As an investor, getting on the property ladder is a dream come true for many people. But with growing numbers of property in your portfolio, how do you manage them properly? Property portfolio software has the answer.
Starting out in the property business is not as difficult and off-putting as it might seem. In the UK, despite plenty of uncertainty, we’re blessed with a vibrant and thriving property sector. It means that if you can come up with the cash to get started and manage your property efficiently with property portfolio software, you potentially stand to enjoy substantial returns.
All it takes is getting your hands on your first property, at the right price, to get the investment ball rolling. Tales are everywhere of people tentatively making their first property purchase – typically a small flat in need of refurbishment – and building up from there. It’s not unusual for some investors to quickly grow their property portfolio to encompass dozens of houses and flats and build up a multimillion-pound empire.
But all that investing and growth comes at a cost. While it’s tempting to keep snapping up more properties, the administrative burden will keep growing, too. There may be multiple mortgages to keep on top of, tenants to look after and chasing up late payments. The burden of work can seem endless and draining — but help is at hand in the shape of a dynamic computer program.
The Hard Work of Property Investment
Indeed, the administrative weight of being a landlord or property investor in the UK is getting heavier. From September 2017, those who have four or more mortgages on buy-to-let properties will be obliged to provide details of all their property-related income streams, as well as existing mortgages, if they want to make a new purchase or refinance a current one.
That’s in addition to all the usual tasks a landlord or other property investor has to perform. The house or flat has been purchased and possibly refurbished: now it’s time to start making money by finding a buyer or tenant, and quickly. A one-off transaction with someone willing to pay the right price is marvellous, but ongoing rental payments is something else entirely.
It’s no wonder landlords are now using property portfolio software to remove the difficulties and time-consuming manual labour. Technology is able to take over and manage almost all elements of operating properties, allowing investors to set their sights on their next money-making target. There’s little point being snowed under when you don’t have to be.
The Rewards of Property Portfolio Software
Solid and reliable property portfolio software is the saviour of many a savvy property investor, juggling all kinds of properties in their portfolio. It handles all the accounting requirements any property owner needs to run their properties. This includes logging all transactions, double-entry accounting, single-click VAT returns and equally beneficial bank reconciliation.
Also helpful to owners using property portfolio software is an ability to use their electronic banking with the platform. Its features enable people to get statements and link them to any invoices that are outstanding, and you can reconcile payments with your bank, as well as generating BACS files for uploading.
Property portfolio software also has the ability to generate rent demands so they’re hopefully paid on time – and for those that are late, the software can also generate automatic arrears letters and chase up payments. Rent reviews can be automatically scheduled, so that landlords don’t lose out on their investments by getting less than they should.
This hugely advantageous software is also customisable to individual customers’ requirements and is normally licenced in accordance with the number of people using it. Most providers, including leader Logican Solutions, will provide training, but the best property portfolio on the market today is designed for ease of use.
It could, in fact, be the best property investment you ever make.