7 Key Financial Tools for Successful Property Management

7 Key Financial Tools for Successful Property Management


Let’s be honest: It is daunting to keep up with the developing property management technology and new features coming up every day. You wake up every day and find that a brand new website or application has again been introduced that can do wonders to manage your property management tasks. But can you keep track of all such tools? It is difficult to do that. 

And you don’t need to know each and every tool. Knowing the best ones can turn the game for you. You will be able to make the most out of the technology. 

So, what are the key financial tools for successful property management? Here we have come up with seven of them to streamline your property management operations and thus result in more profitable properties. Let’s dive in. 

Listing platforms – Listing your property on listing platforms can increase the visibility of the property and attract more potential clients or guests. That being said, it might lead to faster occupancy and hence more profit. Some listing platforms also offer advertising and marketing tools. And this helps property managers to reach their target audience more effectively.  

Accounting software – Handling accounts is one of the important parts of streamlining property management operations. Collecting dues from the tenants, providing receipts, and having complete transparency in the process are the things required during property management. Using accounting software tools for managing properties helps you manage the account in a cost-effective manner. 

However, keep in mind that accounting software is an excellent tool if you own a few properties. While property management software is an ideal choice if you have plenty of properties. It does not only have the features of accounting software but also some additional features which make it easy for you to manage finances. So, compare the pros and cons of both tools before deciding on which one to use. 

3d tours – In this age of technology, video-based tech has opened a whole new world of opportunities. 3D tours come under rental property management software features that give the users a chance to examine the properties they are considering through a virtual walk before actually visiting them. It is convenient for them as it helps create a positive image of your business and brand in their minds. 

It enhances the chances of them actually visiting the property. With the new tools coming up every day, it has become easier to set up 3D tours. Moreover, you can even shoot 3D videos of your properties using your smartphone. 

Automated showings – One of the major responsibilities of property managers is to physically show themselves up at the property. But do you know you have got another way too nowadays? You can use property management software to automate the showings. Don’t believe us? Try that yourself.

The next part we are going to tell you will definitely take you by awe. In addition, to automate the showings, you can automate the process of collecting and returning the unit’s key for leads visiting your property with the help of a convenient lockbox. It is a useful tool, especially in situations where you cannot be present at the property during a given time or showing. 

Tenant management – Property management can become quite challenging as you have to manage many things like tenants, preparing budgets, accounting, looking after the repairs, and whatnot. With the property management software like Baselane, tenant management couldn’t be easier. You just have to fill in the details of your tenant, the due date of rent, and other details mentioned in the software. It will automatically tell you the due date and send notifications to the tenant so that they can make payments on time. 

Budgeting and payments – Having accounting software helps you widely. A powerful property management accounting software offers a comprehensive solution for budgeting, payments, and banking. It aids the process of handling electronic banking, preparing a budget in real time, and even doing batch processing. All in all, it helps your entire property management business. 

Inspections – Do you think about the home inspections when starting to streamline the property management process? Some of you will say yes, while others will say no. But you don’t have to worry about that, as there are some tools designed to streamline even the process of home inspections. Most home inspection tools are based on SaaS models. It simplifies the inspection process and saves you a lot of time. 

To make a long story short

Whether you want to generate new leads, automate tasks, or manage the tenants, there is every tool designed for it. Just name it, and you will get it. Implementing the above-mentioned tools will make all the processes efficient, and you will ultimately reach the desired goals in your real estate business.