system helps manage your rental inventory and enables you to make additional sales by offering different pickup times for the same services to multiple customers. Using a configurable calendar view, the users can track various reservations on a single screen. It also allows users to configure pickup time on a per-line basis, which can help you reduce the chance of overbooking a particular product. In addition, the system enables the user to view/filter rentals product/category/date wise. Finally, the pickup time settings on your products allow customers to select the drop-off time in minutes instead of hours for a more effortless reservation experience.
- Rental Reservation Cancellation by Customer:
Cancellation is one of the most common issues in the rental industry. However, It can be caused by various reasons, such as late delivery, repair failure etc. Customers can request a cancellation for their orders directly from their portals or via email/phone calls. In addition, it ensures your customers have plenty of time to review their reservations and cancel them if need be. The system manages these requests and verifies them before deleting corresponding records.
- Stock Reservation on Sales Flow:
Stock Reservation streamlines your booking process and increases your sales. A simple platform that allows you to create location-based reservations of products across multiple locations. However, it is designed to help you get more customers, boost conversions, and keep your money in the bank longer! In addition, this will help you manage your stock efficiently and grow your business by preventing stock-outs.
- Website Rental Management:
Renting is a popular payment option for customers, but tracking the rented items and all payments can be challenging. A website cloud-based rental property management software can help keep you organized and make managing your rentals easier. In addition, by integrating your website with a rental ERP system, you can help prevent theft and increase sales. In addition, it creates contracts, agreements, and subscriptions based on the system’s output. Finally, allow your sales team to generate rental invoices, including recurring bills.
- Invoice Management:
It creates contracts and subscriptions automatically after an order is confirmed. Allowing the sales and accounting to work on subscriptions and contracts. The process starts from the subscription/contract form; you can see sales and line order information. These subscription lines can be accessed through the subscription form. The customer invoices can be generated immediately from the subscription form. Using a system, automate the invoice generation procedure till the end date is reached; it also prints the subscription/contract in pdf format.
- Dashboard and Security:
There are numerous benefits to using an interactive dashboard for rental management. One of the most significant benefits is that it helps to improve communication among your staff. Rental reservations can be viewed using interactive dashboards. In one dashboard, you can manage all of your company’s and management’s returns. In addition, the system secure cloud compatibility with SSL security & allow biometric and two-step verification options.
The remunerations of cloud-based rental property management software:
Cloud-based apartment software allows you to create and manage your rental properties online. Managing properties through the cloud offers many benefits over traditional software, including no installation, greater flexibility for staff, and easy access across all devices. One of the most significant benefits of cloud-based real estate management software is its easy accessibility. Property managers can access their data from any location using any device, making it easier to complete tasks on the go.
Other benefits of cloud-based rental property management include:
- 24/7 admittance from any device, anywhere in the world.
- Upgrades are automatic and ready to use in minutes.
- All data is hosted on redundant servers in secure data centers around the country.
- Automatic backup ensures your data will always be safe
Helping hands:
Cloud-based rental property management software is a solution for everyone who wants to take the headache out of managing their properties without sacrificing control over them. A cloud-based service allows you to remotely access your account from anywhere so you can manage your property even when you’re not physically present on the premises. Axiom World Pvt. Ltd. is a cloud-based rental property management software in Pakistan that offers top-notch rental property management services. Additionally, it provides many advantages over traditional solutions, including no upfront cost, easy scalability, and automatic updates.
