If you’re a property landlord, keeping track of your finances is not the only task.
There are a number of tools that can help the role of being a Property Landlord easier for you.
In this blog post, we will discuss three of the most popular tools for landlords. We’ll also provide tips on how to use each tool to its fullest potential!
1. Digital Tools
In the era of technology, it’s no surprise that there are a number of digital tools available to help property landlords.
For instance, if you’ve got a portfolio of properties without a property manager, you could use software like Property Meld to keep track of maintenance requests, lease renewals, and rent payments.
Software like Trello and Slack can also be helpful for landlords who work with a team of property managers. These tools can help you stay organised and communicate with your team more effectively.
2. Digital Accounting
There are a number of accounting software programs available that can help property landlords keep track of their finances.
For instance, QuickBooks is a popular program that can be used to track income and expenses, manage invoicing and payments, and generate reports. Xero is another popular option that offers similar features.
Landlord Studio is a software specifically designed for property landlords. It includes features like rental income and expense tracking, tenant screening, and online rent payments.
While there are many different accounting software programs available, it’s important to find one that meets your specific needs. Be sure to read reviews and compare features before making a decision!
3. Banking
Gone are the days of walking into a traditional bank branch to do your transactions. The banking sector has been revolutionised with several technological advancements in the past decade.
You can now open a bank account, make payments and even get a loan without ever stepping foot into a bank!
There are several banks that offer specific products and services for property landlords.
For instance, HSBC offers a buy-to-let mortgage which is designed for people who are looking to purchase a property to rent out. Barclays also has a number of services and products specifically for landlords, including an insurance policy that covers rental properties.
Banks like Starling have options to transfer money to a contact without a key card as it is developed for mobile and allows security checks to take place through facial recognition. It still stumps us to think that some business owners have to physically walk to a traditional bank to make some payments. In this day and age, that should not be the case whatsoever.
Applications like Revolut and Monzo offer instant notifications whenever there’s a transaction, which can help landlords keep track of their finances more easily. These apps also offer features like budgeting tools and spending insights, which can be helpful for those who want to save money.
It is necessary that you choose the bank depending on the services it offers and not the other way round.
To conclude, landlords have a lot to keep track of, but with the right tools, it can be made much easier. Be sure to take advantage of digital tools, accounting software, and banking products specifically designed for landlords!
With a little bit of planning and organisation, you’ll be on your way to becoming a successful property landlord in no time!
To know more, get in touch with us today.
