What is iRent?iRent is a cloud-based real estate management solution for property managers who control 5 to 5,000 units. It includes tenant verification, role-based system access, and work order management, automatic billing, forms (digitally signed), online rent payment (tenant portal), website management, posting vacancies, real estate insurance, and more. In addition to the web application, mobile devices are also applications for the most popular iOS and Android operating systems for both property managers and tenants. This digital solution also has accounting tools that allow you to bill tenants, monthly process rentals, store digital copies of rental receipts, impose penalties for late payments, and pay utility bills. Property managers can upload documents such as rental applications, housing documents, lease agreements, rental receipts, etc. And also manage the filing and expiration dates of essential documents. The tenant notification function allows users to send bulk notifications for rental reminders, water outages, power outages, other maintenance schedules.
The main features of IRentLet’s take a closer look at the main functions of this ready-made solution, and then move on to its disadvantages.
Disadvantages of IRentThe main disadvantage of iRent is that it can restrict users from using certain functions. Also, this software does not have the following features:
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Why create a custom property management softwareYou probably already know that there are also individual solutions in addition to ready-made solutions available on the market. Out-of-the-box solutions have quite extensive functionality, but users often face certain limitations when business development takes place. Customized business solutions are perfectly tailored to your needs and offer tremendous scalability potential. But in comparison with out-of-the-box software, non-standard solutions are more expensive. Rental property management software built to meet the needs of a specific business has many benefits, which is why custom development is becoming more and more popular. We decided to provide several reasons why you should consider creating a custom property management solution as one of your significant investments:
- You only pay for what you use. Ready-made tables and templates in ready-made solutions – can be useful, but are all the fields used? Some areas are probably missing, and you will have to put this information in separate documents that you cannot find today. By reducing the number of third-party tools, you can achieve greater standardization and management efficiency.
- Use any channel to attract tenants. An individual rental property management system will allow you to cover all distribution channels for your rental services.
- Be in touch, 24/7. The use of chatbots and virtual assistants makes it possible to provide excellent support to your customers when you are offline.
- Data security. The property management system must be created by high cybersecurity standards, eliminating the risk of data leaks and fraud.
- Advanced reports. Real-time data access helps business owners quickly adapt their strategy to a changing environment, which contributes to the growth and efficiency of your company.
- Win the loyalty of your customers. Creating a simple and straightforward application, with instant notifications and personalized offers, loyal and potential customers will feel you are cared for. A personal account for tenants makes the interaction with the user more friendly.
- Scalability of the solution together with the business. Customized software is always developed to be expandable. This is so that missing modules can be added in the future to meet your growing needs as your company grows.
Features of a custom property management systemThe benefits of a personalized digital rental management solution are hard to overestimate. You may already know what kind of digital solution you need. If not, we would like to help with the selection of must-have features for your future proposal. After analyzing dozens of solutions, we highlight the following features: #1 Accounting for agencies or multiple properties Property Management Software (PMS) can track your bottom line with reports generated right there in the program. You can also control payments to contractors as well as payments to property owners or suppliers. These reports can be used to work with taxes. #2 Process automation Today, property owners or property managers do many routine things themselves, or they shift it to the team. As a result, time is wasted on things that can be automated. Analyze all processes to highlight those that do not require human participation. This can be accounting and communication, automatic notifications, autoresponders and payments, and much more. You can also create various email templates and schedule when to send them. #3 Centralize your business management Agree that running any business, and even more so in the field of real estate, requires performing routine tasks that can distract from more important tasks. To develop rental management software, you can delegate some of your day-to-day tasks and consider integrating a task management module. Operations that are repeated from day to day can be automated. As for individual actions, they can be processed manually. Developing a mobile task manager will allow your team to be flexible and complete assigned tasks on the go. Task reports and smart notifications can help you centralize your business even more efficiently. #4 Payment processing No PMS today is complete without a built-in payment module. When developing an individual solution, you can choose a more reliable payment gateway with favorable conditions. A high-end solution should include integrating deposit and balance payments, end-of-life reminders, and email notifications. Of course, you must keep track of your payment information so that you and your customers can view your payment information at any time. #5 An innovative approach IoT technologies are penetrating in all areas of life. Create IoT connections to your software to manage your property better. You can connect smart devices such as smoke detectors or stoves to your app. Thus, you will receive real-time notifications in case of emergencies.
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The cost of custom rental property management software developmentThe cost of rental property management software is mostly subscription-based. The price ranges from $ 0 to several hundred dollars per month (affecting the program’s number of managed properties). Undeniable – free software looks very attractive to landlords and property managers. There is only one note that free software usually has a limited number of functions and does not have additional marketing and accounting tools. Also, you will rarely find the ability to access from anywhere in the world and the ability to track the insurance policies of renters. And most importantly, when using a free digital solution, no one guarantees data security, which is a critical point. As for custom PMS development, we recommend starting a project by building an MVP. Thus, you can get a large investment to get a digital product with a basic set of functions, and as users give you feedback, you can add the necessary features. Especially for this, we calculated how much it would cost you to develop an MVP.
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