How Property Management Software Can Help Your Business

Landlords have a slew of ongoing tasks on their plate: expense reporting, tenant screening, advertising, maintenance—the list goes on and on. In companies with large portfolios and staff, responsibilities can be delegated and taken care of by a number of people.

But what about small- to mid-sized businesses that lack the resources of big property management companies? How can a select few people (sometimes a single person!) manage it all? Modern technology offers a simple solution: property management software.

What is Property Management Software?

Property management software is an online tool made for simplifying, automating, and streamlining the day-to-day tasks associated with owning and renting properties. Property management software can help landlords manage rent collection, tenant screening, maintenance requests, listing syndication, budgeting, and so much more. Landlords who utilize the right software can spend less time bogged down in the details and more time focusing on the bigger picture.

It’s easier than ever before to save time typically spent on tedious recurring tasks. Property management software is used by property managers and landlords of all sizes and kinds to ease a number of the burdens associated with property management. In the next section, we’ll discuss some of the most important features that make property management software worthwhile.

Key Features of Property Management Software

Every software solution is different, but each tends to have a set of similar features aimed at simplifying the management process. When searching for the best property management software, you’ll want to consider the following core features and tools:

• Online rent collection
• Maintenance repairs
• Lease signing
• Tenant screening
• Listing & syndication
• Expense reporting
• Learning resources

Below, we’ll dive into the importance of each key feature we’ve identified.

Online Rent Collection

This feature is a given for most property management software, as it removes the stress of accepting cash, checks, and other forms of payment for rent. Software can even automatically generate records for each rental payment, which will make your bookkeeping easier than ever.

Maintenance Repairs

With maintenance request functionality, tenants can easily submit maintenance or property issues on the same portal they pay rent with—saving you and your staff from countless phone calls. With property management software, you can track every request in one place and update tenants at each step in the process. Some even offer a mobile app, which allows you to manage requests from anywhere at any time.

Lease Signing

To make lease agreements and renewals simpler, property management software also facilitates the e-signing of legal documents. They typically offer pre-made templates, so landlords can customize the terms of their agreements with ease. Some software, such as Innago, will even automate reminders for signings and notify landlords when applicants need a nudge.

Tenant Screening

Screening potential applicants is a key part of the rental process. Most property management software platforms offer criminal, credit, and eviction history checks to weed out any unqualified applicants. These applications are extremely customizable, so landlords can choose exactly what information to collect and how to collect it.

Listings & Syndication

Finding the right tenants means reaching the right tenants. The best property management software solutions can help you advertise and list your properties anywhere. Listing syndication allows you to simultaneously post on places like Realtor.com, Zillow, PadMapper, Zumper and more. Plus, you can create and update all of your listings at once with the click of a button.

Expense Reporting

Bookkeeping is another important part of the rental property business, which is why property management software works with you to create organized records of your transactions. Software can often generate financial reports for you (such as a profit & loss), keeping you in touch with your finances. You can also integrate with independent third-party accounting software and synchronize your bank accounts, helping you store all your information in one place.

Learning Resources

Those involved in renting properties can’t be expected to know it all, so having trusted resources readily available is important. Rental property software companies often offer informative blogs, state-specific law breakdowns, compliant eviction notices, and other resources that landlords may need along the way.

Benefits of Using Property Management Software

Utilizing the power of real estate management software comes with a number of benefits. You can look forward to:

• Streamlining operations for cost and time saving. Spend less time & money on management and more on your growing portfolios.
• Enhancing tenant communication. Message tenants in a portal designed to keep interactions professional and simple.
• Automating late fee enforcement. Let software automatically charge late fees when tenants are behind on rental payments.
• Generating financial reports. Be more in-touch with your finances than ever with automated and insightful financial reporting tools.
• Finding the right tenants with ease. With customizable screening processes, you can quickly sort through the applicant pool to find the ideal tenants for you.
• Simplifying your marketing. Create and update your listings for a number of syndication sites in one place.

