It is good to have a property as it can be a source of passive income. You can rent it out as a commercial space or as a dwelling unit. However, rental property management has some challenges. Residential property management software and commercial property management software can help in addressing some of these challenges. To choose free rental property management software, first of all, you need to identify those challenges. Whether you are a property manager or a landlord, you need to find the right free rental property management software. The following are the challenges you need to address: Unexpected Maintenance Whether you are in the rental business or you are running an automobile repair shop, maintenance never stops. You have already set aside money for common maintenance duties. However, the cost of unexpected maintenance is always very high. You can set aside some money for unexpected maintenance as well. You need an emergency fund that you can include in your personal budget. To cover these emergencies, you need to create and implement a preventive maintenance plan. You cannot plan for everything. Reserving extra cash for unexpected repairs and replacements is the only option. Tenant Complaints Late payments or non-payments are common. However, tenants also have their own needs and circumstances. Sometimes, you have to cooperate. You have signed an agreement with the tenant. Don’t ignore your tenants. This can escalate the problem. This can also lead to legal actions. Therefore, when you receive a tenant’s complaints, addressing those issues should be your top priority. Free rental property management software can help you in addressing tenant complaints. This software has dashboards for the property manager and tenants. A tenant can simply log in and submit the complaint. The property manager can send a confirmation message. From here, it is your job to look into the issue and help the tenant. Payment Issues Non-payments or late payments can be a huge issue. A good property manager conducts tenant screening. Some property managers even go through the credit report to make sure that the tenant has a good history and source of income to pay rent on time. However, sometimes tenants habitually don’t pay rent on time. You need a well-documented tenant screening process. You also need to create and document proper tenant policies to deal with delayed payments and non-payments. Include these policies in the rent agreement. Property Damage If you don’t address a small problem, it can grow into a bigger one. Property damage is expected in such situations. However, unexpected property damage can be costly. The damage can occur due to the negligence of the tenant or property manager/owner. Make sure that you have proper insurance for damage due to natural disasters. If the tenant has deliberately caused damage to the property, the tenant is least likely to pay for the damage. This is the reason why it is important to conduct tenant screening and sign a rental agreement. Tenant screening helps in avoiding tenants who can cause troubles like late or no rent payments or property damage. Some people are destructive and some are careless and neglectful. Tenant screening helps in avoiding such tenants. A rent agreement includes the rights and responsibilities of both the tenant and the property manager. Make sure that you also include your policies in the agreement. The rental agreement can be very useful in case there is a dispute between the tenant and the property manager/owner. Choosing a rental property management software is an important step. It should be cloud-based software that can be accessed anytime and from anywhere. You can upgrade or downgrade the plan according to your requirements.