Property Management Companies are a great way to own your investment properties, pocket the rent and keep your sanity, all at the same time. Many landlords love the passive income that rentals can provide, but hate actually being a landlord. The best solution is to hire a property management company to take the burden off of your shoulders. We’ve already discussed how a property management company comes in handy by renting your property quickly, and to qualified tenants, but where they really shine is with managing the occupied property. Here are just a few reasons you’ll love hiring a property manager:
Rent – This is the entire reason you own an investment property—for the passive, monthly income it produces. The problem with some landlords is that they end up chasing their rent for days or even weeks, and that’s hoping that they’ve qualified their tenant and know that they have a steady job and enough income to make monthly, on-time payments. For this reason, plenty of landlords dread the first of the month. It’s a new month filled with excuses, promises of partial payment or making multiple unreturned phone calls and voicemails for tenants. Collecting rent from your tenants can become an even bigger problem if you’ve befriended your tenants, since they no longer consider you their landlord with your own expenses. This is sadly common, especially if the owner has a duplex or multi-unit building and lives just next door. It’s even more important that you hire a property manager in these cases, since you would probably benefit from befriending your neighbors and enjoying their company. Continue reading ‘Why Hire a Property Management Company? They Handle your Tenants and Expenses’ »
Have you ever heard of property management? How about property management software? These are just some of the jargons used when it comes to real estate business.
Property management means managing different types of properties such as commercial, industrial and residential that involves two key players in the business. These are the landlords and the tenants. The landlords monitor their tenants, collect rent from them and help address their client’s problems. The tenants are those that rent a vacant space in the property. This system has been going for several years now without any significant changes except today with dawn of property management software.
Firstly, the software on property management helps in monitoring tenants’ payment history thru an online payment history feature which tenants can access using their personal account on the community website found on the internet. This special feature allows them to view their previous payments as well as the current status of the present month. As an added feature for landlords, they can send email notifications to their tenants reminding them of their past dues as well as a payment that needs to be made for the present month.
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Secondly, the software is in charge of collecting the monthly rent instead of the landlords making it more convenient for latter with its online payment option. Just as the name suggests, it provides 2 options when making payment which is either thru the use of any major credit card or electronic check allowing them to pay from just about anywhere. They can also pay at any time of the day everyday of the month. Using this software definitely is a time and money saver as it spares landlords from having to travel just to collect rent.
Lastly, the software serves as a venue for the exchange of significant information between the landlord and the tenants. It permits tenants to send their individual concerns directly to the landlords in the hopes of a speedy response from landlords who religiously must address their replies. They can also post important information on the community website to address the general concerns. Such a system definitely helps in bridging communication between landlords and tenants.
Thus, property management software is indeed very helpful in a property management business. It monitors tenants, collects rent from them, and provides a good location for communication between landlords and their tenants. It’s definitely something worth investing on if you have this kind of business. Visit http://propertymanagementvc.com and experience the convenience of online property management tools.
In recent years, technology has brought us change. Because of technology we enjoy modern conveniences like cable televisions, computers, internet, cell phones, air conditioners, washing machines and other awesome inventions including software that aids in doing property management business called property management software.Managing properties has never been easier. Landlords don’t have to travel miles away to collect monthly dues from their tenants. Delayed payments can be avoided and records don’t need to get lost every time with property management software. It’s because this software gives them the convenience they need while doing the business. The software keeps landlords and tenants informed with regards to rent payment and other concerns. Landlords can monitor their tenants’ account history so they know who has paid rent and who hasn’t for a certain month. They can then send notifications thru email reminding tenants who haven’t paid yet to make their payment. Tenants can check on their personal accounts thru the community website which they can access thru the software. Once there, they can read their tenant’s email notifications and general announcements, make any changes necessary to keep it updated and look at their previous payments in the online payment history section. Additionally, the software has a real time reporting feature that instantly uploads any new information submitted for timely display of information.
Furthermore, it encourages remote transactions which are its main goal. Landlords can immediately receive payments without having to travel saving them time and money as tenants pay them thru credit cards or electronic checks. With credit cards, tenants have the option to avail of auto debit or a resident-initiated fund transfer. Tenants who choose to use auto debit will have a fixed amount of money from their account transferred automatically on a fixed date every month to the landlord’s bank account. Those who opt to select a resident-initiated fund transfer on the other hand will have to transfer the payment to the landlord’s bank account every month by themselves. Also, tenants can choose to pay using electronic checks that only asks for their bank routing and account numbers from their personal checks to make the transfer. So if you’re a landlord who wants a more convenient way of handling your business, you should definitely use property management software. It keeps both you and your tenants informed and it encourages remote transactions making everything up-to-date. It’s definitely the future of property management!
Maintenance and management are two key functions that really should be given importance in each real estate enterprise. Sadly, it isn’t taken seriously by some home owners either simply because of the lack of knowledge about home management or the insufficient time they allocate to look into the matter. As a result, several property proprietors refrain from running their own assets after realizing just how burdensome and stressful it may be. In these conditions, owning a property management system is very helpful.
A good property management system can help simplify your company operations by half the time. You’ll be able to avoid the drudgery of possessing to do lots of paperwork documenting all information necessary including personal info about your tenants and their payment history the old fashioned way. The same is true when you need to access their info as you no longer need to go by means of all of the heaps of papers just to locate what you’re looking for. Utilizing the new method enables you to organize and store all the details you have entered into it to for simpler access and revision when needed. And because every one of the info is discovered in your program, it saves you the cost of operations.
It spares you from getting to purchase paper and folders for organizing all the details you would like including travel expenses necessary every time collecting rent on a monthly basis. Also, getting the system avoids human error which may also be costly possessing to revise incorrect details and update it each and every time. So, with this system on hand, you can save much more cash. Finally, the program secures your rental property. It has an on the web tenant credit screening service which permits you to check on the credit info and background information of prospective tenants in a matter of minutes. Continue reading ‘The Key to Pick Property Management System?’ »