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Rental property management software enables users to execute a considerable number of essential daily tasks to help all operations run smoothly for a given property. These tasks include managing and tracking tenant information, handling all accounting and billing needs, posting vacancies online and processing maintenance requests. Rental property software simplifies these tasks by automating recurring activities, such as monthly rent payments and tracking income and expenses to help you monitor the financial health of your business. Common Features of Rental Property Software Software for rental properties manages one or more of five general functions: 1. Applications and tenant information • Tenant portals enable online rent payment, maintenance request submissions and even community forums for events or public notices to improve communication. • Customizable lease forms and easy document distribution help standardize the leasing process and make sure all required documentation is completed and archived.

• Resident screening lets you evaluate applicants’ credit history, criminal activity, rent history and income by initiating these checks from within your software. • Store vital tenant information, such as resident contact information, late fee reminders and work order history. Rent roll and payments • Online rent payments eliminate the hassle of paper checks and trips to the bank. • Utility metering calculates and bills for tenant consumption of metered utilities so you don’t have to check and record manually. • Automatic alerts inform landlords and tenants of delinquent rent payments. Vacancy management • Automated vacancy postings allow new properties to be listed faster and more easily, reducing the time it takes to fill vacant units. • Automated notifications inform you about upcoming lease expirations.

• Vacancy planning provides proactive identification of vacancies and under-utilized locations. • Space tracking helps manage the configuration of available space for move-ins and move-outs. Maintenance record keeping • Maintenance request alerts ensure all maintenance issues are taken care of promptly. • The ability to prioritize issues, work assignments, requests and other objectives that require immediate attention helps increase efficiency. • Maintenance staff management allows you to easily delegate tasks.

• Service contract storage lets you easily reference records. Financial accounting and reporting.

• General ledger, income statements, balance sheets and accounts payable and receivable help you keep tabs on revenue, expenses and the overall financial health of your portfolio. • Payroll management allows you to calculate withholdings for state and local income taxes. • Tracking budgets against actuals allows you to view current revenue and forecast future cash flow. Benefits Rental property software offers benefits such as cost and time savings, real-time data access, security and scalability. Landlords who are busy or reside at a different location can use these systems to manage multiple properties from their smartphones or laptops.