Reporting and Accounting Tools for Landlords
Keeping track of your rental properties’ finances is a time-consuming task that often gets neglected by busy landlords. Landlords are often focused on the leasing process, regular or emergency maintenance tasks, rent collection, or even growing their portfolios. Therefore, we might manually input our income and expenses into Excel at best. Or keep a pile of receipts on our desk if we’re not as diligent. Some of us have considered using QuickBooks for our rental properties, but the learning curve is steep and inevitably another more pressing task comes up. As a result, many of us unfortunately focus on our reporting and accounting tools and software only at tax time.
We have previously discussed using property management software to collect rent payments online. Many of the same property management software can also help for both generating useful reports to keep landlords up to date with their rental histories and situations, as well as for their bookkeeping, accounting tools, and tax preparation needs.
Read More: Best Accounting Software for Landlords
Managing Maintenance Tasks
One of the most important – and dreaded! – aspects of being a landlord is the management of maintenance on rental property, especially tracking everything that needs to be completed. Maintenance that isn’t taken care of can lead to further damage to a property (such as the problems a dripping sink drain can cause) and a building falling into disrepair. Unattractive, poorly kept buildings lead to dissatisfied tenants and difficulty finding desirable applicants. Fewer options in applicants often results in tenants who don’t take care of your property. It’s a vicious downward spiral.
In this article we’ll look at the best property management software tools out there and evaluate how they will help you manage the maintenance of your properties.
Landlords with large portfolios or small can benefit from property management software to keep track of applications, tenants, and financing. Some landlords, though, only need support for bookkeeping and accounting. For these landlords, Landlord Studio presents an attractive alternative to QuickBooks because it is specifically designed for financial tracking and reporting needs of residential property investors.
One of the regular tasks small landlords handle is finding and keeping the best tenants for their rental properties. Without a battle tested tenant selection process, including access to accurate screening tools, selecting the right tenant for your rental can be a monumental challenge. This can be especially burdensome when you have a relatively small portfolio and any delinquent rent payment or unexpected damages can lead to a major hit to your portfolio. ApplyConnect offers tenant screening services that may be the answer to your problems.
ApplyConnect is a winner in our Best Tenant Screening Service for Small Landlords
Learn More: ApplyConnect Tenant Screening Services Overview
PayRent is an online rent payment service which helps property owners and managers collect rent online quickly, safely and securely. With a free account, you can add your properties, enroll your tenants, and start receiving rent payments now. It is quick and easy, and always free to sign up. The low transaction fees can be either absorbed by the landlord or passed through to your tenant. We think PayRent is an excellent service for landlords looking to simplify their rent collection process.
PayRent is a winner in our Best Online Rent Payment Service for Small Landlords
Learn More: PayRent Online Rent Payment Service
Chris and Eli from Landlord Gurus talk about the benefits of using property management software to help manage rental property maintenance:
Chris and Eli from Landlord Gurus talk about the benefits of collecting rent online using property management software:
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