Handy Software Tools For Landlords: While rental properties may be classed as a passive income, they can often still require a fair amount of work to run smoothly. You need to find tenants, keep on top of maintenance, chase up late rent and keep your bookkeeping up to date. Fortunately, technology has made things easier to keep on top of all this. Whether you’re a landlord of a single property or you’re overseeing a large portfolio, it could be worth exploiting a few of these handy software tools to help streamline operations.
Tenant screening tools
Finding reliable tenants isn’t easy. While there’s no certain way to protect yourself from problematic renters, introducing a screening process can greatly help reduce risk. This typically involves carrying out checks on applicants – which include credit score checks, criminal background checks and rental history checks.
Tenant screening tools can take care of all of this vetting for you. They integrate with platforms like Experian and TransUnion to provide all the reports you need so that you can identify any red flags and avoid taking on risky tenants.
Rent tracking tools
These tools help you keep on top of your cash flow by tracking rent payments and alerting you when payments are not made. You can then chase up renters in good time so that you’re not losing out on rent.
If you’re managing a single property, such a tool may not be necessary. However, for property managers with larger portfolios, rent tracking tools can be very helpful for keeping on top of incoming payments and intervening before arrears build up. Some of these tools can double up as payment platforms that tenants can pay directly through, sometimes with the option to make payments in advance.
Repair portals
Keeping on top of repair requests is also vital as a landlord. You need to make sure repairs are made in good time and confirm that they are done.
A repair portal can make this easier. This is a software application that tenants can log onto to report problems. Such software alerts you when requests come through and may be able to prioritize repair requests using AI. You can then attend to the most urgent ones. Once you’ve booked repairs, further alerts can be sent out on the date of the repair so that you can confirm with tradesmen that the job has been done. Such software is very useful for large portfolio owners who may receive many repair requests each week.
Lease agreement generators
Lease agreements need to be comprehensive and have no loopholes. Creating such agreements used to require hiring a legal writer. Now it’s possible to use software to generate contracts.
Such software is able to draw from a range of templates that you can fill in. Some of these applications integrate LLMs to write in clauses based on prompts. You can also go back and easily edit these lease agreements when you need to alter the terms. It’s worth noting that more complex agreements may still benefit from human legal writers. However, for basic lease agreements, these tools are usually sufficient.
Critical date reminder tools
Landlords often have many important dates to keep track of. This includes lease expiration dates, renewal options, warranty expirations, insurance policy expirations and rent increases.
Using critical date management tools, you can automate reminder alerts when these dates arrive. This allows you to act in good time so that you don’t miss out on notification windows and so that you can still negotiate. It’s a simple tool that can work in the background to keep you organized. With multiple properties, you could find such tools essential for juggling critical dates.
Smart energy monitoring apps
A growing number of landlords are offering to pay their tenant’s energy bills. This can be a huge perk for tenants that make your property more attractive in competitive areas, while also helping you to retain tenants..
To help you budget for these energy bills and to help you monitor how much energy your tenants are using, it is recommended that you install smart meters in your properties – this allows you to then track energy usage in real time via an app. On top of giving you a more accurate idea of what you will be paying for each bill, smart energy monitoring can also give you an idea of how energy-efficient each property is. If certain tenants are consuming too much energy, you can also advise them to reduce their energy spending – potentially offering perks like discounted rent if they stick to certain energy targets.
Accounting software
It’s vital that you track your income from your rental properties and file accurate tax returns each year. Accounting software is recommended to help you keep on top of your income.
Many general accounting programs can be used for tracking rental income. However, you can also use specialist accounting programs designed for real estate, which may come with financial forecasting and payment features catered to landlords and property managers.
Portfolio management software
This is software designed for landlords and property managers with more than one property. Such applications may integrate many of these different tools listed above to provide an all-in-one platform from which you can easily manage your properties. They may also come with other features for tracking market trends, easily listing properties and arranging viewings.
Portfolio management software comes in a range of price points. Some software providers have plans with different tiers, allowing you to find the right one for your budget. Cheaper plans may be limited to a certain amount of properties, while higher priced plans may be designed for property empires.
Handy Software Tools For Landlords: Conclusion
Using these technology solutions can make managing your rental business much easier by helping you to automate tasks, set reminders and store data all in one place. Take your time to shop around for software options and compare reviews, prices and features. Try to find technology that is suited to your size and budget – simple options may be all that is necessary if you only own one or two properties.
