The process of managing and keeping track of a tenancy entails many workflows and this task can become more challenging if you own multiple properties.
Being organized and using the right tools can help improve the level of return and reduce the risks that may come from renting out your properties. We are firm believers in the use of technology and the continuous advancements that have been supporting landlords and real estate professionals with effectively managing their tenancies.
Tools Currently Being Used
- Used to record the inflow/outflow of money from each tenant/property managed
- Create a list of properties managed and their current tenants
- Write and keep logs with updates
- Can be used to create summary reports on the performance of the properties/tenants using charts, graphs, etc.
- Used to record inflows/outflows of money
- Create to-do lists for your properties/tenants
- Write reminders of important dates or clauses for ease of mind
- Record important points discussed with your tenants.
- Used to set reminders of important dates relevant to the tenancy (i.e. termination date, rent-review date, etc.). Ensuring that the dates are enforced as per the agreement can help prevent potential loss of money and disputes between the landlord/professional and the tenant. For example, if the two parties forget that the rent was supposed to increase, the landlord may lose that increase for several months.
- Used to confirm the receipt and the date of payment from tenant/s
- If payments are made through a deposit or a cheque then the relevant documents can be stored on the App used
- App could notify you automatically if a payment is made making it easier to keep track of safe receipt of payment.
All of the above sound quite simple but all methods/tools can come with benefits and disadvantages.
- Relatively simple to use
- Most of these tools can be used free of charge
- Greater flexibility when it comes to creating charts, graphs, and reports
- Manual data input can be time-consuming and is prone to human error
- Risk of losing completed work if not backed up properly
- Looking for specific information/data through a number of tools can be time-consuming
- Fragmentation – A user needs to switch back and forth from one tool to the other which is not only time-consuming but it can quickly demotivate the user.
HOW CAN TENANCY MANAGEMENT PLATFORMS HELP
What if all these tasks were consolidated into one app which automates the majority of processes, therefore saving time and minimizing potential risk to the user?
Using the TenEnt app does exactly this.
- All payments are automatically recorded on the app without the need to manually input each inflow of money into a spreadsheet
- The app automatically notifies the user of any pending issues (i.e. delay in rents) and of any important dates coming up (i.e. termination date, renewal date, etc.)
- It keeps all the properties and tenants organized in lists which allow the user to check the performance of individual cases or the entire portfolio.
Doesn’t this sound good?
Visit our website on www.tenent.eu and sign-up to our waiting list! We will keep you updated on our progress!