Despite the potential headaches, many landlords still take the hands-on approach, avoiding significant letting agent fees in the process.
Active landlords are becoming increasingly common place, encouraged by a range of advanced property management systems that help keep track of the myriad issues that arise.
Top benefits of using a property management software
- Streamlined property management
- Everything in one place
- Direct and quick communication with tenants, property managers, contractors, etc.
- Digital storage
Whether adopting a fully DIY approach, or outsourcing property management to a third-party, one thing is for sure – technology can help with property management and reduce costs.
With advances in technology, property management has never been easier, and new property management apps mean that everything can be run via your phone, giving you a direct platform of communication to take care of all your property management needs.
The chart below shows that Microsoft Excel and manual methods are still the weapon of choice for most self-managing landlords, but property management software is close behind as the next most favoured option. As these platforms improve, growth in the adoption of this new technology will only continue.
One of the great things about new platforms is the ability to streamline tenancy management. Instead of using Excel spreadsheets and other disconnected programmes, property management software allows everything to operate under one roof. According to the next chart, the number one reason for people switching to property management software is to improve efficiency and have everything in one place.
House price rises have priced most people out of London property investment, but some areas of the UK are still to regain the ground lost after the financial crisis slump and investors are increasingly looking there for stronger returns. As property management software is web-based, it allows you to manage your properties from anywhere in the world, potentially opening the best investment opportunities, which are unlikely to be in your local area. Even if you use a local letting agent, it’s always best to keep an eye on things, property management software can give you that peace of mind.
Going digital with property management means data collection and storage have become much easier, and you can track payments from tenants to ensure that they are paying on time, and quickly spot any problems.
Property management software also acts as a platform of communication between the landlord, the tenants and contractors. Tenants can use dedicated apps to raise contractor workorders or tell if they have issues with their rent.
No matter what type of property is being rented, whether you are a landlord with one property or a large portfolio, having everything in one place makes tracking easier and improves communication, ultimately saving time and money.