Property management is one of the most demanding jobs out there. You’ll have to wear many hats to get things done, and with a long list of to-dos, the job can quickly become overwhelming. Fortunately, with the help of specific tools, you can make property management more manageable. This post rounds up seven must-have tools to streamline your property management processes.
1. Virtual showings
One of the most time-consuming tasks you’ll have to do is tour potential tenants around properties. It can also feel like a waste of time when they decide not to rent it in the end. That’s why tech-savvy property managers show their properties virtually, whether through prerecorded videos or virtual reality (VR).
The use of virtual showings allows potential tenants to view the property at their own convenience. In this way, the property manager doesn’t have to take time out of their day to show the property or unit.
2. Email templates
As a property manager, you not only represent your company, but also the owners of the properties under your care. That said, you must maintain professionalism at all times. This applies to how you communicate with local companies that want to be in business with you such as plumbers, electricians, etc.
While it’s reasonably easy to write a positive reply, it can be challenging to say no to business proposals. You’ll want to be cordial even if you don’t plan on working with them because your reputation (as well as your company’s and clients’) is on the line. That’s where email templates come in. With a template to politely decline a business offer, you can communicate clearer in a way that keeps future partnerships open. You can also save time as you’ll no longer struggle to find the right words.
3. Wearable technology
The smartwatch on your wrist doesn’t just count your steps, it also helps you manage your time, making it a must-have tool for property managers. It’s your trusty companion as you tackle each day’s tasks.
One tap of your smartwatch will open your calendar to give you an overview of the day’s activities. You’ll no longer need to open your planner, flip through the pages, and figure out what to do next. When you wear a smartwatch, you can check your schedule on the go — even while you’re showing a property to potential tenants. You can also set alarms so you don’t miss appointments with potential clients and contractors. All of your to-dos will be at your fingertips.
4. Cloud storage
Imagine having to go to the landlord’s home to give them a monthly maintenance report. That would be doable if they lived minutes away, but what if they live across the country? It would be impractical to do that, not to mention a waste of time and money.
A more practical way of doing things would be through cloud-based storage solutions such as Google Drive and OneDrive. They allow landlords to stay up to date and download data about their properties at any time, such as rent payments, rental applications, inspection reports, taxes, and more. They can view the cloud’s contents in real-time from anywhere in the world — even when they’re vacationing in the South of France!
Not only is it more convenient for your clients, but it also makes your life a lot easier. You can get things done on the go because everything you need is in the cloud.
5. Property management software
One of the most important time-saving tools you can leverage is a property management platform. Features vary by software, but in general, they’re a way to simplify your day-to-day tasks. For example, it streamlines rent collection by calculating each tenant’s rent due and balance. That’s more time-efficient than manually recording payments on paper. The platform can also be used to ensure that maintenance is conducted on time and that detailed records are maintained.
You’ll find plenty of property management software on the market, but be sure to go for one with a wide range of functionalities. Remember, you’ll have more responsibilities as your property management portfolio grows. Choose a platform that can accommodate your ever-changing needs.
6. Contact management system
As a property manager, you need to have a vast network of vendors who you can count on to deal with daily maintenance and emergency repairs. The problem is that the wider your network, the harder it will be to find who you need.
Contact management systems (CMS) let you collate and sort contact information such as company names, addresses, and industries. That way, you won’t have to waste time trying to figure out who does what. For instance, if your tenant reports a problem with the plumbing, you can simply open your CMS to find an available vendor.
CMS can also come to your rescue if a vendor claims you failed to pay them for their services. The software tracks every interaction you’ve had with your vendors and lets you add documents (e.g. invoices and work orders) to individual contacts.
7. Tenant screening software
Tenant screening can be time-consuming, but you need to do it or else you’ll end up with troublesome tenants. To save time, use tenant screening tools. That way, you won’t have to go through thousands of applications and risk overlooking red flags such as a criminal record, low credit score, and lack of references. You can fill your vacancy fast — one of the marks of a good property manager.
Let the tools do the heavy-lifting
Property management can be a big responsibility, but with the right tools, you don’t have to do everything by yourself. By investing in innovative tools, you’ll be more confident, knowing that you can handle your to-do list, regardless of how long it may be.