The biggest issue facing property investors with a growing portfolio is the huge amount of paperwork they have to deal with.
Property management software firm Property Portfolio Software has analysed three years’ worth of feedback from its customers.
And it identified a number of trends to work out the top five issues facing landlords.
Investors say the biggest pain is the sheer amount of paperwork that has to be handled, to ensure rents are received and all bills are paid.
Other issues in the top five include keeping track of legal documentation and effectively managing tenants.
Amer Siddiq is a property investor who founded Property Portfolio Software’s parent company Tax Portal Ltd in 2003.
He said: “As a property investor myself I know what a nightmare it can be keeping on top of property management issues while developing your portfolio.
“We’ve been collecting feedback data from our customers for three years. When we analysed the results, we weren’t surprised to see concerns about staying organised taking the top four places in issues facing landlords.”
The top five issues identified by Property Portfolio Software are:
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 cashflow: becoming harder with increasing property prices
Property Portfolio Software provides property management software tools to help self managing landlords get better organised when managing multiple properties.
All of the software has been designed by landlords for landlords and saves investors time, money and effort.
The flagship Landlord’s Property and Tax Manager product tracks all property-related income and expenditure across more than 100 currencies, and calculates rental income tax liabilities.
Amer added: “It was this feedback from customers which inspired us to develop the property and tax management software in the first place.”
For a free 30 day trial of their solutions visit: www.propertyportfoliosoftware.co.uk.