You may be familiar with the frustration of using a new software tool only to discover that its features or design aren’t suited to your needs. Investing in inflexible tools can be a waste of time, money, and energy.
Property management software is not that kind of tool. When you invest in a software solution to streamline your rental business, you can use the organization and management techniques you already have in place.
This is because property management software is highly customizable. Whether it be messaging, tenant screening, organization, or document creation, property management software features are designed with maximum flexibility in mind.
Here are six ways you can customize your property management software.
1. Automated Messaging
Every landlord has their own methods and styles of communication. Some prefer a personalized tenant communication experience, while others prefer the professionalism of impersonal reminders.
Whichever your style is, property management software can accommodate it. Your software allows you to compose regular messages and automatically send them. For instance, you may want to automate rent reminders, late fee warnings, renewal offers, renter’s insurance notifications, or other messages.
With property management software, integrating and personalizing regular communication is straightforward.
2. Late Fees and Grace Periods
Late fees penalize tenants who are irresponsible rent payers. However, an unreasonable amount or enforcement of fees can upset tenants and lead to vacancies.
In order to improve the tenant experience while still holding tenants accountable, many landlords choose to instate grace periods. For instance, you may choose to give tenants 2-5 extra days to pay their rent, after which they must pay a $50 late fee.
With property management software, you can enact flexible and intuitive late fees that work for your business. Customizable late fees reward loyal tenants who may make an occasional mistake and help you retain those tenants in the long run.
In addition to late fees, you can also easily manipulate how other fees are applied to tenants’ accounts. For instance, software lets you set fees to repeat, designate an interval, stack fees, or charge tenants individually instead of bundled as a unit.
3. Multi-User Management
Let’s say you have some help managing your rental business. You may have hired maintenance staff, an accountant, or a property manager to take on certain daily tasks. How can you incorporate your team members when you switch to property management software?
The answer: multi-user management. Many property management software platforms support this feature, which allows additional team members to make accounts with the software. You can customize their roles, indicate which features they can access, and integrate everyone with the platform.
Not only does multi-user management accommodate your personnel organization, but it also facilitates ease and speed of communication.
4. Tenant Scoring
Tenant screening usually involves the same basic components: tenant applications, credit reports, and background checks. However, every landlord has different values, principles, and needs. Tenants suitable for one rental property may not be for another.
This is why customizable screening is especially meaningful. One way to tailor your screening procedures to your preferences is to use a tenant scoring system. A scoring system is a weighted point system for calculating an applicant’s overall eligibility to rent your properties.
Scoring systems are easily integrated into property management software, which can display all the credit, criminal, and eviction information you need to calculate a score.
5. Document Templates
If you’ve ever used any kind of template, you know how much time they save. Instead of creating entire lease or application documents from scratch, templates are far more time-efficient.
If you’re concerned that a template will restrict your freedom, don’t be. Templates are fully customizable and can be edited with the design, content, and fields you prefer.
6. Adding Revenue Streams
Finally, revenue streams are another opportunity to customize your property management software. Rent is likely the primary way you generate revenue, but you may have other avenues. For instance, you may provide cleaning services, satellite TV, or rent corporate housing.
If you have secondary revenue streams, your property management software can integrate these in addition to rent payments. You can push invoices to tenants who use the services you offer in much the same way you would incur a late fee.
Customize Rental Management with Property Management Software
Maintaining your personal management style is a valid and reasonable goal. Property management software works with the organization you already use to reach this goal. Such a software tool, combined with your management style, is well equipped to help your business thrive.