Secondary Features You Should Look For When Evaluating Property Management Software
November 9, 2021
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Secondary Features To Evaluate When Choosing A Property Management Software
Once you find property management software tools with the core features you need, it’s time to evaluate secondary features.
Secondary features are what separates good software from great software. You want a tool that goes beyond the foundational attributes so that you can save extra time and money.
The secondary features you should look for are a mobile application, rental advertising tools, responsive support, automated late fees, multi-user management, and renter’s insurance.
Let’s dive into each of these features and learn why they’re important.
Nowadays, a substantial part of your management will occur on the go or away from your home/office. That makes it almost essential to use property management software that comes with a mobile app. Completing crucial tasks on your phone saves time and eliminates the hassle of lugging around a laptop and trying to find internet service whenever you need to get something done.
With a mobile app, you can send leases, screen applicants, collect rent, and communicate with tenants from your phone or tablet. Your tenants can easily communicate with you, submit maintenance requests, and pay rent—all from their mobile devices.
For these reasons, it’s more important than ever to find management software that offers a mobile app. A mobile app allows you to run your business efficiently no matter where you are. And that’s something that will pay dividends for your business moving forward.
Rental Advertising Tools
Advertising your properties typically involves the time-consuming process of adding your listings to multiple realty and rental websites.
However, property management software with rental advertising tools can make this process exponentially easier.
Many tools now allow you to syndicate your available listings to a variety of websites across the internet. Be sure that the major players like Apartments.com and Realtor are covered. Zillow may be a good option, but be aware that they charge you to advertise on their site.
By using listing syndication, you can create a single listing within your property management software that you can then export to all major listing sites at once. This allows you to maximize your exposure while saving you hours of manual effort.
It’s frustrating to search endlessly for a support center number or call a helpline only to get automated messages. And it’s an experience we’ve all had.
Responsive, compassionate support is priceless. If you choose a tool that comes with great support, you save money and time in the long run. You also feel more connected to the platform and better understand what it offers.
With this in mind, look for property management software that offers a dedicated account representative, live chat, or a help center at no additional cost. This feature will prevent confusion and help you maximize your property management software. Furthermore, your tenants will benefit because you can solve issues quickly if they arise.
Automated Late Fees
Tracking down late payments and enforcing late fees are two of the most annoying and time-consuming responsibilities of being a landlord. And because of this, sometimes landlords chase down a late payment and give up on enforcing late fees. This can set a precedent that makes it seem like tenants aren’t responsible for late fees (and won’t be in the future, either). Thankfully, the right property management software can help you with this issue.
Your property management software should automate late fees for you. Off-loading your rental collection to your property management software takes the pressure and frustration off you. There is also a clear digital trail of reminders and communication, so a tenant cannot claim ignorance of the due date or the amount payable.
Enforcing late fees is critical because it helps you hold your tenants accountable. Well-built property management software takes care of this for you by automatically charging late fees and making tenants pay outstanding fees before paying any future rent.
Multi-user management is an often-overlooked feature that allows you to add multiple users and define them by customized roles—property managers, maintenance personnel, accountants, leasing agents, and more.
With multi-user management, you can add your entire team to the platform while only giving them access to what they need for their role. It’s a great way to stay organized and increase employee engagement. It’s also beneficial because it keeps everyone on task and allows you to track progress in one centralized place.
Renter’s insurance is a vital way to shield you from potential liability. It helps protect you and your tenants.
For example, if your tenants damage your property, their renter’s insurance may cover it. This saves you an insurance deductible and keeps your premiums lower.
But tracking who has renter’s insurance and if it’s up to date can be a real pain. Great property management software takes care of this for you. Some platforms can track when an insurance policy took effect, if it’s still in effect, and what’s covered.
A key part of this is to make sure this feature is easy for tenants to use. Uploading a copy of an existing policy should be simple. If a renter doesn’t have a current policy, it should be easy for them to purchase one. Many platforms allow tenants to buy insurance within the application.
Core features are critical to the property management software you choose. They’re the “must-have” features that streamline your business and provide the services you need. Secondary features, though, are also important. These features separate useful software from fantastic software. Attributes like a mobile app and responsive support save you even more time and money.
So, be diligent in your search for the right platform. As you consider the core features, begin to look beyond those and analyze the secondary features. It’s the best way to get the right property management software for your business.