Technology and automation have come a long way for landlords in the past ten years. Property management software is now more capable than ever of solving everyday landlord challenges and increasing revenue.
If you’re looking for ways to increase profit, your software is the first place to start. Are you taking advantage of all the features your software offers? If not, try to evaluate whether you’re using your property management software to the fullest potential.
If not, try to evaluate whether you’re using your best short term rental management software to the fullest potential.
To help you think it through, here are six ways to increase profit with your property management software.
1. Reduce Tenant Turnover
One process made more efficient by property management software is tenant screening. Tenant screening allows you to quickly identify qualified renters based on their basic credit, criminal, and eviction histories.
The efficient screening offered by property management software companies helps you reduce tenant turnover. Instead of enduring long waiting periods to access local records, you can use the screening features already built into your software. You’ll have access to the information you need in moments.
The faster you find good tenants, the sooner you can get leases signed and renters moved in.
2. Save on Resources
Due to its sustainable nature, property management software is highly cost-effective on resources. Many business owners are accustomed to buying reams of paper as part of the monthly cost to run a business. Landlords are no different.
Imagine how much paper you use throughout the leasing process. For example, you might print rental applications, long leases, addenda, rent receipts, and other documents.
Property management software helps you reduce these costs while cultivating a sustainable business model. Nearly all your documents can be converted to digital files viewable on-demand by both you and your tenants.
3. Eliminate Screening Costs
Along with reducing tenant turnover, software tools also eliminate the costs involved in tenant screening. Typically, county or state criminal record checks require fees. They may be small, but with many tenants, fees can add up.
Instead of letting screening fees strain your bank account, let your software do this step for you. Most property management software companies partner with a third-party screening service that works with the company to provide quick and accurate reports for landlords. Simply enter an applicant’s basic information and view their relevant records, without the costly fees.
4. Fill Units with Listing Syndication
Listing syndication is another great revenue-generating feature. Listing syndication allows you to upload one rental listing to multiple listing sites at once.
Not only does this feature streamline your listing process, but it also generates profit. With your rental property advertisements on highly trafficked sites like Apartments.com or Zillow, you are sure to attract new tenants (and new revenue) in no time.
5. Lower Risk of Eviction
Evicting a tenant is costly. Landlords who use property management software are better protected against eviction situations. Why? Because software helps you immediately identify tenants who aren’t a good fit for your properties.
If you screen tenants on your own, you might not always find everything you need to know about an applicant. For example, if a renter committed a crime in one county but lives in another, how will you know to pull records from both counties?
Property management software assists in finding the most accurate information. It helps give you the best indication of which tenants aren’t worth the risk.
6. Self-Manage Your Properties
Another way to increase profit in your rental business is to manage it yourself. The costs of paying an accountant or other team members are necessary for large companies, but might not be worth it for smaller ones.
If you are a small to mid-sized landlord, property management software can help you manage your business entirely by yourself—even if you have a day job or other daily responsibilities. The core features of rent collection, tenant screening, and lease signing are highly automated and made easy for a single person to manage.
Maximize Profit with Property Management Software
There’s no better tool for maximizing all aspects of your business than property management software. Whether you’re new to property management software or are looking to optimize the software you already have, these six tips are sure to help you boost profit. Double your efficiency and profit with software and reap the rewards for your rental business.