When managing rental properties, it is important to utilize the most efficient and most reputable property management software/technology.
When you are self managing, and running your rentals more so as a hobby versus a business, you can easily get by with Excel. You can track all of your expenses and income by manually inputting every entry. In my experience, this will work OK for a little while. However, once you get those months of multiple line items of expenses and lose track of things, it can become detrimental quickly.
At Cincinnati Real Estate Group Property Management, we utilize the property management software known as Buildium.
This allows us to keep our costs down, efficiency up, and provide our rental property home owners/investors with their very own portal to login. Here they are able to check in on how their rental property in Cincinnati is performing at any point in time. This allows them to get a pulse on their business at any point in time.
In this software, we execute e-leases to save us time and money whereas in the old days your property manager would need to spend multiple hours arranging a meetup with the new residents. They would typically meet in the office, at a coffee shop, or at the new apartment/rental property. This used to force the employees of the property management company to spend at minimum one extra hour of their day executing a lease agreement. Not to mention, the new residents have to take time out of their busy day to interrupt what they were doing and meet to sign a bunch of dotted lines.
If you think about it, this was wasting at minimum 3-5 hours of everyone's time that was involved in this process. Especially more if there was more than one person signing a lease. What if a property management company needed to execute five leases that week? They would be needing to pay one of their employees for 15-25 hours worth of work. Once they scale up and have to execute more than five leases a week, that is accounting for about one full head worth of work towards JUST executing leases.
This is just one minor example of how technology is revolutionizing the property management industry (and all industries for that matter).
With Buildium's e-leasing service, all of this is taken care of on the computer. There are not any in person meetings needed (unless this is requested, which is very rare) and the new resident can take as long as they please to review the lease agreement. I think this is something that says quite a lot about the new technological advancement as well. Previously, some property managers would be using high pressure sales tactics to get a new resident to quickly sign a new lease agreement. Who would really want to spend 2 hours with a prospect reading over a lease word-for-word? This is likely where property managers have gotten a bad name in the past.
Now, it is a fully transparent process and if the prospect has any questions about the lease they are signing, they have plenty of time to get their questions answered.
When choosing which property management company in Cincinnati you want to with, make sure to ask them detailed questions about what kind of software they are using.