Rental properties management - Mobile app to manage multiple rental properties
Owning rental property is the ultimate dream for many – a big step towards financial independence and a nest egg for retirement. But, like any investment, big returns also come with their fair share of challenges and hurdles. Owners of homes all around the world often have multiple properties they let out. Landlords or property managers often handle property management tasks and tenant communication through a unorganised mix of phone calls, emails, and chat platforms which brings a numerous of challenges for landlords, demanding their time, effort, and expertise.
My job is to design a full-fledged management app that can be used by both owners and residents which solves most common problems such as storing documents, tracking rent, and other expenses.
Target Users
- Landlords who owns and manages 1-5 properties
- Property managers who manages portfolio with 5-20 properties
Problem 1 : Difficulty in managing leases and tenants efficiently
Signing a lease takes significant amounts of paperwork, printing lease agreements, application forms, and other related documents. This process was time-consuming. Sending lease documents through traditional mail or requiring in-person meetings for signing often resulted in delays. Coordinating schedules and waiting for documents to be mailed back and forth could cause unnecessary inefficiencies and prolong the leasing process.
Solution
By bringing lease signing online eliminates the need for manual paperwork, physical meetings, and the time-consuming process of mailing documents back and forth. It allows landlords and property managers to streamline the lease signing process, saving significant time and effort.
Problem 2 : Late or missed on-time rent payments
Due to busy schedules, distractions, or personal reasons, tenants often fail to make timely rent payments, resulting in missed or delayed payments. This recurring problem places a considerable financial strain on property managers and landlords who rely on rental income to cover expenses such as property maintenance, insurance, and utilities. Also, it can lead to difficulties in meeting financial obligations and may require property managers to dip into personal funds or seek alternative financing.
Solution
I have implemented an autopay option which allows tenants to set up automatic withdrawals from their bank accounts or cards each month before the due date. Assuming that lease start date, end date, payment frequency are already setup in the app based on the terms between tenant and landlord the datas to setup autopay are fetched and pre-filled.
This eliminates the need for tenants to remember payment deadlines, ensuring timely rent payments without any manual intervention. By providing this convenient option, tenants reduce the likelihood of missed payments and it ensure a consistent cash flow to the landlord.
To further assist tenants in remembering rent payment deadlines, an automatic reminder notifications will be sent through various communication channels such as SMS, email, or instant messaging platforms like WhatsApp. These reminders serve as proactive prompts to tenants, ensuring they stay aware of upcoming due dates and avoid late payments.
Problem 3 : Inefficient management of maintenance requests
Ensuring the upkeep of rental properties is crucial in effective property management. It involves various aspects, such as promptly addressing tenant maintenance inquiries, conducting regular inspections, and managing routine property maintenance duties.
Let me explain this with an example :
Vikram is the property manager of a residential building with 20 units. One morning, he receives a phone call from a frustrated tenant, Mr. Ravi, reporting a leaky faucet in his kitchen. Vikram apologizes for the inconvenience and assures him that he will address the issue promptly. However, he realizes that he has been receiving similar complaints from other tenants but has not kept track of them properly.
Vikram struggles to recall if he has already assigned a plumber or if she needs to contact one. He spends considerable time searching through stacks of paperwork to locate previous maintenance requests and prioritize the urgent ones. This disorganized approach causes delays in resolving maintenance issues, leading to tenant dissatisfaction and increased costs for Vikram.
Here, the tenants typically report their maintenance requests to the Vikram through phone calls or emails. This Inadequate documentation or record-keeping practices makes it difficult for Vikram to track the history of tenant requests, leading to confusion, duplicate efforts, or overlooking recurring issues.
Solution
Below solutions address the issue and streamline the maintenance process.
- Submit Request: Using the portal tenant can easily submit maintenance requests by choosing appropriate category for their request and provide a detailed description of the issue. Additionally, they can upload photos of the problem they are experiencing to ensure clarity and accuracy.
- Vendor Assignment: Property Managers have the ability to assign vendors or service professionals directly from the app. This eliminates the need for manual coordination and ensures that the right experts are assigned to address specific issues promptly.
- Priority Setting: Each maintenance request can be assigned a priority level, enabling property managers to identify and address urgent matters quickly. This prioritization option helps him efficiently manage and allocate resources based on the severity of the reported issues.
- Status Tracking: Property Managers can update the status of a request, ensuring transparency and providing tenants with real-time updates.
Problem 4 : Reports
Property income and expenses can involve multiple revenue streams and a wide range of expenses, including repairs, utilities, maintenance, taxes, and insurance. Tracking and categorizing these transactions accurately can be challenging, particularly for landlords with multiple properties.
Solution
I've established a dedicated reporting page showcasing detailed income and expense records for each or all properties, resolving the challenge of fragmented financial data tracking. Income and expenses are itemized into categories, providing transparent insights into the inflows and outflows of funds, enabling landlords to make informed financial decisions.
