Happy tenants are the heart of a successful rental business. Finding the best property management software that’s easy to learn, easy to use, and that tenants will love is within your reach.
In the life-cycle of a tenancy, from prospect to move-out, tenants today are looking for robust tech-enhanced features and options to simplify their lives.
What features will set you apart from the competition and make your tenants love renting from you? Those features and how they can benefit prospects, tenants, your bottom line, and more can be found below.
IN THIS ARTICLE
- From first showing to tenant screening, prospects love simplicity
- Renters appreciate electronic lease-signing, making move-in day a breeze
- Tenants love access to online information at their fingertips
- Renters are looking for alternative and online rent payment options
- Communication tools are a must have to make your tenants love renting from you
- Tenants appreciate resources to meet security deposit and rental insurance obligations
- Routine inspections to the move-out process, renters prize supportive technology
From first showing to tenant screening, prospects love simplicity
The foundation of a good landlord-tenant relationship starts way before move-in day. How you present your properties and your rental business and how you process applications and lead management makes a huge impact.
According to Zillow Consumer Housing Trends Report 2022, about two-thirds of renters (64%) say they are considering moving within the next three years. For recent renters, the share is even larger: 73% say they plan to move again in the next three years. That means it’s ever more important to capture a potential tenant’s interest with all the competition on the horizon.
Ways your property management software can help is by providing tools that help you:
- Design a customized professional website
- Make eye-catching, detailed vacancy listings
- Manage income leads
- Provide an online easy application process
- Quickly conduct your tenant screening process
Renters appreciate electronic lease-signing, making move-in day a breeze
When shopping for a property management software that makes your tenants enjoy the move-in process, look for one that allows you to send them customizable paperless forms like your lease or rental agreements. Your renters will love that they can review them on their schedule and electronically sign and return them to you without printing a page or coming to the office.
“Technology within the property management industry has evolved to be cost-effective, convenient, efficient and almost a necessity for managers to organize data, improve business processes and build relationships with tenants. Not only have systems developed to make the property management process easier, but today’s renters expect and appreciate the convenience of online services provided by their property manager. Managing and communicating with your tenants through their preferred method will help you reach them more effectively and lead to stronger landlord-tenant relationships.”Nathan Miller: How Technology Has Changed the Property Management Industry
Tenants love access to online information at their fingertips
We are all busy these days and quick access to information makes everyone happy, especially your tenants.
Tenant portals: The best property management software allows you to give your tenants that access through a Tenant Portal. With a click of a button on their smart phone or device, laptop or computer, they can find all their rental information in one convenient place. The types of information your renters can access through their tenant portal are:
- Rent statements
- Security deposit balance
- File library
- And insurance information (see below)
Mobile app: Not only should your landlord software have tenant portal availability but should also provide a useful mobile app to make logging into the tenant portal that much easier.
Renters are looking for alternative and online rent payment options
Between the new-normal from pandemic activities and the rise of more tech-savvy renters, giving your tenants options besides checks, cash, and money orders just makes good business sense.
Everyone loves the convenience these alternative and online rent payment options afford. For example, each time a renter chooses to pay using one of the methods below, your property management software will automatically post that transaction for you on all the appropriate ledgers saving you valuable time and bringing down data-entry human error. Not to mention, renters pay more and more often when they have options available to them such as:
Online rent payments: Online rent payments allows your renters to login to their tenant portal either on a computer, smartphone or tablet and schedule recurring rent payments or one-time payments. Depending on the merchant account options you choose when signing up for electronic payments in your rental accounting software, you’ll be able to offer your tenants the option to pay by ACH (which is like an eCheck) and credit and debit cards.
Cash Payment Networks: A Cash Payment Network is an alternative way tenants can make payments to you without bringing you cash, sending a check, or buying a money order. Instead, they would use their tenant portal to find the nearest convenience store (like Wal-Mart or Walgreens) in the Cash Payment Network and make their rent payment at that location using any form of payment the location accepts. Those funds are transferred to your bank account and again, the transaction is automatically posted to their tenant ledger as well as all other corresponding ledgers in your property management system.
Communication tools are a must-have to make your tenants love renting from you
We all want to be in-the-know and stay up to date with the latest information, and your renters are no exception. Having a landlord software program that allows you both to send and receive vital information is paramount.
Make your tenants love renting from you with a property management software program that optimizes:
Repair and maintenance requests: No one wants to have to receive and manage maintenance requests in a paper format. paper format. Instead, make it easy on your tenants by choosing a program that lets them submit repair and maintenance requests electronically from their tenant portal access. Unlike a paper form, they should be able to upload a few pictures to help pinpoint the issue. From there, your tenants will appreciate how quickly you’ll be able to delegate and resolve their concern.
Communication tools: Old-school property management had you creating, printing, and mailing tenants their monthly statements, invoices, and other documents. Save them and you some hassle by using tools at your fingertips that allow you to send:
- Automated reminders
- Group or personal emails
- Texts right from your software
- Electronic newsletters
- And other electronic documents and forms
Tenants appreciate resources to meet insurance and security deposit obligations
When your property management software works in your favor, you’ll have all the resources to be able to make your tenants’ life that much easier.
Renter Insurance: Providing tenants the ability to order affordable renters insurance from their tenant portal is an easy way to make your tenants know you care about them and their belongings.
Security Deposit Insurance: As rent rates continue to rise, it impacts the ability of renters to make the move that benefits them the most mainly due to prohibitive move-in costs. Fill your vacancies faster by giving more prospective tenants the ability to meet your move-in requirements by choosing a software that allows them to use a security deposit insurance provider.
Routine inspections to the move-out process, renters prize supportive technology
Most property management software will have connections with third-party vendors to help you with your rental business. Check to make sure yours offers you outstanding integrations with service providers that can provide resources such as easy and virtual inspections. It’s technology like this that makes your tenants love that they chose to rent from you.
Bonus: Back-end property management software tools for stellar tenant relations
The tenant might never know the time you put into syncing your banking data, reconciling statements, or managing your maintenance requests but the efficiencies they provide have an indirect effect on your landlord-tenant relationship.
New to property management?
Check out this resource to learn more about property management software here:
What Does Property Management Software Do?
If you already have a property management software, do a deep dive into the time-saving features and tools it provides. With that extra time in hand, not only will you feel ready to face the challenges of the day, but you’ll have the bandwidth to provide additional attention to building your tenant-landlord relationships.
When evaluating the software you currently use with those available on the market today, check into the tools mentioned above but also look for one that has these features built-in:
- Document management system (DMS)
- Customer relationship management (CRM)
- Designed for property management compliance
In times of massive change, people are looking for stability, including technology that works. As many of us are isolated physically, staying connected digitally is vital. We must be able to go about our daily business and lives, from video calls with colleagues to conducting business – like paying bills and rent – remotely. This requires access to technology, and landlords can help support their tenants by prioritizing specific tech implementations and improvements.Nathan Miller: The Rising Importance of Technology for Renters
Make your tenants fall in love with how easy it is to rent from you with technology, tools, and resources within a property management software that make their lives easier. In return, you may find you’re business improved with lower tenant-turnover rates and higher tenant satisfaction.