Property management automation is meant to simplify your job as a landlord by delegating repetitive tasks to software. It’s no easy task owning and operating rental properties which is why so many turn to software or property management companies like Utopia. Many if not all of these tasks will fall under the responsibility of a property management company should you choose to work with one, but for now, if you have a small portfolio or are looking to learn the ropes on your own, here are a few automated tasks that you can implement to make your job a bit easier.
1. Applicant Pipeline
Much of the applicant pipeline can be automated freeing up your time from responding to emails and answering universal questions from every interested party. Instead, this software allows you to compose a canned response to any rental inquiries with further information on the property and your availability. This weeds out respondents who are not exactly invested in looking into the property and ultimately saves you time. You can also include an automated calendar for renters to schedule tours based on your availability. No more back-and-forth with scheduling conflicts, the renter need only select a date and time available from the calendar provided!
2. Rent Reminders
While a simple monthly rent reminder will suffice, you may opt for a more sophisticated approach through an automated reminder that includes a link to your online payment portal. An automated software can schedule these reminders to be sent one week before rent is due and will keep track of tenants who have paid already omitting them from any following reminders.
3. Late Fees
Similar to rent reminders, scheduling late fee reminders can be a helpful use of automation software to ensure that tenants are well aware of upcoming rent deadlines and the late fees involved. You can also set a grace period or due date within the software to automate the application of the late fee. Having these records is useful when you may need to evict a tenant due to lease violations or consistent late rent payments.
4. Renewals
Automating lease renewal reminders can be helpful with tenant retention. Give your tenants a few months before the lease ends to email them a reminder and an offer to resign. Reminder emails can also include links to renewal information, booking an appointment with you from your calendar to negotiate or discuss renewals, and a link to them directly to the lease renewal. Lease renewal automation can greatly eliminate the stress involved with the process.
5. Financial Reports
A good financial reporting software is an invaluable tool and will allow you to automatically generate important documents like income statements, year-end summaries, bank reconciliation, profit/loss reports, and tax documents.
While automation software can certainly alleviate much of the responsibilities involved with being a landlord, you may be ready to start looking for a property management company to take on your portfolio. If so, this is the ultimate guide to selecting the ideal property management company for you.