There are very few landlords with any sort of sizeable portfolio that try to struggle through their day to day business without some form of property management software. The large majority of modern landlords are now fully aware of the kind of benefits that property software can bring to their business and have jumped on board.
For those stubborn few still holding out or those that are relatively new to the game and looking for some advice, let’s take a quick look at the advantages of decent landlord software for the smooth running of your business:
It will Record and Update Your Tenant Reports
We are all aware that having spotless and up to date records of everything pertaining to your tenants is one of the biggest tasks of residential property management. This time consuming task is also one of the most vital and, as a result, takes up loads of time in the average landlord’s week.
Any slacking in this area makes the landlord vulnerable in the event of a dispute with the tenant regarding payment, lease terms or any other conditions of a tenancy. Landlord software will make sure that your records are beyond dispute.
Property management software will also allow you to make up a report when it is time to send a late payment notification, renew a lease, or prepare an eviction notice. Most landlord software contains templates that let you adjust them to your individual needs and save loads of time and effort in the process.
It Can Help With Accounting and Filing Your Annual Tax Returns
Most of us dread tax return time even though we know everything we have done is above board. It is the fear that we have forgotten something that usually causes this anxiety. It is also because, no matter how thorough we have been in keeping our records, the job of putting it all together to fill in the tax return is always a daunting prospect. Property management software will take all the worry out of this time of year for you.
It will allow you to track all your rental income and expenses in real time so when it comes to completing your tax return you are sure to have all the data you need. Excellent record keeping will also ensure that you won’t miss out on any possible tax deduction, which is a hugely important (and beneficial) reason for getting hold of landlord software in the first place. No one likes the idea of giving the taxman more than they are due!
Landlord Software Keeps Track of Your Rental Property Inventory
Keeping an inventory allows you to track your rental properties with ease, and property software can save you so much time in this depatment. You can include information on important property details such as location, square footage, rental information or any type of maintenance issue with your rental properties.
If you own a large number of rental properties, you can also compare the returns of your properties by any number of elements such as monthly rental rate, property values, location and so on.
All landlords that use property software agree that it has made their lives easier and their business more profitable.