Odoo Rental Management

Odoo Rental Management
  • by Richa Joshi
  • Jul 05, 2022
  • 0
  • Category:

About Property Rental Business:

In the recent years, property rental businesses took off as homeownership became more of a scarce commodity. For a plethora of reasons, the masses have chosen to live in rental properties for temporary or long-term accommodation over purchasing their own home – making property rent business one of the most powerful businesses to run in mid-scale industries. This is the type of business where property owners can rent out or lease their property to someone else to generate wealth or maintain upkeep. The renters typically consist of working professionals, tourists, and students who are in need to a short-term or long-term residence.

There are many different benefits of this type of business for property owners. Some of which include a passive income stream, ongoing cash flow, tax benefits, not to mention that owning and renting out a property is like making an investment and immediately generating an income that will evenly give you a positive ROI. While everything sounds optimal on paper, the reality of the situation isn’t as easy as it sounds. In fact, rental management can be extremely difficult if it isn’t management properly.

What type of challenges can you face in rental management?

a. Property Advertisement.

With rentals, vacancies are inevitable. Consistently ensuring that your rental unit or property is being rented out is a time-consuming task. In order to combat vacancies, marketing needs to be a top priority. This includes highlighting all the images and features of the rental property, where it’s located, what are its amenities, what’s included, and so much more.

Not only does the ad have to be enticing, but it also must be accurate. After every renter, things may change within the property. Any and all changes must be noted in the ad, every single time an ad is posted. This can get repetitive, and tedious, and especially overwhelming if you have multiple rental properties under your belt.

b. Exhausting task of Rent and Bill Collection.

It is always great when a renter (tenant) pays on time and the full amount. Unfortunately, that is an ideal scenario. There are instances, more common than not, when a tenant is unable to pay on time. Or, perhaps, they cannot pay in full. Even your reliable renters may have setbacks which could result in delayed payments. Worst case, a tenant refuses to pay – for whatever reason. This would force you to chase tenants down for the rent or go to court to retrieve the rent owed. Not only is this process tiresome, but it can also be quite costly – depending on where your rental property is.

c. Improper Document Management.

Renting a property out is one thing but managing documentation surrounding it is another. From the papers you received when you purchased your property, to the leases you created when renting it out, to the invoices generated through-out the process, to the rent receipts and everything in between; all of it must be managed and documented properly. As the business grows, or as you rent out more property, the papers that will need to be managed will grow too. This means you will have files upon files to take care of, and failing to manage them correctly could, and likely would, result in legal consequences.

d. Property Maintenance.

Regular property maintenance is mandatory for Rental Properties. At any time, issues with plumbing, electrical connections, and structural bearings can occur. These issues must be resolved immediately to avoid tenant inconvenience, and to keep everyone safe. Again, if you have multiple properties, similar issues may arise at different times at different locations. Even if you have one property, different issues can arise at one location. Looking for skilled professionals every time there is a problem, or there is a different problem to solve, can be overwhelming as well as a costly endeavor.

e. Lead Generation and Improper Assistance.

When running a business, lead generation and retention are the first and most crucial steps. The main challenge is getting the right lead, that will turn into a profitable customer (or in this case, a renter). It is imperative to get an ideal renter from the get-go, as making a mistake at this stage can reap costly consequences down the road. Some of which include a non-paying tenant, a destructive tenant, or someone who bothers your other tenants.

On the flip side, not tending to your ideal renter may cause you to lose that individual. Some ways you could do that include offering improper assistance, not listening to their woes, or providing a subpar rental property.

How can Bista’s Rental Management Solution help you?

While the rental business is lucrative, it is also rather easy to mismanage it. If that happens, there are countless other challenges, beyond the ones mentioned above, that property owners can face when renting out their property. That is why Bista Solutions is there to help you manage and run your rental business successfully.

Bista can give you a full-out solution to reach your business goals with our Odoo Rental Management ERP, which can help you with Property Management and tenancy management. Our team provides users with the complete package to aggregate management of properties, payments, rent, rent agreement, and much more.

Go through the following functionalities to see what’s possible with Odoo’s Rental Management ERP:

a. Create Property as per Property Type

With Odoo’s Property module, you can create properties as per their types. With this application, you can post your property’s complete information so that interested renters can easily find your listing.

 Odoo Rental Management

  • Property Description is important to get the proper lead for residential or commercial property. Advertisement with appropriate information simplifies the property searching process. You can add all the details related to the property like Address, Lease agreement information, property type, amenities, etc.

 Odoo Rental management

  • Utility details must be added with the property advertisement. Tenants typically only take interest in property if they get appropriate information about the amenities they want with the property. You can add that information under property details.

Odoo Rental Management

  • You can configure details related to your website. You just need to checkmark the boxes for the parameters you would want to display on your website.

Odoo Rental Management

  • You can add property images on your website by uploading image files. Additionally, you can add floor plans to give further property details.

Odoo Rental Management t

Odoo Rental Management

b. Easy Payment Options on Tenant Portal

  • Once you create your lease, the tenants’ contact information will automatically be created in your system. You also have the option to enter the data manually.

Odoo Rental Management

  • You can manage access rights for tenants; which are what permission tenants will have on their portal account.

Odoo Rental Management

  • Tenants can make payments from the portal or they can use an auto deduction facility by choosing the recurring payment options. They can edit their account information as well.

c.  Easy Account Maintenance and Invoice / Report Generation

  • Odoo’s Accounting Application will enable you to maintain payment records separately for rent and internal payments.
  • Automatic Invoices will be generated and sent to tenants. There is no need to spend your time on rent calculations and collections.
  • For Customer Payment entries, you can create invoices as well as edit the invoice if required. You can also generate invoices manually for cash transactions.

Odoo Rental Management

  • The Payment Reconciliation functionality allows you to verify and recheck payments.

Odoo Rental Management

  • You can generate various reports here. The Dashboard can help you track your business status, and payments can analyze cash flow and in-out transactions.

 

 

d. Maintenance Management

  • You can create and schedule Maintenance Activities. Additionally, you can assign them to respective contractors or professionals.
  • Maintenance Invoices can be created as you will have an integrated system. You can even manage maintenance-related accounting.
  • With reformed functionalities, tenants can raise maintenance requests with the help of a ticketing system. Once they do, they will be able to see its status. This can help track and resolve the tenants’ issues in a quick and efficient manner.  After all, customer satisfaction is key to any business’ success.

e. Document Management

  • In the business of Rental Properties, you must manage and maintain many documentations for the purposes of accounting or invoicing, or something else.
  • To manage these processes flawlessly you need to move towards paperless documentation.  Digital Documentation increases the traceability of records.  

Odoo Rental Management

  • You can save ton of space that would otherwise be covered for storing papers. Instead, all your documents will be more secure in digital form.
  • Documents can be shared in a few clicks and can make accessible to others with access permission, which makes your communication process much smoother.
  • The Document can be secured with a password. Expiry dates are useful for limited duration access permissions.

Odoo Rental Management

 

So, if you are in the rental property business, or are thinking of joining this market, it may be worth your while to implement Odoo Rental. Not only will it outline exactly what you need to do to succeed, you will also be able to keep track of all the important paperwork throughout the process. It’s truly a win-win situation. At Bista Solutions, our team is dedicated to providing you with the best solutions for your business. Contact us today to optimize your rental business by implementing Odoo Rental.