Lately I’ve been asking myself what the biggest problem facing Property Investors is. The answer? A growing portfolio!
Why is this? Surely a growing portfolio is a good thing? Well, as your portfolio grows, your paperwork grows with it. I know people who are drowning under paperwork and struggling to keep it organised. I know what that’s like. I used to be one of them. That’s why I got into designing property management software. I started investing back in 1999 and according to the results of our recent analysis of 3 years of customer feedback, nothing much has changed! Paperwork is still the biggest problem for Landlords.
The top 5 concerns were:
1. Increasing paperwork: keeping on top of bills and rental income
2. Staying legal: keeping track of safety certificates and legal documents
3. Good tenant management: making sure they get the information they need
4. Income tax management: knowing what is due when
5. Maintaining a positive cash flow: becoming harder with increasing property prices
In other words, exactly the same problems I had in 1999 and all the same reasons I got into designing property management software!
You can check out the results of my labours here.