Landlords and others looking to get the most out of property investments are increasingly turning to residential property management software to give them a boost
Even with all the vast uncertainty created by last year’s Brexit vote and the decidedly unclear path ahead, the UK’s property market remains buoyant and is now seeing renewed investor interest. Home sales are actually up, in a clear sign of the resilience of the sector and perpetual desire among investors to park their cash in one of the safest investments around.
So now, well over half a year since one of the most tumultuous votes in British history, it’s possible to look back at all the rumours of doom and sum it up as that: rumours. Even a government projection of a possible 18% crash in house prices did not come to pass in the aftermath of Brexit. And while no-one is suggesting the EU divorce proceedings — which will take about two years once Article 50 is triggered — will be an easy road, investors remain firmly fixed on property and the sizeable profits that can come from it.
Maximising property investments is hardly a straightforward task, however. Even managing a growing property portfolio can prove a headache for the most experienced, long-term investor. Many are turning to such things as residential property management software to lighten the workload, while increasing their revenues.
A Growing Portfolio and a Rising Amount of Work
For anyone involved in the property business, the last thing they want is to become bogged down in all manner of work associated with a growing property portfolio. That’s where having great residential property management software comes in.
For starters, there’s the finances. Is borrowed money being used for property purchases, or is there a group of investors involved? It’s great to get in at under-the-market prices, but once you have your new property, is it in good enough shape to rent out, or does it require significant (and costly) refurbishments? After all, if you want to make the most out of your properties, you have to provide the best — or something approaching it, at the very least.
Then there’s the equally critical issue of tenants and managing them, which can be a real nuisance. How do you find suitable tenants for your properties and keep them happy, then keep them paying their rent and on time? What happens when they fall into arrears and can’t or won’t pay? These are real issues facing landlords all around the UK. Using residential property management software can help you overcome these hurdles that many fall at.
Gaining from Residential Property Management Software
What strong residential property management software will do for any owner, agent or manager is allow them to easily cut through the workload and become far more efficient in operating their properties. That means there’s no longer a need to manually deal with all the various aspects of keeping a property portfolio performing and growing.
The sophisticated software can handle property investment portfolios individually or by the hundreds. It can also be tailored to commercial properties included in any property portfolio and comes with comprehensive accounting features, so you can stay on top of all activities related to your investment.
Additionally, residential property management software makes sure rent is paid on time by generating automatic rental notices. It can also tot up and distribute revenues to the various parties involved in a property partnership or syndicate. This might be powerful property management software, but it’s not difficult to use; it’s designed with the average user in mind. That means you can get to grips with it quickly and rely on its secure features to get the job done.
Additional features, such as automatic rent review reminders, will ensure property investors are getting the maximum revenue out of their buildings. Arrears letters can also be generated, as well as automated chasing of late rents, freeing up landlords’ time to peruse other matters. And the best software in this field doesn’t have to break the bank, either, costing much less than you might think to have it installed.
In the fast-paced property game where everyone’s looking for a leg up, using property management software to get ahead is a sure-fire winner, every single time.