Yes, there is software available to track rental properties. It’s called property management software, and it helps landlords streamline the process of managing their rental properties. This software provides tools for screening tenants, managing maintenance requests, and listing rental properties, among other essential tasks. Landlords can access it all through a web browser or a mobile app.
Property management software eliminates burdensome manual tracking tasks for busy landlords and puts critical information front and center so landlords find it when they need it.
From Scattered Data to Centralized Hub
There are so many facets to successfully running a rental property business that it’s easy to let a few things slide. Maybe you forget to take a listing down, or a maintenance request falls through the cracks. It happens. But you can end these challenges with the right software solution.
Consider an all-in-one product to manage and track the following.
Property Listings
There are hundreds of sites where you can list your rental property online. But, if you individually post your rental to each site, you’ll have much more to track. Instead, choose a vendor that enables you to create a single listing and then push it out to the most popular listing sites with the click of a button. Once you find the perfect tenant, take the listing down on every site automatically.
Rental Applications
Usually, landlords hand out rental applications during their showings. There’s nothing wrong with that, but keeping track of them all isn’t always a walk in the park. Instead, invite renters to apply online with software that puts all your applications in a single spot. Then, you can easily view each interested renter and their details without looking through stacks of applications.
Tenant Screening
Once you’ve selected interested parties that seem like a good fit, you’ll need to look deeper into their histories to make sure they meet your criteria. Rather than sorting through applications and manually entering them into a tenant screening service, combine rental applications with tenant screening and put them in one spot for seamless management.
Leases
If you have a stack of lease agreements shoved into a filing cabinet, it can be tricky to find out when one is about to expire or if you need to add an addendum to another. Instead, build leases and store them digitally so they’re accessible to you and your tenants.
Online Rent Collection
With online rent collection, landlords can accept ACH, credit, and debit card payments, which are then automatically recorded in a payments dashboard for quick access. Now you won’t have to remember who paid what and when. Plus, many online tools enable landlords to send late rent reminders, apply late fees automatically, and allow tenants to set up autopay.
Maintenance Requests
Maintenance tends to get messy. All your tenants communicate differently, issues crop up at the worst times, and the law often requires timeliness. To smooth it all out, utilize a maintenance tracking system that enables tenants to submit work orders without calling or texting. Then, quickly find what needs fixing in seconds.
Accounting and Bookkeeping
Finances are the most important thing to keep track of. Accounting software comes with tools that automatically sync income and expenses by securely sorting through banking information. Plus, the software records each rent payment and expense as they happen.
Finding the Perfect Tool
Finding the perfect tool requires you to take a critical look at your needs and what they might be in the future. Here are some key points to consider:
Price
Many landlords operate on thin margins, so choosing the right software for your needs, with the right price, is critical. With property management companies charging roughly 10% of your monthly rent, finding software that can do what they do, like collect rent, for a fraction of the cost can equate to significant savings.
Tracking Priorities
Do you prioritize rent collection tracking, maintenance request management, or in-depth financial analysis? Ensure the software you choose offers the features that you need most.
Reporting Capabilities
Do you need basic reports or detailed breakdowns? When choosing your software, especially for accounting and bookkeeping, pick one that provides the level of reporting that best suits your needs.
Why TurboTenant Is the Best Choice
TurboTenant is the best property management software suite because it enables landlords to track the most critical aspects of their rental business for free. If you don’t believe us, check out our reviews and see how we’re helping landlords track their rental essentials to make landlording easier than ever.
Or, sign up for a free TurboTenant account today and try it out yourself.