As a property owner, you understand that it’s value is not a self-assured item, and it needs investment and care to retain and enhance it over the years.
Category Archives: Property Management
Getting confused with your incoming property rents?
As your portfolio grows, the more rents you receive. Tracking them can become more and more of an issue, especially if you are charging similar rents across different properties.
Here are two ways that any landlord can overcome the problem of receiving identical rents for different properties:
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How many bank accounts do you have for your property business?
Do you still have your rents being paid into different bank accounts and/or have your property related expenses being paid from different bank accounts?
One of the best ‘organisational’ tips for landlords is to run your property business through a single bank account.
Travelling Expenses
Directors may incur expenses when on the company’s business. Most travelling expenses involve the cost of running a car.
It used to be a good tax planning idea to have the company own a car and allow the director to use it for both business and private purposes, as the rules for taxing directors on their private use of a company car were very generous.
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Time to come clean about property valuations!
As you are well aware, mortgages have been withdrawn in the thousands by lenders in recent months.
With property prices having fallen an average of 10% in the past year, lenders are still holding back on borrowing to would-be buyers. This has particularly been the case on new-builds (especially new build apartments) because of the way the prices have plummeted over the past months.
The valuations on new-builds have caused great concern to lenders. This is because lenders have never known what incentives, such as cash backs, discounts, stamp duty, fully furnished, fitted kitchens etc.. have been included in the sale.
The concern is that many lenders believe properties have been sold for more than they are really worth. This has led to many outstanding mortgage amounts on new-builds being greater than the actual value of the property (i.e. negative equity).
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Cutting your property management costs!
As a landlord you are likely to have various insurance policies for your properties. These will range from the essentials like buildings and contents insurance to the desireables such as boiler breakdown, plumbing cover and electrical insurance.
Insurance policy premiums are just like our age. They only go one way and that is up, especially if you stick with the same insurer. However, make sure that whenever a buildings and contents insurance renewal comes in, you get alternative quotes as you will definitely find cheaper deals somewhere.
Just use a price comparison website such as confused.com or moneysupermarket.com and you will definitely find comparable and probably cheaper quotes.
You may also want to try quidco.co.uk where you will actually get cash back when you take out an insurance policy through them.
Property management software can track insurance costs and remind you about upcoming renewal dates. Click here for more information.
The Importance of Inventories!
You will be surprised at how many landlords accept losing inventory items and see it as a part of the cost of running a business.
Sorry! I don’t agree and I find that most landlords who take this kind of attitude are the ones who hit cash flow issues quickly.
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Claim Tax Relief on ALL Revenue Expenditure!
If you have incurred a revenue expense for the purpose of your property, then you can offset it against the rental income.This means that you can continue to lower your tax bill – legitimately!
Ease the Burden of Landlord Duties
Every landlord knows that organising a large number of properties can be difficult. Keeping track of the status, occupants and finances is a difficult and time consuming task. Currently, much of the book keeping that landlords perform is paper-based or in rudimentary spreadsheet applications. These methods are primitive, unable to execute most calculations required for property-related taxes and accounting.
This is where specially designed property software comes in…
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Property Management Software Pays for Itself
There are several reasons why a landlord should use Property Management software (PM).
One of the biggest and most significant reasons is money. Not only will this software save landlords money, but it can also increase cash flow as well.
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