You may have heard of software products like Zillow Rental Manager before, but perhaps you've assumed that with only a few rental properties, you could manage without a property management system. After all, if your rent roll doesn't feel very complicated, you may assume that rent collection might be all you're missing without a property management system.
However, many property owners save time by streamlining operations like finding renters and other processes that a property management system pays for itself as a worthwhile business expense. Here are just a few of the reasons why these systems are useful for managing your Baltimore rental properties.
1. Keeping Things Organized During the Application Process
Even with just a few properties, you may receive many rental applications when it's time to find a new renter. A rental property management system allows you to organize the applications you've received, send automatic emails, and get the renter screening process going.
All of the information stays in the same place so that you can easily track whether you've already offered a renter their lease contract or if you are still awaiting background check results. So when you've got a lot of names swimming around in your head, you can stay on top of things when you have all data on prospective renters in one place.
2. Create and Push Notifications With a Record
Getting in touch with your renters to give them key data is very important. Whether there are needed repairs, upcoming mid-year inspections, or just a reminder about the rent being due, you can quickly and easily push a notification from your property management system.
It's also helpful that the system keeps track of notifications that have already been sent. If you check and realize that you have already sent reminders, you don't need another. However, if you forgot to send one, you'll be able to double-check and get it out to residents right away. Finally, your renters can review all their notifications in the online portal, increasing their options for staying caught up on the news.
3. Keep Track of Conversations and Documentation
Property management systems like Zillow Rental Manager offer a few free services. However, opting for multiple free platforms can leave you without a comprehensive system that works better for you.
Choose a system that helps you keep track of conversations and documents, as well as collect rent and more. For example, accurately reporting situations like noise complaints or past-due rent to reference later is easier with a system that connects notes and other details to tenant records.
If it becomes necessary to apply penalties for late rent or other lease violations, your property management system already logs the documentation you need to start the eviction process.
4. Integrate Rent Reminders, Rent Collection, and Bookkeeping
Rent payments ideally just roll in every month like clockwork, but if someone is in danger of missing a payment, a timely rent reminder can be what they need to get their resources together to make an on-time payment. Your rental management system helps you easily handle the rent roll and track who has paid and who has not, sending clear notifications to keep missing rent from slipping through the cracks.
Accepting online payments (rather than collecting checks) can also help people pay rent more easily or even automate their payments, taking the guesswork out of it. Finally, the right property management software allows you to integrate all payments into your system to track invoices and expenses so that submitting your tax return or working with your bookkeeper is easier.
5. Track and Respond Quickly to Maintenance Requests
One of the ways that a great rental property owner stands out from the pack is through quick and excellent responses to a maintenance request—especially if you have multiple rental properties.
Having a ticketing system is one of the best ways to track where each request is in the process. Your property management system keeps a record of whether you've assigned someone to the task, and they can update the ticket when they complete it. So even if you currently don't have extensive maintenance requests, you can earn a sterling reputation early by always being on top of these requests.
A Baltimore Property Manager Helps With the Best Property Management System
When you opt to work with a property manager like Renters Warehouse BW Metro, they already have a property management system in place to collect rent, receive maintenance requests, and more. Our experts can help your properties operate more efficiently (and profitably) by applying our experience, processes, and software from the start. If you're ready to learn more about our software and property management services, reach out to our team!
To learn more about partnering with the right property management company, download our free "Guide to Finding the Best Property Manager in Maryland!"