Managing leases is a complicated and time-consuming task. Dealing with the details of payments, agreements, and maintenance requests can become overwhelming for any lease manager. Fortunately, a lease management software or app can make your work a lot easier.
A lease management app goes beyond the traditional pen-and-paper or spreadsheet-based methods of doing work. It offers a comprehensive solution to streamline the entire process. That said, all lease management software and apps might not provide the same functions. So if you want to make the most of your time managing your work, make sure you choose an app that contains the following features:
The popularity of portable electronic gadgets like smartphones and tablets has skyrocketed in recent years. This trend has had a profound impact on various industries, including property and equipment management. Managers are always on the go; they deal with multiple clients and tasks simultaneously. Therefore, accessing lease agreements, tenant details, rental payment histories, and maintenance requests via a mobile app will improve efficiency.
The market is full of many lease management software and apps that claim to be mobile-friendly. However, many of them fail to live up to their hype. So it would be a smart idea to evaluate the mobile compatibility beforehand. To begin with, you must analyze the app’s responsiveness. Launch the app on various mobile devices with different screen sizes and resolutions to observe how well it adapts to different dimensions. A mobile-compatible lease management software should ensure that all elements, including text, images, buttons, and menus, are displayed properly.
Next, pay attention to the loading speed of the app on a mobile network. A mobile-compatible app should also load quickly on slower internet connections to ensure optimal user experience. Slow loading times result in frustration and users abandoning the product. Also, pay attention to the battery usage of the app. If it’s draining your device’s battery life too fast, you’ll struggle to get work done.
Advanced Reporting Features
An advanced reporting feature is a key component of a useful lease management app. It helps you generate an easy-to-understand snapshot of all your work, including the correlation between lease expirations and tenant retention rates over a given period. You will also be able to create a comparative report highlighting the performance of various properties in terms of generated revenue and their respective occupancy levels.
Advanced reporting also helps monitor compliance with various federal, state, and local regulations governing lease agreements. Reports provide you with an in-depth overview of the regulations applicable to each property. That way, you can maintain the necessary licenses, permits, and certifications. This proactive approach prevents hefty non-compliance penalties and keeps potential legal disputes at a safe distance.
Communication tools facilitate automated notifications and reminders. For instance, a property manager might use the app to schedule and confirm a maintenance appointment with a tenant by generating automatic reminders for both parties. That way, you will never miss important dates or events.
Be sure to opt for an app with various built-in communication modes, such as in-app messaging, email integration, and even text notifications. This versatility will accommodate diverse communication preferences and cater to different user demographics.
When it comes to managing retail leases, every property manager wants good tenants who pay their rent and report damage and maintenance on time. In the long run, this keeps the cash flow in the green zone and reduces maintenance costs. However, finding good tenants is a tough task, which is why lease management software with a tenant screening feature is a bonus.
With a tenant screening feature, you can learn important details about prospective tenants, such as their credit scores, criminal records, and eviction histories. Some applications even enable potential tenants to submit supporting documents, such as pay stubs or bank statements.
Make sure the screening feature can also ask customized questions. For example, if you have a pet policy, you might want to know their breed. Do not forget to consider the accessibility of the application when evaluating the screening feature. If people have a hard time using it, they are less likely to submit an application for your rental property.
When signing a lease manually, both the lessor and lessee must be present. It might be problematic if one of the two parties operates far away or has a busy schedule. Even if you mail the lease to the tenant for signatures, postal delays could significantly extend the process’s time to complete. Plus, it can be time-consuming to print multiple copies of the lease agreement, manually fill them out, and ensure all necessary signatures are obtained. Property managers might need to handle a lot of paperwork for each lease. It increases the chances of errors or missing information.
To avoid all these inconveniences, you should look for a property management app with a lease signing option. Now you and the renter do not have to waste time chasing each other down for signatures. You can create, customize, and share lease agreements electronically. This not only saves time but also reduces costs related to paper, printing, and postage. Property managers can track the status of leases in real time.
Apart from lease signing, some apps also include document storage. It means you may save files directly in the application. There will be no more searching through disorganized filing cabinets.
Keeping track of several lease-related details is a major undertaking. The job could be particularly stressful if you are new to the real estate market. That is why relying on a solid lease management app can be very helpful. Rest assured; it will take your property management game to the next level. Since the online space is cluttered with several options, make it a point to pick an app with all the key features covered in this article.
Barsha Bhattacharya is a senior content writing executive. As a marketing enthusiast and professional for the past 4 years, writing is new to Barsha. And she is loving every bit of it. Her niches are marketing, lifestyle, wellness, travel and entertainment. Apart from writing, Barsha loves to travel, binge-watch, research conspiracy theories, Instagram and overthink.