As a real estate business owner, you know how important customers can be. A good set of clients forms the backbone of the business. Client data and information can be so crucial that many property managers hesitate to upgrade their systems because of this.
When you move to new software, you can often lose data along the way. Real estate businesses are afraid of this. The list of customers most business owners have is hard-won. These are people they have acquired over years of service. Risking losing this information is unthinkable for many companies.
Importance of a Tenant Management Software
The above paragraph perfectly highlights the importance of customers. However, one must remember most of these people are former tenants or referrals of former tenants. So, essentially the best way to build up a loyal clientele is by improving tenant-landlord relationships.
With evictions being such a dreaded practice, the guide to getting good tenants starts from the lease signing itself. As a property manager, your tenants must face no problems during their stay. A satisfied lease-holder can help make work easier for you as well.
Besides this, a tenant who has received top-notch service is sure to recommend you to a friend or colleagues, helping bring in more traffic.
A tenant management software can help you achieve this by centralizing all management processes under one roof. Here are the main features of this software.
Tenant Onboarding
A tenant onboarding service helps landlords run a background check on applicants. The system collects data like past housing history, criminal history, if any, credit scores, and more. Armed with this information, the landlords onboard only those who pose the least risk.
Effortless Transactions
A tenant management software allows tenants to make payments, pay fines under one system. As soon as they pay rent, both the landlord and the lease-holder receive notifications about the transaction's success. Moreover, the system stores and categorizes these records to avoid future bill confusion.
Disseminate Information
The dedicated tenants portal on the software lets them log in to the system to access vital information about the property. Alerts about building meetings and CAM fees are also sent to their tenant account via this system.
Features to Look For In a Tenant Management Software
There are several tenant management software for a real estate business owner to choose from. But when doing so, it is necessary to select a service that fulfills a firm set of criteria. This list includes:
Cloud Storage
Property managers collect a significant amount of data on the tenant when signing leases. From credit scores to salary information, they come to know a lot about their tenants.
A cloud-based helps store this private information in a safe place. The property manager must store the files in a secure, centralized, and well-categorized platform for future use. Digital storage helps keep the data from hazards like fires and floods.
Cloud storages also come with high-grade security with solid authentication protocols. Since not everyone can access this information, it makes your business a lot less worrying.
Easy Interface for Tenants
With any tenant management software, the ease of the tenant must be a central priority. Built-in client portals help collect vital information under one roof. A simple, easy-to-navigate front page can help users get easier access to crucial information on the site.
Such a system helps them be up to date with notifications and relevant news about the building. Clients also share their views and recommendations with the management via such portals. This system facilitates better communications between the tenant and the landlord, resulting in a healthier relationship.
Must Use AI technology
An automated system is a must for every tenant management system. Artificial Intelligence (AI) can help save a lot of energy and time because it can process tenant requests without human help.
Advantages of Tenant Management Software
With a manual tenant management system, a person must be present to process all customer requests. But by installing tenant management software with AI support, you can leave tasks like handling chats and finding searches to the automation.
Some software comes with more advanced bots that are self-learning. This phrase means that the AI reads existing data and integrates it into its system. It helps the bot converse with tenants engagingly and understandably by imitating the writing style of the users. You can even teach the bot to build and send tenant emails.
Rules All Property Managers Must Know About
While dealing with your tenants, you must be consistently professional. Never put them in a situation that makes them uncomfortable in any way. Any disputes are to be solved amicably and legally.
Tenants have several laws protecting them from discrimination. As a landlord, you must be aware of these laws. The property laws change from state to state. However, the clauses for most places resemble the Uniform Residental Landlord And Tenant Act (URLTA) or the Model Residential Landlord-Tenant Code in one way or another.
Fair Housing Act
The Fair Housing Act is another necessary act you must know as a property manager. This law works to prohibit discrimination in housing on the following grounds.
Discrimination based upon race or color
Discrimination based upon religion
Discrimination based upon sex (this includes all forms of sexual harassment)
Discrimination based upon national origin
Discrimination based upon familial status (meaning denial of housing to families with children)
Discrimination based upon disability
Getting Professional Help
If tenant-landlord relationship improvement, consider getting a third party. Hiring a firm to handle complex and often contentious processes can improve your business relationships. For example, CAM reconciliations are one of the most volatile tasks for a property manager out there. This reconciliation is a year-end meeting for the discussion of standard area maintenance.
CAM Reconciliation
As no fixed template or rules govern this process, CAM reconciliation can be a hotspot of disputes. The tenant's CAM fees are usually included in the lease and paid annually. But sometimes, when the maintenance expenses exceed the money spent. In such a situation, the landlord sends an invoice to the tenant.
Improvement in Tenant-Landlord Relationship
Usually, the lease-holder may feel that the property owner is out to scam them. The latter may also grow aggravated due to the former's refusal to pay the fees.
A third-part team in such a situation introduces a refreshing amount of clarity. The tenant is assured of the fairness and objectivity of their accounting. The landlord, meanwhile, can rest easy knowing that their lease will be willing to help with the CAM fees.
The Assetsoft team can help you with your CAM reconciliation and tenant management software needs. Choose a real estate management software that actally meets your business needs. Want to know more? Contact us today!