A rental business seems like the perfect business to run. Develop or build a rental property, find renters, and watch money hit your account every month!
However, running a rental business is a ton of work when you get down to it. There is so much to do and stay on top of that some things will fall through the cracks if you manage everything manually.
The solution is to invest in a rental management system. What is it, how does it solve the challenges of running a rental business, and what are the top rental management systems in Kenya?
Read on to find out.
A rental management system is software that helps rental property/equipment owners carry out essential tasks like accounting and billing, property maintenance, and recording and tracking tenant information. It's designed to help hotel managers and owners manage each and every aspect of their businesses. It is also an important tool in the real estate industry.
There are many property management companies in Kenya. Those use property or hotel management systems. Beyond those, though, there are other types of rental management systems, such as car rental management systems.
Through a rental management system, business owners can receive and record payments and generate reports for income, expenses, cash flow, and other strategic and financial planning interests. Overall, it is an all-in-one tool that helps you manage your renting business.
A rental management system is important to have in place when starting a rental business. It helps you put the right systems in place, which helps to create a customer-friendly business environment.
Let's take a look at other benefits of using property management Systems/Software:
Now that we have established the business case for investing in a rental management system, what are your options in Kenya? Below we look at 5 of your best options.
This software is designed to help rental property owners track residents, collect rent, handle finances, and more. FutureSoft's property management software has an integrated accounting system that comes with a general ledger, accounts payable, accounts receivable, budgeting, and drill-down financial reports.
Learn more about the Real Estate Management Software by FutureSoft at this here.
If you are you looking for a simple, easy-to-use rental management system? Then you should look into EazzyRent.
EazzyRent has financial management tools that help you easily track your business finances. The software allows you to customise it based on your needs, which makes it a great tool to personalise your business.
With the help of EazzyRent, you can manage your tenant relationships from one place, including accepting rent payments, sending notices and reminders, and collecting late fees. EazzyRent offers other exciting benefits like unlimited users, unlimited branch offices, e-payment and M-Pesa/Bank integrations, bulk SMS & email marketing tools, and more.
Rent Rahisi is a property management software for landlords. Rent Rahisi makes it easy to run a rental property business. It allows you to manage properties in one place.
As well as collecting payment for rent both online and in person, Rent Rahisi helps you record all the financial events of your business. Rent Rahisi has other great features like automated equity, co-op & M-Pesa collection, bulk invoice SMS, and automated accounting highlighting paid and unpaid invoices.
Rent Rahisi is device-friendly; it can be used both as a mobile app or desktop software. Learn more about Rent Rahisi here.
AppFolio is a property management software that helps landlords with general rental property management. Among other benefits, the software gives users clarity to focus on what matters most.
With AppFolio, business size doesn't matter; small and large rental businesses can use it. AppFolio allows you to do anything from anywhere in a fully digital environment and has a collaborative support team to ensure the best possible solution for your business.
MRI real estate software is a web-based property management software that you don’t have to install on your computer. All you need is a browser. You can also use it from your smartphone through their mobile app.
MRI Real Estate Software has all the necessary features you need to run a successful property rental business, with tools for tenant screening, rent collection, property listing, lease management, etc. It also provides additional features to its users through an add-on package.
When you are running a rental business, reliable payment options for your customers are crucial. IntaSend offers you that and more if your business is in Kenya.
Through our Shopify and WooCommerce payment gateways, IntaSend allows you to collect customer payments easily. Customers can pay for their rentals from anywhere in the world thanks to the globally accepted Visa, Mastercard, and Bitcoin payment methods that we support. Our users in Kenya can also pay using their M-pesa mobile wallets.
IntaSend boasts a 99.99% success rate for M-Pesa, bank, card, and Bitcoin payments. IntaSend dynamically routes transactions through different gateways and processors, ensuring optimal payment routes and high success rates.
IntaSend is PCI-DSS compliant, among other bank-level security features that protect both yours and your clients' funds and confidential information.
Sign up today and join thousands of other businesses using IntaSend’s business payment solutions.