The guide to rental management software
Rental management software is a valuable tool to save time. Rental management is time-consuming, especially if you have several properties to manage. Whether you are a property manager or a landlord, it is in your interest to work with rental management software to reduce the risk of errors and track your files more easily.
What is a rental management software?
Real estate management or rental management software is an assistant designed to facilitate the procedures related to real estate management. Inventories, monitoring of unpaid rents, management of security deposits, the number of information to be managed is considerable in the context of a rental and property management. This is why rental management software has been created.
What are the functionalities of a rental management software?
To support you in the day-to-day management of real estate, real estate rental management software allows you to:
- Print lease contracts, rent receipts or payment receipts;
- To increase the rent amounts according to the arrival and departure dates of the tenants;
- To manage the payment of VAT;
- Adjust the rent amount according to different and updated indices;
- Automatically calculate the annual rent adjustment or have the option to do it manually;
- To quickly collect rents and pay landlords;
- To point out unpaid rents and make a reminder;
- To reduce rents according to the monitoring of the work carried out by the tenant;
- To calculate the rental or co-ownership charges and the distribution according to the lots;
- Preparing tax returns and bank reconciliations;
- To export the data in order to use them in Word or Excel.
Why is it interesting for your company?
It is very easy to make mistakes when managing real estate. You have a lot of administrative procedures to carry out and information to take into consideration for your rental management. The organization software ensures you:
- Saving time and reducing lost money by monitoring rents that have not yet been paid;
- Less forgetting (receipt requests, appointments for an inventory of fixtures, entry or exit dates);
- A better organization with automated file classification and the possibility to have all the information on a tenant in a few clicks;
- The automation of certain recurring tasks that you will no longer have to do one by one;
- Easy communication with letter or message templates (reminder of unpaid bills, appointment request, mail for rental charges...);
- Regular updating of index rates and laws in force;
- A more global vision of rented or vacant properties in order to optimize your real estate rentals.
A rental management software in SaaS or internally?
Both types of real estate management software have advantages and disadvantages. It also depends on how you will use it.
- The software in SaaS (Software As A Service) is online and therefore accessible from all workstations as soon as you have an Internet connection. The Internal software will only be usable from your company's computers.
- Internal software is more secure because the data is stored on your server and not on an online server.
- If the SaaS software company is shutting down, you will have more difficulty recovering all your data and risk losing all your files. The work will have to be done again.
- On the other hand, updates of current laws and indexation rates are automatically performed for SaaS software solutions.
- If you choose the internal software version, remember to check whether it is single-user or multi-user so that your employees can also use the software on their own computers.
Before you start and choose one of the real estate management software, we invite you to test the different offers and compare them. Some software also includes accounting management functions, but your company may not need them. It is important to fully understand the needs and expectations of your business or yourself if you are a landlord.
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