Automating Your Property Management Portfolio

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The advancement in technology over the years has offered humanity so much. For instance, anytime you type the word “automation” into the Google search box, you get a whole lot! From finance and entertainment to manufacturing, laborious activities are made simpler and easier once they are automated – property management is no exception.

To make processes speed up faster, property managers are now resorting to different kinds of applications. These also make their work more secure. Now, workers can reduce the great burden of manual work by automating daily tasks. This ensures that these managers can focus their efforts more on residents, owners, and the success of their business. By offering the automated solutions that owners and residents are looking for, property managers can expand their portfolios.

What is property management automation? How is it done? Keep reading this comprehensive guide to learn more!

Property Management Automation: What Does It Mean?

Property management automation involves the use of software to automate all kinds of property management tasks. Gone are the days when multiple types of screening took much effort and time. Now, all these can be done automatically by adopting some tools with a click of buttons.

As a result, much time can be saved on each applicant you screen. You will come across many software solutions that can now be used to automate all relevant aspects of property management, including full-service platforms and single-use tools, which can combine all you need into one suite. However, it is imperative that you acquaint yourself with every available option while also putting the type of automation you want into consideration.

How to Start Automating Property Management

Now that property management automation has been properly explained, you need to understand how to get started. You must first understand how the best property management tools can help you. Some features you can enjoy are discussed as follows:

Property Listing

With rental listing software, it is possible for property landlords and managers to publish listings automatically to various top platforms, including Craigslist. They can achieve this with a click of a button. By genericizing your listings through templates, property managers can effortlessly make use of past postings again while reposting as required and saving a significant amount of time.

Application Processing

As a property manager, you can easily maintain a database of applicants while you review them once properties become available by adopting application software. This ensures that people can easily and quickly apply online. You can save a lot of paper and potentially prevent the loss of paperwork. This software can even be integrated as a component of your entire tenant solution.

Deposit Collection

As a property manager, you are responsible for collecting deposits from tenants while keeping hold of them for the entire duration of the lease. It is impossible for you to spend the money. By adopting the use of software, you can put these funds away electronically. It becomes easier to know how much tenants have paid, enabling you to know what is being owed or the amount you need to refund.

Screening of Tenants

Many tools for screening tenants are available on the internet. Some of these include automated verification of income and background checks. These tools allow the electronic transmission of information as results are shared with tenants. With this, you can make sure that all potential tenants have no issues related to past rental history or background.

Payments of Rent

You can eliminate all kinds of stress by automating the collection of rent with top software. This represents one of the most effective methods of adopting these tools. By setting up a portal, tenants will be able to make payments easily, see the amount they owe, and confirm the payments they have made. This will eliminate the possibility of having checks becoming lost in the mail, preventing any form of argument about whether or not they owe late fees. This must be readily accessible for all tenants to see

Accounting Tools

As mentioned earlier, deposit and rent collection are easier with automation tools. Besides this, property management software offers a wide range of accounting tools that can handle numerous accounting tasks while combining different procedures and processes, from compiling tenant reports to billing and invoicing vendors. This will eliminate the need for installing a different accounting tool as you try to keep things simple.

How to Set Up Property Management Workflow Automation

We have already discussed what property management automation offers. Now, this section will briefly discuss some suggestions on how you can automate your workflows.

The first thing here is to adopt a listing syndication tool to market your property, including a virtual tour of the property. You can also make use of social posting tools to arrange posts on your social accounts.

A link to your online application should be included in your listings and posts. Gather important information on potential tenants electronically and carry out automated screenings of your tenants with this. This software can also help you make sure that your potential tenants are kept updated on their application status.

Once you have selected a resident, send them a lease designed for the property, as well as all relevant terms and conditions. They can easily sign electronically and this lease can be stored online.

Tools For Property Management Automation

So far, this guide has discussed the need for property management automation, as well as some tips on how to get yourself started. Now, here are four tools that can help you automate your property management processes:

  • Rently
  • Doorloop
  • RealScout
  • KeyMe

Conclusion

Technology has blessed us with so many things, intended to make life easier. As a result, we have all it takes to make our day-to-day affairs simpler as we save time, money, and effort. If you are a property manager or a landlord and you are looking to significantly reduce the burden of your manual task, then property automation is something you should seriously consider. As discussed in this guide, it is easy to understand and implement.

Marla Coffin
Marla Coffin
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