Finding The Perfect Property Management System For Your Needs

When it comes down to it, one of the most important parts of having a successful tenancy is choosing an excellent property management system. Keep reading to learn more from our Hampton property management team!

Identify Your Real Estate Investing Goals

Before you even start looking for property management services, software, or systems, it's essential to identify your goals as a real estate investor. For example, what do you want to achieve with your rental property? Are you planning on purchasing more rentals down the line, or are you satisfied with just one rental house?

If this is your first real estate purchase, you probably don't need an all-encompassing software system that handles everything from rent collection to marketing properties and handling maintenance issues. Instead, a simple rent roll tool could do the trick!

However, if you're planning on buying more than one investment property in the future—especially if they're located far apart—it makes sense to invest in a system that offers professional management services and high rent roll visibility.

How To Get Started

There are plenty of local companies that offer property management services and systems, so it's important to start your research by identifying the areas in which you need help.

Do you struggle with rent collection? Are you unsure whether or not you're charging rent on time and making sure it’s deposited into your account correctly? Are there too many late fees associated with tenant rent payments? Do you have a hard time keeping up with maintenance requests and completing repairs quickly and efficiently? Just like each individual landlord is different, so are their needs!

Before you get started looking for an efficient system, consider what areas of improvement would be best suited to help manage your rental business better. 

• Would a rent roll system help you keep track of rent from tenants on time and more efficiently?
• Would an online rent collection system be beneficial, especially if rent has to be collected from multiple tenants every month?
• Would automated maintenance requests make it easier for you to keep up with changing tenant needs?
• Do you need access to more rental listings, or do you need your system to automatically notify prospective renters of available properties?

When analyzing potential property management systems, look through reviews—both online and offline! Instead of simply relying on a free tool like Zillow Rental Manager for a few tasks, check out customer testimonials on social media pages like Facebook or review sites like Yelp to find a more well-rounded system to suit your needs. In addition, checking reviews helps you find options that potential customers are willing to put their name behind when endorsing them through online comments and reviews.

Finally, if possible, rental property investors should reach out directly to some of the business' previous customers. Call them up and ask about their experiences with the company and software. See if other investors with goals similar to yours are happy with the rent collection services, online rent payment systems, or any other services these businesses offer! It's always best to hear first-hand what it's like to be a customer instead of relying only on what the product’s or business’s website tells you. 

Making The Right Choice For Your Needs

After you've done your research and looked at testimonials from previous customers, it's time to make your final decision! Choosing the ideal property management system for your needs can be easier after consulting a Hampton Roads property management team. With the right system in place, it will be much easier to rent out your properties efficiently and effectively.

Ensure that your system helps collect the rent every month and deposits it into your account properly. The ideal system also makes it easy for a property owner to reach someone if you need accounting, administrative, and technical support to keep your software system functioning to serve you well.

Work with a property management company to help you find the best solutions and implement them! In many cases, the best property managers already have a system in place to operate your properties successfully.

Our Hampton Property Managers Are Here to Help

Finding the best property management system isn't easy! Investors can spend a lot of time trying and testing different things—or they can partner with a Hampton Roads property management company that already has software in systems in place. No matter which solution you choose, make sure it helps you operate rentals profitably and get closer to your goals.

Osprey Property Management delivers the best property management solutions for property owners who want to better serve their tenants while achieving their long-term financial goals. Contact us today if you're ready to find out more about how our team will help you meet all your real estate needs!

Learn more about managing properties like a pro! Download your free copy of our “Expert Guide to Rental Property Management.”