As a landlord, you could have a number of different properties to your name, and that means it’s vital to stay organised so you can keep on top of payments, insurance obligations and compliance issues across your portfolio. But, sometimes staying on track can be easier said than done—a basic spreadsheet won’t always be enough, particularly if you’re starting to expand, and that’s why property management software for landlords should always be considered.
What does this software do?
This type of software has been specifically designed to make property management easier to handle, taking the hassle out of managing your portfolio with everything you need in one central location. With so many features you’ll have the power to transform your business for the better—not only will you be able to keep track of tenants and property maintenance issues but the more sophisticated packages will even help with tax calculations and financial forecasting, streamlining processes no end.
Choosing the software that’s right for you
Luckily there are plenty of different options available to suit individual preferences, and the package that’s right for you will depend on a whole range of different factors from your budget to the number of properties you own. Here are just a few options to give you an idea:
- Property Book Work, free. This web-based package was created by landlords for landlords, with it being specifically developed to offer a simple double-entry system. It’s free if you’ve got one property but to manage a larger portfolio expect to pay for the privilege.
- Property Hawk Landlord, free. Another web-based version, it generates a lot of useful forms such as tenancy agreements and keeps track of all pertinent information.
- Property Portfolio, £49.97/month or a one-off payment of £397 (both excluding vat). Comes with a fantastic range of features including access to a legal document centre and the option to calculate income tax using HMRC guidelines.
- Landlord Manager for Sage Instant, £595 plus vat. Ideal for professional landlords with up to 50 properties, this package offers a full accounting solution that can keep track of finances, tenants and even legal obligations (safety inspections, insurance renewals etc.).
You’ll find options that cover the entire spectrum, from free software packages to the paid-for versions, but whilst you might begrudge paying for such software remember that you tend to get what you pay for. Freebies might be a great way to test the water but they won’t usually offer the level of functionality you need if your business is growing, so it’s worth viewing it as an investment in your business and one that can offer great returns in the long run.
Stay in control
It’s all about doing your research with a lot of it being trial and error, but whether you’re after something basic or more sophisticated you’ll find the right property management software can transform your business prospects. It can be ideal if you’re juggling a number of different properties as you’ll have an instant overview of your finances and performance as a whole, with the right options keeping you in control and leaving you free to grow your portfolio, maximise your revenue and take your business forwards.