If you’re a landlord, then you should be well aware of the ROI of your portfolio, but have you ever wondered about the time taken to manage it effectively and if you could be doing more in less time? Time spent managing your tenants, finding contact details, managing work order papers, invoicing, accounting and the list goes on …
The logic of the Pareto 80/20 principle implies that 80% of the results comes from 20% of the work. Meaning that the essential day to day running of your portfolio is most likely an essential piece to keeping your business empire afloat but could it be spent more effectively?
So I ask how much time are you currently spending running your property portfolio?
We have outlined five of the usually mundane tasks which an effective property management system can do for you, and in most cases automatically:
Monitoring performing/non-performing properties
If we don’t know what’s making us money, then we don’t know what’s costing us money. It’s quite simple that if you’re unaware of the properties that don’t have tenants or aren’t creating as much revenue as they could be then you could be losing money down to mismanagement.
Being aware of upcoming events such as tenancy renewals, gas safety, inspections
Calendar scheduling is a crucial element to running a successful property portfolio so you can plan your life around your work schedule, rather than the other way around.
Managing work being carried out on your property
Managing contractors, quotes, urgent work or just paint work is just a part of the job, if a work order has been opened 15 days ago, and it was supposed to be finished 7 days prior then without tracking the essential information and keeping a clear and concise log of the work being carried out can be overwhelming. It’s essential to keep it in an easy to use workflow.
Manage income and expenditure effectively
Money in, and money out – it’s what makes or breaks a business so it’s one of the most important points in this article. Having a true understanding of what is making you money, where more money could be earned and what is costing you the most money will be a core success factor in your portfolio. They do say, take care of the pennies and the pounds will take care of themselves.
Keeping your documents secure and readily available wherever you are
Whether you’re a part time or full time landlord, you can change your perspective of your office environment from a desktop PC to your mobile device and have the information you need when you need it with the current technological advances which allow us to use cloud-based systems enabling secure and private access via our mobile phones.
Those are just a few points which we felt were the 5 most important reasons to not overlook using a management software. There are many softwares on the market which have a variety of use cases. However Zarlo Ltd. offers the above and more.
Zarlo is free for up to three properties with no feature limitations so you can enjoy the full usage of the software. You can sign up for a free account at zarlo.property.
Guest post by Terry Bytheway of Zarlo