Letting agent software becomes more and more common in the renting industry, but what to pay attention to when choosing a software.
The software development market is growing more rapidly than ever and with it come numerous professional applications that are designed to ease, facilitate and optimize business processes. Real estate and rental markets can also benefit from different types of property management software that are currently flooding the market. However, with such a wide variety of products many of us don’t know where to start from, when picking a letting agent software. Let us help you pinpoint the essential features and functionality a software for rental agent should offer.
Essential features you need
Let’s start with the basics. If you want to streamline your business activities, you will need several essential features available in your system:
- The ability to create, edit, modify and delete customers’ records;
- Word processor to write e-mails, create templates and maintain online communication with existing and potential clients;
- Module for tracking security deposits, refunds and overall transaction history;
- Module for interactions with your tenants (in the cases when they have filed maintenance requests, etc.);
- The ability to automatically update rent amounts;
- Module that prompts you when tenants and owners owe you money;
There are many other options and functionality that rental property management software can offer but you will most certainly need the above to keep your business steady and growing. Also keep in mind that the more features a product offers, the more expensive it is. That’s why you need to find the right balance between price and functionality.
Maintenance and ongoing support
You need a software provider that is willing to help the letting agent anytime you have technical issues or difficulties. This is a definite must when looking for a business solution as even the most reliable and professionally developed applications can experience bugs, problems with certain functionality, etc. Make sure that you have researched this aspect of the purchase before committing to a certain letting agent software. Be wary of companies that offer 30 days free technical support because their fees after the initial period can range anywhere from a dollar per minute to more than $100 per hour or instance. The best scenario is finding an experienced vendor that offers free ongoing support for all technical related inquiries.
Total costs you need to consider