5 Ways to Utilise an Online Landlord Software to Increase Profit from Rental Property
Cloud based property management software tools have fast emerged as the latest property management trends in the UK. According to the HMRC figures, there are almost 1.75 million landlords in the United Kingdom. Most of them are managing their rental properties using cloud platforms dedicated to professional management of their property.
Relaxing and sipping coffee at home is not something most landlords spend a lot of time doing. From timely rent collection and calculating the costs involved in maintaining property, to the calculations of tax payments and dealing with tax returns, every aspect of property management has to be streamlined in order to minimise time expenditure.
Aspects of Property Management
Managing a residential property portfolio is a full-time job. There are a great many tasks to juggle on a day-to-day basis and most landlords spend a lot of their time thinking about the following:
· Calculating your net worth
· Keeping track of important tenant details
· Staying on top of rent collection
· Accurate management and analysis of rental expenses and an individual rental unit’s performance
· Managing your personal finances
A well-developed cloud based property management software tool is the easiest way for landlords to keep all of these aspects of property management nice and simple and under control.
Do You Want to Know How?
This is what today’s article about cloud based property management software tools will teach you. In order to learn more, we will go through all of the aspects of property management in greater detail:
1. Calculating Your Net Worth
Monitoring each unit of your rental property used for commercial or residential purposes is the biggest key to the successful management of multiple properties. Online landlord software can help you manage some of the most important tasks.
· Accurate storage of data on each rental unit
· Value tracking feature/option to help you get your rent collection up and running on time
· Track the increase in value of the net worth of your rental properties
2. Keeping Track of Important Tenant Details:
An online landlord software package designed and developed to meet your property management requirements stores all of the crucial information that you may need to keep track of your tenants. This information may include things like:
· Personal information of tenants
· Start and end dates of a lease
· Vital information needed about additional people residing in the property other than the actual tenant
· Check-in and check-out dates and timing, if different, from the start and end date of leases
· Reminders about the collection of rent on time
· Details about security deposits
· Accurate tracking of payments as well as refunds in liability accounts
3. Staying on Top of Rent Collection:
Online landlord software generally offers a specific set of features to help you monitor the following three kinds of rent payments:
· Upcoming payments
· Overdue rent payments
· Paid rent payments
To do so accurately, any useful software tool designed for property management on cloud platforms is easily capable of sorting out properties, rent payments and units to help you when you enter rent payments. In case you are not sure about the source or type of the payment, this ensures rent is not credited to the wrong property.
4. Accurate Management and Analysis of Rental Expenses and an Individual Rental Unit’s Performance:
An online property management tool helps you to keep costs down and increase income. Keeping track of all of your income from the rental property and the money spent on managing it can easily be a time-consuming and difficult task. This is where a rental property management software tool comes in handy, as it analyses every unit’s performance.
5. Managing Your Personal Finances:
An effective online property management tool always offers specific feature such as personal finance modules. These would normally include online banking synchronisation, credit card management programs and investment tools. In this way, landlords are able to access all of their personal accounts as well as data from their property rental businesses with ease.
This is how an effective online property management tool can help you to manage your property business effectively. It is possible to manage without one, but you will spend a far greater amount time juggling the day-to-day admin tasks as a result.