An online lease management software is software that helps property managers digitize their leasing operations. Such software, also known as property management software, usually offers a wide range of services and capabilities that complement each other to provide property managers with a simplified way to manage their properties. Since property managers usually tend to manage multiple units or properties at the same time, their days tend to get overwhelming with the numerous tasks. Therefore, having property managers use online lease management software will ensure that they are relieved of many of these tasks. However, property managers need to make sure that they select the right online lease management software. What should property managers look for in such software? What features make online leasing easier? What key metrics are offered?
This article is going to answer all of the above questions to resolve any confusions or further questions property managers may have.
What Should Property Managers Look For in Such Software?
When choosing an online lease management software, there are four basic functions every property manager should ensure that the software has. These functions are functions that apply to the different types of property markets (residential, commercial, etc.)
The four basic functions are:
- Lease management
This function automates the processes and operations that come with leasing. It also provides a platform that offers all necessary documents in a digital format.
- Performance overview
This function provides property managers with a dashboard that gives them an overview of all the necessary metrics needed to evaluate his or her performance.
This function enables property managers to market their properties. Even though some online lease management software don’t have this function, it is still an essential one to look out for. This will give property managers the ability to list their properties in the marketplace and promote them.
- Tenant retention
This function will help property managers gain and retain their tenants. That way, they can guarantee that they are properly doing their jobs and the tenant will renew his or her contract.
What Features Make Online Leasing Easier?
If a property manager is new to the usage of technology in the real estate industry, using an online lease management software might further complicate matters. This is why each property manager should look for features that will guarantee him or her a smooth working process. Online lease management software offers features that make online leasing easier.
Such features are:
- Leasing and invoicing
This feature helps property managers fully digitize their processes. Under this feature, digital lease contracts will be created, maintained, and renewed. Also, tenants will be reminded and notified of any due payments they have, relieving property managers of this dreadful task. Property managers will also be able to track rent revenue and view their vacant units.
- Property marketplace
This feature will help property managers advertise their properties. That way, they will be able to list their properties on the same platform they will manage them. This feature will facilitate their processes and offer an all-in-one solution.
- Viewing requests
This feature will allow interested potential tenants to view the property. Therefore, not only will the online lease management software provide a place for property managers to list their properties, but it also arranges booking requests. This is another task property managers are relieved of.
- Move-in and move-out inspections
This feature helps property managers maintain their property. Inspections should be done regularly, and online lease management software will simplify the process by automatically scheduling inspections upon tenants’ move-ins and move-outs. This will guarantee a properly maintained property.
What Key Metrics Should be Offered?
An essential feature that every property manager should look for in an online lease management software that wasn’t previously mentioned is the property dashboard. In order to know whether a property manager is properly doing his or her job, there are some key metrics that will give the property manager an overview of their performance.
Some of these metrics include:
- Property revenue
This metric provides property managers with a summary of their revenues from each rented unit or property. It also states whether the revenue is collected, processing, outstanding, or scheduled. Property managers can customize their view of the revenue report by selecting a date range.
This metric shows the property manager an overview of their leased property. It shows a summary of the leases, including current ones, ending ones, and pending ones. Also, property managers can get an overview of the properties they have registered on the software. For example, property managers can see their buildings or units registered on the software. They can also see their vacant units.
When property management software offers inspection services, property managers will be able to manage inspection operations and processes through the dashboard. They will have a view of scheduled, unscheduled, and review inspections for their properties.
This feature on the dashboard enables property managers to add buildings, units, leases, or even import documents into the dashboard.
In conclusion, an online lease management solution provides property managers with features that digitize their operations and processes. The above-mentioned features are all provided by RAY, along with other features and services as well. RAY is an online lease management software that offers an easy-to-use platform for property managers, accessible through computers and as a mobile app. Catering to the residential and commercial markets, RAY’s wide range of features are applicable to the different needs and pain points of each property manager.
To get a better understanding of the online lease management software offered by RAY and how to use it, request a demo or book a free trial. Getting hands-on experience will enable you to consciously decide whether the software is right for you or not.
Make sure to check out RAY at getray.com. Make sure to visit RAY’s pricing page and request a price quote. Once you do, RAY’s tailored prices will be communicated to you by a team member who will reach out to you asap.