The housing market has been bad for a while and the only thing that experts seem to agree on is that it is never going to return to the highs of the 1990s and early 2000s.
The bad news is you have to find renters in any and every housing market. The good news is new developments in residential management software make it easier than ever to find and keep great tenants.
Why Do You Need Software?
The housing market may be down if you look at prices, but new home starts are actually up as much as 37 percent in some markets. However, home sales are not keeping pace with development, which means property owners have more available homes than can be sold and still break even.
If you don’t find ways to stay ahead of the curve, you’re going to have a tough time keeping your homes filled. And an even harder time keeping the good tenants you have.
Efficiency and Speed are Key
Detailed and accurate reports about each and every one of your properties are available instantly. No matter what questions, special requests, or other needs your tenants have, you will have the answer immediately. You can provide an array of options and all the information they need to feel comfortable with what you are offering.
Provide Outstanding Service
Residential management software greatly decreases the number of man-hours you and your team spend on task management, planning, and oversight. You will be much more efficient so you can respond to your tenants quickly. Also, you will be able to track your team members so you know the status of every work order, credit application, or product shipment at the drop of a hat.
Your ROI and NOI Will Rise
High-quality residential management software will even take the data it gets from your inputs and use that information to develop insights, accountability reports, and predictions of future performance that help you find opportunities for improvement. The Predictive Analytics are particularly helpful for monitoring the overall housing market in real-time so you can stay ahead of your competitors and keep your properties filled.
Choose the Right Software
This is the easy part. All you have to do is find software that allows you to customize it to your needs. You and your team are unique so make sure you aren’t purchasing a one-size-fits-all. Having mobility can help, as well with access to it from anywhere.
Think of what you need – maintenance photo management, tenant profiles and find what comes closest. You probably have different delinquency and refund policies, application standards, etc. than others. You need software that allows you to customize these features easily in a simple, user-friendly platform that you can understand easily.
Make sure the modules are automatically updated so your software always provides the most up-to-date guidelines to keep you compliant. With the right residential management software you will make more money and have less stress. Your tenants will be happier, your profits will rise, and you will outperform other property managers and homeowners in your area.
You will also have time to filter through and attract better tenants.