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Importance of Tenancy Management Software
Manage episode 398416390 series 3479485
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In today’s podcast, Lendlord explains that tenant management software systems are important for the overtly digitised real estate ecosystem, primarily to keep their portfolio “on track.”.
The seamless digital approach and real-time data access have simplified the dispersed process flow of monitoring, tracking, and accessing information about payments, documents, cash flow, property sourcing, and so many other things. With the aid of tenant management software like Lendlord, landlords and real estate investors simply need to tap a button and not sift through spreadsheets and paperwork. The technology offers the following conveniences:
✔️ Tenancy Management: monitor your rent collection with reminders for due dates, run tenant background checks, view documents related to your tenancy agreement, and more.
✔️Cashflow Tracking: Landlords can track the income and expenses of each property they own and operate for tenancies. Access history of income/expenses in a few seconds, auto-allocate property transactions,
✔️Adhere to the “Making Tax Digital” Strategy: In a bid to modernise and streamline tax management, HMRC has implemented the “Making Tax Digital” project to be mandated in 2024. Real estate investors can level up to the new standards with Lendlord’s software, which enables live tax tracking and showing insights.
✔️Check the references of tenants: From previous renting information, payment patterns, and credit history to current income and improvements in status, get all these insights in one place for approaching tenants.
Lendlord’s tenant management software system also offers bridging financing and mortgaging, all on one dashboard. This type of technology will only help investors make informed decisions by selecting the right tenants to keep track of the market value of certain properties and set up the return on investment (ROI) of real estate properties, which enables strategizing for portfolio growth and development. It is your portal to centralised executive functions and less inconveniences associated with in-person tasks.
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