There is no doubt that these are
challenging economic times for the professional landlord. Property prices have
fallen and economic recovery is proving to be a very slow process. Effectively
managing cash flow and being in control of every aspect of your property
business is perhaps more important now to business survival than it has ever
been. One thing that you can be certain of, however, is that your competitor
will be using property management software to manage and control its property
portfolio.
The benefits of good landlord
software are wide ranging. There are the obvious benefits of having reports
available at the touch of a button for the taxman and for managing the
collection of rents. There are also very valuable benefits that are not so
immediately obvious. With a good landlord software package in place you will
free up more time, time that you can use to network, negotiate and develop your
business. If you stop and think about it for a moment there are many business
tasks that cannot be automated and which will require your personal attention.
An automated system will allow you to standardize and monitor correspondence.
This approach will in fact give you more control. Tenants can be sent welcome
packs which clearly set out their legal obligations as well as containing
information about your property business. Invoices and, if necessary, payment
reminders can be generated at the touch of a button. By effectively using the
reports available with property software you will be able to anticipate the
late payers and take appropriate action before it adversely affects your bank
balance.
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