Residential Lettings Software for Professional Landlords

By Author: Kirthy Shetty
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Specialist lettings software is not just for landlords of commercial rental property.  If you are a professional landlord with a portfolio of residential properties then you too can benefit from investing in good lettings software.

Yes, the cost of residential property has fallen in recent years and the residential rental sector has increased its share of the market but this is not the time for the commercial landlord to be complacent, it is, however, the perfect time for a landlord to get a grip of his property portfolio and exercise some command and control his assets. 

The principles of successful residential property rental sound and straightforward enough but the reality can be more complicated and this is where good residential lettings software really can earn its keep.  Essentially all commercial landlords aim to buy a sound property at a good price and then collect a regular and good rent from a good tenant. Remember though that residential tenants are subject to the same economic and social pressures as every other citizen, for some money is tight and some may be at risk of redundancy ...
... or going through a divorce or separation. What this may mean for a landlord is an issue with rental income and ultimately that can and will hit a business where is hurts, by adversely affecting cash flow. 

To remain profitable in the short term and the long term the professional landlord needs to know what rental income is due and when it is due.  A good rental collection and monitoring system will keep the money rolling in and the bank balance healthy.  This in turn will keep banking charges and other banking fees to a minimum.  Good residential lettings software can streamline and simplify this process and make rental collection and monitoring a quicker and less painful task.  Residential lettings software will safely store and collate data entered  into it and then provide invaluable management and financial information in the form of reports, charts and graphs. The report options are quick and they are versatile too.  At a glance a landlord can see who owes what and when it is due.   Financial and management reports can be produced by property, type of property, tenant, type of tenant and geographical area etc... this is all valuable information that a landlord needs to manage a business now and in the future. 

Residential lettings software gives the professional landlord the information needed to make decisions.  If cash flow is healthy and good then this is information that can be used to plan repairs and maintenance obligations in a cost effective way, dealing with small repair issues before they become expensive contractual issues.   Conversely if tenants are unable to pay some or all of the rent the landlord can decide how best to deal with it.  Payment plans to deal with arrears can be drawn up and financial forecasts adjusted.  Residential lettings software will generate payment reminders, statements, letters before action and legal notices.  If a landlord is forced to take legal action through the courts to recover debt or evict a tenant then this can be done in as painless and expeditious way as is possible in all the circumstances.  Finally, provisions for bad debts in the financial accounts can be dealt with accurately and in a timely fashion.  Whether it is good news or bad news residential lettings software can give the professional landlord the information that is really needed to manage risk and protect the business cash-flow and property portfolio.

Kirthy Shetty, Expert Author.
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