Keeping track of multiple tenants can be overwhelming if you don’t have a system in place that works for you.
Relying on your memory and the memory of your tenants is a risky game and will likely end up with late payments. There are options out there to help you stay on top of things with minimal effort!
This article will lay out a few examples of property management strategies that are perfect for landlords with multiple properties.
Use A Landlord Rent Book
A rent book is a very simple and easy to use as a property management tool. This is a tool that has existed for a long time now, and it is considered to be more of an old school property management tool.
It does not have to be a specific notebook designed for it, although many do exist with that purpose in mind. You can pop into any stationery shop, get whatever notebook you want, and turn it into your rent book. The details that you want to include in your book are up to you, however, typically a rent book will include the following details.
- Tennant details (name and contact details)
- How often rent is paid
- How much rent is being paid
- Rent due date
- Any other information on the relevant tenant
Having all these details written out means the landlord has a recorded history of their properties and how they are being managed. It saves a lot of mental energy, and once you get into the swing of using a rent book it becomes second nature!
Download Property Management Software
Another option for landlords is to download property management software. The people behind Doorloop say that this software is built to deliver a smoother landlord experience. Much like a pick and mix, you can choose what features you need and tailor the software to your needs. Typically features available include the following;
- Tenant screening options
- Electronic leases and contracts
- Online payments
- Easy to use owner/ tenant portal
- Automatic late fees
- Property details
- Customized reports
- Bill history
- Maintenance requests
These are just a few of the features that can be readily available to you. Having automatic software do the work for you will make your life so much easier. There is generally a cost to using such sophisticated software, but consider it a worthy investment when it manages all of your properties for you.
This software are being used more and more, and so it seems like a no brainer for any landlord to get in on the action and start using one. When you find the right one for you, you will see that they are very easy to set up and simple to use.
Use Tracking Expense Guides
Tracking expenses can be frustrating, overwhelming, and honestly quite boring. You can either use a tracking expense software specifically or follow an online guide. Either way, it is important to pay attention to your expenses and to make sure that you are tracking everything in the most efficient and convenient way for you.
You may want to consider using online smart receipts for several reasons. Firstly, this eradicates the chances of losing records. Secondly, if for any reason you need to go to court or provide evidence of tenants either paying or not paying, you will have everything you need to be stored securely online and will have a trail of smart online receipts to present.
Get Help From App Organizers
Another alternative available is the option to use an app designed for property management or just a general app designed for organizational purposes. This is a good option if you are not a fan of the old school rent book management tool. There are apps available that can help you document and store details in a more secure manner than just writing them down in a book. If you are looking for an app to help you stay organized, there are endless options out there! For example, Trello is an easy to use app that is a more sophisticated ‘to-do list’ whereby you can prioritize tasks and move them into different categories, such as ‘in-progress’ or complete.
Whatever option you choose, you are bound to make your life a lot easier as a landlord by making the most of either one or even all of these property management tools. You will never have to worry about trivial things such as late payments again, as you can have software that notifies you instantly and charges a late fee to your tenant, should you want that.