Running a property business can be a full-time job. The more properties you have in your portfolio, the more time you will need to spend on day-to-day administration. For a landlord with only one or two properties, a carefully designed spreadsheet to track income and expenditure should do the trick and make life easier when the time comes to submit a tax return, but for landlords with three or more properties to administer, landlord software will ease the burden and ensure you don’t forget to do anything important.
Landlord Software Functions
Good quality landlord software will provide you with a number of useful functions. You can use it to track income and expenditure, monitor mortgage finance, and manage tenants and tenancies. Your software should also allow you to keep a database of suppliers and provide an early warning for when important tasks need to be done, such as gas safety checks and property checks.
Treat Buy to Let as a Business
The less time you have to spend on property management, the better. To be successful, you must treat your buy to let enterprise as a business. The more disorganised you are, the more likely it is that you will lose money unnecessarily.
We can use mortgage interest rates as a good example of this strategy. Landlords often have to borrow money in order to fund their buy to let purchases. Introductory interest rates will probably be low, but once you revert back to a standard variable rate, your costs will rise. It is therefore sensible to switch to a better deal before this happens, which is where landlord software comes in.
Landlord software can warn you when a mortgage deal is coming to the end of its term, so you have enough time to look for a new, more cost effective deal. Any money you save on mortgage finance can be used to fund new buy to let purchases and grow your portfolio.
Landlord software is a great investment if you plan to grow your property portfolio, so take your cue from professional landlords and start using it today.
Use a cloud based software like Landlord Vision to work out your tenant’s last rental payment, check over the inventory and quickly set up any new tenancy agreements when tenancies end before the original date.
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