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What is rental software?
Rental software helps rental businesses manage and execute daily operations such as tracking tenant information, managing inventory, and posting vacancies. The software also assists with back-office processes such as accounting and bookkeeping. Some rental tools let users generate income reports, expense reports, and other reports relevant to financial planning.
Since the rental industry is huge, there are many different types of rental software tools available on the market, depending on the user industry. Equipment rental software, property rental software, party rental software, and vacation rental software are some examples.
The benefits of rental software
Screen applicants: Rental software offers tools to run background checks on applicants and verify their references. With the help of these tools, you can filter out less-qualified applicants and accept the ideal customers.
Schedule and track maintenance needs: Rental software offers your renters an option to raise any issues they are experiencing. Be it water leakage in an apartment or a technical issue with a rented car, you can track all the complaints submitted by your renters and order maintenance work accordingly.
Track and process payments online: The software tracks payments to help identify renters who pay on time and who miss their due dates. It also processes payments online, so it’s easy for renters to clear their dues at their convenience.
Manage finances: Your rental business can maximize earnings and minimize expenses using the business intelligence capabilities of rental software. The software generates reports on income and expenses and helps determine the most and least popular rental properties, equipment, services, etc. You can use these insights to adjust prices for better customer attraction.
Manage invoices and documents: Renting out equipment, properties, and services leaves behind a trail of documents that can be hard to manage. With rental management software, you can store all documents, including invoices, bills, leases, and financial statements, in a central repository, which also allows quick and easy retrieval.
Typical features of rental software
Inventory management: Check the real-time availability of rented equipment, properties, services, and more. Analyze demand to ensure optimum inventory levels are maintained at all times.
Maintenance management: Allow renters to submit work orders and maintenance requests, and track their fulfillment status to ensure your rental equipment, property, etc., are in the best condition and tenants are satisfied.
Online booking: Allow potential customers to check the availability of their desired rental product or service and make online bookings.
Rate management: Increase or decrease the prices of rental properties, equipment, services, etc., as per the financial reports generated by rental software to increase revenue flow.
The cost of rental software
Most products in the market are priced on a “per user per month” basis and can be divided into three pricing tiers based on their starting price.
Price ranges*:
$14 – $23
$24 – $48
$49+
*The pricing included is for the entry-level/lowest-priced offerings found on vendor websites as of Feb. 16, 2022. These ranges correspond to the 25th, 75th, and 100th percentiles of pricing information gathered from vendor websites of sample products.
The above list includes pricing for the base plans of most products. An enterprise or premium product that is priced higher may include additional features such as contract management, inspection management, late fees calculation, and reservations management.
Considerations when purchasing rental software
Support for multiple rental types: Many rental tools focus on a specific business need (e.g., equipment rental, property rental, car rental), but due to the ever-evolving nature of the rental industry, it’s not a safe bet to focus only on one vertical. Renters’ needs are growing and with that, rental businesses’ needs are also growing. Therefore, opt for a software solution that supports multiple rental types.
Security of sensitive data: Rental software deals with the personal information of renters, such as bank account information, details of references, rental contracts, and leases. As a rental business, you are responsible to ensure every piece of customer information is protected. Therefore, look for software that offers security features and safety integrations to protect user data.
Integrations to fulfill software needs: Many software tools require separate systems to manage finances or data. However, working with such tools can be a pain, especially when you have to extract data from different systems. Therefore, look for a rental software tool that offers financial and data management functionality and is flexible enough to grow with your rental business.
Relevant rental software trends
Growing usage of telematics in the rental industry. If keeping a track of your rental equipment and reducing their downtime is one of your goals, then you can benefit from telematics technology. Telematics, a subset of Internet of Things (IoT), aids communication between you and your equipment. By installing small telematics devices in your equipment and tracking them through your rental software, you can view the real-time location of your equipment, their usage, temperatures, and much more. This data is crucial for ensuring equipment safety and maintenance. The technology also tracks location to help identify thefts or unauthorized movements.
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