Property management software is available to help with everything from your online rental application to accessing tenant screening services. Modern technology has helped professional managers provide accurate and transparent information to owners as well as tenants. It keeps us accountable and efficient. Today, we’re discussing some of the ways that technology can help you manage your rental properties better.
Rental Property Management: Paying Rent Online
A strong property management software will enable your tenants to pay rent online, which is a convenience they appreciate. You can allow them to pay with a bank account or a credit card. They can set up recurring payments, which helps avoid late payments. At Krystle Properties, we also allow tenants to go to any 7/11 store nationwide and pay their rent in cash. That allows them to pay their rent even if they’re traveling and in a different state. Providing options increases the likelihood that rent will be paid when it’s due.
In addition to collecting rent online, property managers can also pay owners electronically, using ACH transfers. When the rent is wired to your account automatically, you don’t have to wait for a check to arrive in the mail.
Rental Property Management: Inspections and Maintenance
Online technology has also made inspections easier to document. Whether it’s a move-in inspection, a move-out inspection, or an assessment of the property’s condition during the course of a tenancy, we are able to take photographs and detailed notes, and load them right into our system. Owners can access this information from anywhere in the world, and we have a documented record of what we found.
Rental Property Management: Accounting and Reporting
Financial reporting and accounting is more accountable and accurate with property management software. Our owners receive monthly statements that reflect the income and expenses associated with their properties, and at the end of the year, 1099s are immediately provided so taxes can be filed. Owners can always view their accounting statements online.
If you’re not working with a professional property management company, you may be showing up at the property every month to collect your tenant’s rent check. Setting up a wire transfer might make you nervous because you want to protect your personal financial information. If you’d like to hear more about how you can access the technology resources of a management company, please contact us at Krystle Properties.