Try out Kitt, A Portfolio management & analysis software for property investors.Grow and manange your portfolio with Real Data based on your positioningI'm Interested show me more
As the saying goes time is money.
In order to expand and grow your property business to the next level, you have to realise how valuable your time is. Whether your new to the property game, or already have many years of experience managing your own properties or others, you are likely to be well aware that it requires a vast amount of your time and energy to find good deals and tenants. As you acquire more properties he need for more time to manage those properties will significantly increase. Time away that could be spend focusing on activities that will allow to scale efficiently and rapidly. This is a giant hurdle that many property investors and even management companies run into; and a struggle to get over.
Unless you have discovered ways to systematise your property business and delegate out specific jobs, you'll fall into the trap of working in your business, rather than on it.
Property investors goal is to make money without the work of being a landlord
You might be wondering, how can this be done without spending a ton of time and money hiring, and managing, people. This is where property management software comes in.
The pitfalls of property management
From a numbers perspective, managing one, two or even three rental properties doesn't seem too difficult, right? Get a well-behaved paying tenant in your property and all you really have to do is sit back, collect rent and check on the property. Do your finances each month, budget accordingly then move one to find the next deal or tenant. Seems like a sure win and a fool-proof way to invest and make some money.
What many new investors and management companies fail to consider is that things don't go according to plan. Chasing tenants down to collect rent, keeping books in order, maintenance issues (which can pile up if you ignore them)and what seemingly good tenants can turn into a nightmare overnight.
How can you help mitigate this?
One of the easiest solutions is to collect your rent online in order to keep a detailed and unquestionable record of all your payment history, your lease documents and all communications with tenants, in one place for quick and easy reference. This will not only help you organise your business, with minimal work but will also help provide indisputable evidence if you are ever dragged into court. It also gives your tenants a place to report maintenance issues as soon as they occur and makes life easier on them by having a large part of their rental experience automated. Having your business in order will help you navigate tenant issues, and get you past blockers that stop many investors on your journey to scale.
How technology can help reduce overhead costs, save time, and make the next rental property purchase.
Technology often feels like it was made for the people that make it, rather than for the people who actually use it. This has led to many investors choosing to manage their properties in a more traditional fashion including printed bank statements, printed agreements and using outdated excel spreadsheets to bookkeep.
Using traditional management methods can actually be inhibitors that prevent you from achieving your real estate goals. New property investment management software, like what we have created at kitt.io, provides you with simple and easy to use tools to manage your business, your way, while saving you time and money.
Kitt.io allows you to: keep all of your documentation in one convenient place, collect rent, measure performance based on your property finances via automated bookkeeping.
Manage smarter with data
Investors and property managers everywhere are becoming smarter and using technology to entice better tenants to rent from them while giving themselves more time to find more deals. Why not use this to your advantage too? While it may seem like a big adjustment now, in the long run, you will question how could you have ever lived without it. Managing smarter, placing a real importance on your time, thinking long-term, building systems that help you streamline your business, and adopting new technologies will help you jump over every wall that others run into on your journey to scale.
The transition from having to deal with property "management" to property "investment" is just a software away.