If you own several commercial or residential rental properties you understand the importance of using a professional lease tracking system to manage your leases efficiently. One benefit of having this kind of system is that you can create a database that will allow you to keep track of who owes you rent and who has already paid you for the month. You’ll also be able to track which leases are getting ready to expire so you can contact your tenants to discuss the possibility of renewing their leases.
Lease Tracking Systems Keep You Organized About Tenants’ Repair Needs
The tenants on your lease have a right to a safe housing environment and when you use a professional lease tracking system, you’re able to see which repairs need to be completed within a short period of time. For example, if you have fifteen tenants who need repairs done on their apartments, this software helps you monitor the progress of those repairs so that you can alert the tenants on what is happening.
You Can Prepare Invoices
By using a professional lease tracking system you’re able to create invoices to send to your tenants when it is time for them to pay rent for the month. You can send the invoices by email instead of through regular mail and this saves you money on paper and postage. You also save time when you use lease tracking software to prepare invoices.
Online Application Feature
As a property owner you’re always on the lookout for new tenants so when you use professional lease tracking system you can create an online application for your website so that it will be easier for potential tenants to inquire about vacancies in the buildings you own.
Renter/Landlord Contract Preparation
It is important that you have important contracts in writing and with lease tracking software you cante write drafts of the contract that has proper details for you and the renters that are compliant with federal law.
Budgeting of Expenses for Property Managers
If you manage tenants and properties you’ll need to maintain proper tracking of your expenses each month and the best way to do this is with lease tracking software. You can create spreadsheets by the month or week that give a detailed account of your regular and unexpected expenses as it relates to the upkeep of the properties.
Tenant Screenings
Another advantage of having lease tracking software is that you are able to screen potential tenants you want to learn based on their income, credit history and rental history. This helps you locate tenants better and you’ll have a workable system in place when seeking new tenants.
