As a rental property owner, you likely have a long “To Do” list – and it may oftentimes seem like every time you scratch one item off of it, several more are added! In addition to the more common responsibilities, though, like property upkeep and collecting rent, there are other items that must be kept in check, as well. One of these is accounting.
This includes keeping track of both income and expenses that are related to your rental property business. Based on the number of properties that you own, this task could be tedious and time-consuming.
But there are several software applications that can help you with organizing the data with regard to residential property management and maintenance, along with tenant tracking, and managing your leases. Some of the popular apps include:
- AppFolio Property Manager – https://appfolio.com
- SimplifyEm – https://www.simplifyem.com
- Doorloop – https://doorloop.com
- MRI Software – https://www.mrisoftware.com
Many of these online solutions can allow you to create and review custom financial reports and statements, and collect rent via credit card and/or ACH (automated clearing house) directly from your renters’ bank accounts – which gives you much more certainty than waiting by the mailbox for rent checks to arrive every month (or having to chase your tenants and remind them that the rent is due).
Depending on the application software that you choose, you could also increase the operational efficiency of your property portfolio on single and multi-family properties, as well as screen potential tenants, market vacancies, and automate rent collection. In some cases, you may even be able to offer renters insurance to your tenants.
If you would rather free up more of your time by delegating the long list of investment property owner duties, such as finding and screening tenants, performing regular maintenance on the home(s) or unit(s), and taking care of emergencies, hiring an experienced property management team can help.
For residential rental properties that are located in Orlando and/or the surrounding Central Florida area, contact us and we will provide you with more information on how our property management services can help you.