Your time is precious. Whether you own and manage several multi-families properties or have just purchased your first one, efficiency is key to profitability and return on investment. Long gone are the days of placing an ad in the newspaper, collecting physical rental applications, manually collecting rent checks and having tenants call you directly for every little thing. Modern technologies are available to streamline all processes related to finding and managing tenants. Using property management software to increase ROI is an absolute must for multi-family property owners.

1 – Find & Screen Tenants

Everything is online these days , so you must be too. The quickest and easiest way to find new tenants is to place listings in popular rental search websites. Potential tenants can immediately express interest online. There’s no need to meet with dozens of tenants who may not meet your criteria. With the use of property management software, you can add your rental listing on multiple sites, pre-screen tenants and invite qualified ones to formally apply. It saves you significant time and energy with both marketing and tenant screening. This is one of the key ways of using property management software to increase ROI.

2 – Simplify Rent Collection

There’s no need for mailed or in-person rent checks any more. Digital rent collection is the new standard and it’s time to get on-board. Property management software systems allow you to automatically collect rent payments online each and every month. Funds are directly deposited into your bank account within 2 business days. The system also tracks rent payment history and other helpful information. It’s  automated and extremely efficient.

3 – Streamline Maintenance

Property management software also streamlines tenant maintenance requests. Instead of taking physical calls and tracking requests manually, tenants can enter issues into a website or phone app. You can review and address them directly or have requests automatically addressed by service providers in your network. Through established connections with electricians, plumbers, handymen, etc., tenants issues can easily be assigned and addressed.

4 – Facilitate Communications

Another huge benefit of property management software is facilitating communication between you and your tenants. Not only will the software track rent payments and repair tickets, it will also send out important reminders and other pre-programmed communications. For example, for new tenants, you might send out move-in instructions and other helpful information. Likewise, you can create move-out reminders, instructions, and follow-up information. Tools like this keep everyone on the same page and provide a valuable history for multi-family landlords.

More on Using Property Management Software to Increase ROI

It’s a common misconception that using property management software to increase ROI only works for landlords who own many properties. The truth is, even if you own just one property, it can save you significant time and energy. It’s also cost effective. Our preferred property management software is Hemlane. It’s online, accessible from any device, and includes all of the features needed to manage any type of property. Don’t waste your valuable time manually completing property management tasks. Use available tools and services like this to spend less time managing properties and more time profiting from your investment activities.