With property management software, you can save countless dollars, hours, and stress. Interested in finding software that can do it all? Read on to learn how Innago can help you streamline your rental operations like never before.

How Innago Stands Out

There’s a number of software options to choose from, but very few platforms are comprehensive & free property management software. Innago is. It boasts a wide range of tools for landlords, real estate investors, and property managers alike.

Here’s how we’re different:

• Completely free, zero paywalls. Although most software companies charge monthly or based on unit counts, Innago doesn’t charge at all. Plus, there’s no tiered pricing or premium plans for added functionality. As our user, you get all our features up front–for free.
• User-friendly interface tailored for landlords. Whether you’re a beginner or a seasoned pro, Innago makes completing business tasks simple and intuitive.
• Reliable customer support. Countless Innago reviews specifically mention the reliability and responsiveness of our customer support team. We’re always eager to help.
• App for on-the-go management. Conveniently handle responsibilities from wherever you are on your mobile device.
• Simple user experience, not overcrowded. Innago’s UX is clean and far from stressful—we work to eliminate frustrating learning curves.
• Robust security measures for data protection. Rest easy knowing that you and your tenants’ data is securely stored and protected by a team that cares.
• Customizable tenant screening and rental listing syndication. Quickly and easily screen prospective tenants according to your preferences and your state’s regulations.

Plus, Innago prides itself in making constant improvements. Built by landlords for landlords, our team is always working towards making the software bigger and better. Users can expect multiple updates and releases each year.

Choosing the Right Property Management Software

Every property management business has its own set of needs. Only you and your team know which software will be the right one for you, so during your research, consider:

• Different property types & needs
• Features and pricing (including hidden fees)
• Mobile app capabilities for remote management
• Customization and flexibility
• Reliable customer support channels
• User experience and learning curves
• Reviews from certified customers

When looking for the best property management software, always keep your specific needs, interests, and skills in mind.

Conclusion

If you’re a landlord managing rental properties, free property management software may be just the thing you need to streamline and simplify the process. With tools built especially for landlords, you can automate rent collection, enforce late fees, screen tenants, handle maintenance requests, and organize your books—all in one convenient place.

With your property management operations simplified, you can dedicate more time and energy to your business’s success. Property management software has the power to keep you in touch while facilitating growth, satisfied tenants, and consistent revenue.

FAQs

What software is used for property management?

While most landlords and property managers use multiple types of software, comprehensive property management software (PMS), also often referred to as real estate management software, is the most commonly used.

What is property management software used for?

Property management software is used for simplifying, automating, and streamlining the day-to-day tasks associated with renting properties. Features include rent collection, tenant screening, maintenance requests, listing syndication, budgeting, and more.

Is QuickBooks a property management software?

No, QuickBooks is primarily an accounting software. While it can be used to manage financial aspects of property management, it lacks the dedicated features found in property management software, such as tenant management and maintenance request tracking.

How much does property management software cost?

The cost of property management software varies greatly depending on the product but typically ranges anywhere from $10-$50 each month. However, some options like Innago are completely free.

What is the best property management software for small landlords?

Innago is consistently ranked as one of the best property management software options for small landlords due to its robust, user-friendly features and free access.

What is the alternative to QuickBooks for property management?

Alternatives to QuickBooks for property management include dedicated platforms like Innago, which offer features specifically tailored to managing properties, such as online rent collection, tenant screening, and maintenance tracking.

Can you use Excel for property management?

Yes, you can use Excel for property management to track expenses, rent payments, and tenant details. However, it lacks the automation and specialized features of property management software, like online rent collection and maintenance request portals, which can significantly streamline operations.

Is there any free property management software?

Yes, there are free property management software options available. One such option is Innago, which provides comprehensive features without charging monthly or transactional fees.

Do I need property management software?

If you're a landlord managing multiple properties or looking to simplify and automate tasks such as rent collection, tenant screening, and maintenance requests, property management software can be highly beneficial. It allows for streamlined operations and can save time, reduce stress, and enhance efficiency.