Given the amount of work that landlords and property managers do daily, property management automation is among the most significant advancements in the field. Not only can it lighten your workload, but it can also make your job more efficient. That begs the question: Which tasks should you automate?
Rent Collection
Collecting rent payments can be tedious if you have multiple tenants. Tools like property management software automate this manual task by scheduling rent collection, informing tenants, and automatically charging the amount on their designated accounts. Some automation tools even issue late fees for overdue rent payments.
Lease Management
Lease agreement-related tasks can range from lease generation to the lease renewal process, and it is essential to establish clear rules and responsibilities for both landlords and prospective tenants. By automating lease renewals and generation, landlords and property managers can reduce the risk of errors and improve efficiency. These tools will also improve the scheduling of move-ins and move-outs, ensuring compliance.
Maintenance and Repair
An automated property management system can be highly beneficial in coordinating maintenance requests and repairs. A lot can be overlooked due to unclear tenant communication and an overwhelming number of requests. With the use of property management automation tools, you can even automatically assign the necessary vendors for repair or maintenance requests.
Tenant Screening
Performing background checks is one of the most time-consuming tasks a property owner can take on, especially if they have multiple properties. Some property management software integrates with AI-powered tools that conduct thorough tenant screenings, enabling property managers or landlords to streamline the process.
Accounting System
The tasks related to property expense management are more critical than those of other areas. One human error can lead to numerous problems. With the use of a property management software solution, you can forgo manual data entry and calculate things like property taxes, financial records, and utility expenses seamlessly during expense tracking.
Marketing
Marketing your investment property takes a lot of data-driven decisions to be effective. Some of the best tools help you reduce marketing effort by generating apartment tours, automatically marketing vacant units, and incorporating rental market factors to boost lead generation.
Reminders
You can set automated reminders for repetitive tasks, such as rent collection or property inspections, as well as automated notifications when payments are received or when issues have been resolved. This can streamline communications and save you time, as tenant notifications eliminate the need to contact them directly. You can use either an automated system provided by a service provider or a tenant portal offered by a property management company.
Things You Shouldn't Leave to Automated Systems
Welcoming Tenants
While generating lease agreements and automating lease renewal reminders are beneficial, the leasing process should be handled by landlords or property managers, as your tenants will appreciate the personal touch. There are other tools, such as online portals, that simplify operations like collecting electronic signatures. However, personally welcoming residents can help create a good landlord-tenant relationship.
Addressing Tenant Concerns
You can utilize communication features in real estate CRMs (Customer Relationship Management Systems) to respond to simple inquiries, such as maintenance scheduling or generating reports. However, more complex issues should be addressed personally or delegated to property managers to ensure tenant satisfaction. You can still use communication tools, but avoid automating responses to complicated matters.
Decisions in the Rental Process
Automating the screening process can help you avoid looking through criminal records, credit scores, and other criteria, which saves time. However, automated workflows in deciding whether a potential tenant can rent your unit should be done by you or a real estate professional to avoid unintentional discriminatory practices.
Adding Lease Terms
We mentioned that you can start automating the generation of lease agreements, but that doesn't mean you can't add customized terms to suit your specific business needs. Penalties for late payments, for instance, should be decided based on local laws. You can also adjust particular rules to enhance the tenant experience and strive for resident satisfaction.
How You Can Benefit from Professional Property Management
Just as using the right tools can make your job easier, hiring a property manager can be just as helpful, if not more so. Green River Property Management doesn't just automate routine tasks through our in-house technologies; we also ensure the best resident experience by acknowledging the needs of each tenant.
Our tenant and owner portals store records for future reference, allowing you and your tenants to monitor transactions and cash flow while we handle redundant tasks.
You can leverage the best of both automated systems and professional manual management, and learn more about it by contacting us today!
