Article by Chris Jenkinson
Whether you plan to get personally involved as a landlord or hire property managers, property portfolio software is a must for controlling and tracking your investment properties. With the right program, you can integrate a variety of property types such as residential ones with individual apartments or homes to agricultural properties in which you let out parcels of land to farmers or ranchers.
Save Time and Money
If you depend solely on individual property managers, your accountant or even a lawyer for status reports or even ordinary lease paperwork, you may have to wait for answers. However, if you remove them as a middleman and integrate property portfolio software, you can quickly produce the reports and seek the information you require. That is not to say you won’t need their services at all, you do, but you are not totally dependent on them for answers for day to day operations.
You can track rent payments, late notices, maintenance and repairs and even vendor deliveries with one software program. If you wanted to create a communication such as a letter to specific tenants, you can run a simple search query and target those individuals only. Tracking correspondence with each tenant, including transaction histories, is possible.
You can grant accessing rights to your individual property managers so they can keep administrative and operations tasks up to date. The side benefit is that you can easily check up on their activities and progress too. This feature allows full autonomy to your managers so they can act on your behalf as the landlord for such every day activities as rent collection, communicating with tenants behind on rent, scheduling property inspections, and reviewing leases requiring renewal.
Real Time Financial Data
The ability to manage your many diverse properties with one software program means that you can pull real time financial data at any time. You can determine which properties earn you the most money and which are financial drains that you may want to sell. You can tell at a glance how much money is in the bank, what is allocated to each property for renovations and maintenance and even which ones have the highest utility costs.
Streamlined Processes and Less Paperwork
Instead of dealing with spreadsheets or even a calculator, paper and pencil, you can invest in a program which reduces your paperwork and simplifies duty tracking. No longer do you have to knock on individual tenant doors about the rent or lease renewals. No longer do you have to spend hours on scheduling trying to maximize your maintenance workers’ time for renovation projects. All of this and more can be done with property portfolio software.
About the Author
Property portfolio software is one of the best tool a property manager can have and Multi-User Systems Ltd at http://www.mus.co.uk/ can help you automate property management.
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