Now, in these challenging economic times there are many additional roles and responsibilities for landlords and that is why more and more are turning to property management software to help them get to grips with these issues.
A key requirement for any property management software is to have the ability to warn landlords when their various policies, certificates and documents are about to expire.
Therefore, any property software package that you choose should have the ability to alert you of the following:
Mortgage and Loan Reminders
The boom in the property market over the past few years has been fuelled by the easy availability of finance. Therefore, if you have managed to obtain the finance for your property at a competitive rate then you need to know when this competitive rate will be expiring, so that you can start to look for alternative finance sooner rather than later.
With this in mind, any good landlord software solution should alert you when your fixed/discounted or tracker rate mortgage deals will be expiring.
Safety Certificate Reminders
In the UK there is a requirement to have gas safety certificates (if you have a gas supply in the property) and also energy performance certificates. Your chosen landlord software package should have the flexibility to allow you to enter any kind of certificate, and then to be alerted before it expires.
Insurance Policies
As a minimum you must have your property covered for buildings insurance and also contents insurance if you provide a furnished property. In fact, if you have a mortgage on the property then your lender will insist on this cover.
On top of this you may also have other kinds of insurance policies, such as heating, drains, electrical insurance etc.
The last thing you want is to forget to renew an important insurance policy, so it is essential that your property software allows you to set up each and every insurance policy you have.
Tenancy Reminders
You will certainly want to be reminded about when your tenancies are going to expire, so that you can start discussions about extending the tenancy with your tenants sooner rather than later. Also, you will want to be alerted if you have any rent reviews so you can set the rent accordingly.
As you can see, the modern-day landlord has an ever increasing number of roles and responsibilities and, therefore, it is essential that your landlord software solution has a flexible reminder system that will help you stay on top of all your property matters.
