Rental software isn’t new, but it could be revolutionary. However, the online revolution seemingly has a limited ability to revolve. Here’s what I mean—something has truncated online property management software’s ability to assimilate all parties to a rental agreement in the cloud, but who’s been left out? The answer is…tenants!
Sure, property management software provides a cutting-edge way to observe and access information regarding your company’s properties under management, regardless of your geographic obstacles. However, most only provide a limited conduit of activity for tenants—those most pertinent to rent and its associated processes.
All you rental software providers who’ve only accommodated property managers, keep on dancin’ ‘till you learn how to tango because it takes two. Tenants, put on your boogie shoes because you’re the missing piece to this fiesta. Let’s party!
Rental software and the digital revolution
RentPost recently conducted a tenant survey; some of you may have participated (thank you for doing so), and your answers revealed a surprising truth. We have deduced that 78% of people are not only willing to pay rent online, but those same people are also willing to pay a fee to do so. Not surprising? How about this – less than 10% of those tenants actually pay online, though 80% of U.S. renters have online rent payments available to them.
Strangely, people seem eager to pay online but are simply not doing so, despite the availability. What are the reasons for this apparent discrepancy? Are tenants unaware? Are tenants uncomfortable with the rental software? Maybe both?
Over the past two years, RentPost has scoured the marketplace to find the perfect online solution for property managers, but online rental software simply won’t work to its potential without tenant participation. If all participate, accounting and rent collection are automated, work orders are processed in one area, communication is enhanced, and disputes fizzle.
No one is left in the dark when everyone knows where to turn. So, why have tenants not participated or become familiar with software that could potentially promote such a healthy living environment? Hardly any software provides tools and features designed specifically for tenants because tenants are not the purchasers of the product. Simply put, tenants don’t buy the software, so software providers highlight only features that appeal to the manager (accounting, reporting, payroll, etc.).
Rental software should be tenant-friendly
Under one roof, there are no sets of features allowing tenants to communicate with management and other tenants, track current and past work orders, allow roommates to divide rent as they see fit, submit and track complaints, market items or services for sale to others in the community, or have any reason to access the software other than once a month.
Without consistent access, tenants will forget and not participate, but if there are reasons or features for the tenant to take part consistently, the world of property management software will condense to tenant software. That’s it! The software would work more efficiently if it were tenant software instead of property management software.
Imagine how consistent tenant access would enhance property management features. Work order processing, accounting, rent collection, reporting, property analysis, and many more management functions are enhanced and made much easier to deal with if each tenant is, in some way, inputting his own her own information.
Otherwise, it is a paid employee plugging in work orders, rent pay, and vacancy information manually, one tenant and one unit at a time—which doesn’t make anything easier. Isn’t the goal of any online software to make things easier for its users?
Features of a Tenant-Friendly Rental Software
Property management software can offer several features that can benefit tenants and enhance their renting experience. Here are some essential features that can make tenants benefit from using such software:
- Online Portal Access: A user-friendly online portal allows tenants to access their account information, pay rent, request maintenance, and communicate with the property management team conveniently from any device with an internet connection.
- Rent Payment Options: The software should provide various rent payment options, including online payments, automatic deductions, and reminders, making it easier for tenants to pay their rent on time and avoid late fees.
- Maintenance Request System: A reliable maintenance request system lets tenants report issues or repair requests directly through the software, which streamlines communication with the property management team and ensures prompt resolutions.
- Document Sharing and Signing: The ability to share and sign lease agreements, addendums, and other important documents electronically saves time and minimizes paperwork for both tenants and property managers.
- Communication Tools: Built-in communication tools, such as messaging or email, allow tenants to easily communicate with the property management team and receive updates on their requests or general property information.
- Tenant Screening and Applications: For potential tenants, an integrated application and screening process can simplify the rental application process, making it faster and more transparent.
- Tenant Resources and Information: Access to essential resources, FAQs, and information about local services or amenities can help tenants acclimate to their new community and make their stay more comfortable.
- Real-time Notifications: Timely alerts and notifications regarding upcoming lease renewals, maintenance appointments, or important property announcements keep tenants informed and engaged.
- Security and Privacy: Strong security measures and data privacy protection instill trust in tenants, assuring them that their sensitive information is safe within the software.
- Tenant Feedback and Surveys: The option for tenants to provide feedback or participate in surveys allows property managers to improve their services and address any concerns proactively.
- Move-in/Move-out Inspection and Inventory: An integrated move-in/move-out inspection and inventory feature can ensure a transparent process and reduce disputes over security deposit deductions.
- Community Features: In multi-unit properties, community features like online forums or event announcements can foster a sense of belonging and community engagement among tenants.
By incorporating these essential features, property management software can significantly enhance the tenant experience, improve communication, and streamline processes, leading to increased satisfaction and better long-term tenant relationships.
Why RentPost software is ahead of the rest
Instead of remaining theoretical, RentPost has taken action to create the best property management software by providing the best tenant software, all under one roof. In this way, we take steps to simplify life further by simplifying rent.
One day, all rental interactions will be conducted online, and we aim to greet you (no matter who you are) when that day arrives. Remember, a tenant oasis provides a way to congregate all necessary parties, adding efficiency and organization to any landlord, property manager, owner, and, most importantly, tenant. Be easy, and keep your eyes open for the rental software to smooth the currently bumpy tenant road.