How To Use Landlord Software To Track Your Tenants Payments

By Author: Property Portfolio Software
Total Articles: 89
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One of the key requirements for any landlord software is to make sure that your tenants' rental payments are fully tracked.

At the end of the day your tenants' full and timely payments will have a direct impact on the success you have in your property business. If they pay on time then it is highly likely that you will be able to maintain a healthy cash flow.

However, untimely non-payments could quickly lead to your property business turning into a nightmare, and the last thing you want to do is end up chasing tenants for payments through the courts or spending time, money and effort evicting them.

As our property management software solutions have evolved, our customers have wanted more and more focus on tenant management.

Here are some of the key requirements that they have requested and which we have subsequently developed:

Tenant Payment History Reports - This is a basic requirement of any landlords software package, but our customer have requested up-to-the minute reports giving a full status of rents received to date, rents outstanding to date, when the were paid and whether they were ...
... paid on time.

Tenant Invoicing - As more and more landlords are spending time getting better organised with their property business, they now want property software to have the facility to invoice their tenants in advance. This is especially the case with landlords who have larger portfolios

Tenant Receipts - The need for generating tenant receipts is also high, with receipts being generated for all tenant payments. This gives both you and your tenant proof that payments have been made.

Overdue Rents and Forthcoming Rents - having full visibility of rents that are outstanding and rents that are due in the near future is vital to ensuring that your landlord software can forecast what your cash flow situation will be.

As I said from the outset, cash flow is the most important ingredient for the success of any landlord and, therefore, it is vital that you know what your cash flow situation is and what it is likely to be.

The above features are just some that have been added into our property management software and are aimed at making sure that you are able to effectively and efficiently manage all aspects of your tenant rents.