Technology is changing the way landlords are managing rentals. Where once managing a rental was a full-time job in many respects, it has over recent years been simplified and made easier by new technologies.
The most obvious examples of this are the listing websites that began giving people the power to find a plethora of prospective tenants easily without the need for engaging an agent.
Property management software is an emerging market with a number of companies investing time and energy to offer complete solutions.
Property management software helps landlords keep track of rent and expenses as well as a number of other important factors like inspections, safety certificate dates, lease terms, and outstanding bills.
New apps like Landlord Studio offer users the ability to manage all their properties smoothly from a single platform. Plus, they offer a native mobile app and secure cloud sync so that you can manage on the go from any device.
Landlord Studio has an intuitive customisable dashboard where you can see all rent collected, outstanding amounts, and your overall cash flow, and perhaps most importantly you can generate professional reports instantly.
You can also create a profile for each property with all your tenants’ relevant details, and contact them through the app. It’s priced per property, with each costing about £6 per year.
Being a landlord doesn’t mean you necessarily stop with one property. To gain true financial freedom, you want to gradually expand your property portfolio, building equity and increasing cash flow as you do so. However, it used to be that unless you were engaged full-time in the real estate market you’d never find the best deals, at least not without help.
This has changed over the years and now finding good deals has never been easier. Major property portals like Zoopla and Rightmove offering free apps, which allow users to scope out what’s on the market. As well as give you information on average prices for the area and other useful data that can help you make a good decision when purchasing a property.
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Changing supplier and refinancing has always involved a lot of paperwork and the mortgage industry has traditionally been a tedious one to navigate. This has led people to generally be rather apathetic towards it at best.
“This apathy is why there is such massive overspend in this market globally – perhaps because the process to move to a better mortgage has been so slow and complicated. So the first challenge is continuing to make the process simple, speedy, free and with a better outcome for the borrower.” - Tech Crunch
The company Habito is tackling this problem by bringing the entire process online.
Landlord Studio seeing the potential for this has now partnered with Habito so you can get your new mortgage quote, in real-time, directly from the Landlord Studio app!
There are now plenty of ways to quickly get your property in front of a vast audience of prospective tenants. Websites like OpenRent allow you to easily create a listing and push that on to the big listing websites like Rightmove, Zoopla, GumTree, PrimeLocation and more.
Full-service prices that start from £29 a month, however they do have a free package too.
Their app isn’t however, as good as the likes of Zoopla whose app allows users to search their listed properties, contact the landlord or current owner through the app and find the current value of any property in the UK.
Related: A Guide to Renting to Students
Doing thorough referencing of your tenants is vital if you want to avoid nightmare tenants. There are a number of services now that make this both easy and affordable.
For information on how to complete a thorough tenant referencing process read our blog: How to get the BEST Tenants: Tenant Referencing UK
Technology and software are making it easier, faster and more affordable to buy, fill and manage rental properties. So, it’s unsurprising that a number of landlords are already achieving new levels of success. Software and tech open up a whole realm of possibilities for landlords who want to do it themselves.
We are not licensed financial or legal professionals and as such everything on these pages should be considered general information and ideas and not understood to be financial or legal advice. If you are in need of financial or legal assistance please seek the help of a qualified professional.