Using Landlord Software To Track Tenant Payments

By Author: Amer Siddiq
Total Articles: 89
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There is an awful lot involved in running a property management portfolio but I think we would all acknowledge that one thing that is absolutely key is making sure payments due to you are made in full and on time.

Tracking tenants rent payments accurately, may in the end be the difference between success and failure in our property business.

When we were designing our property management software our own experience led us to make sure that tenants rental payments were fully tracked. As landlords with many years experience we are fully aware how vital this is.

As a result we have included a comprehensive tenant payment section. This feature allows you to do all the normal things you would expect of landlord software. You can enter the date and amount of rent owed plus the date and amount that is actually paid. Our software also allows you to have an overview of the entire rental schedule for any particular tenant, so you can see what your income should be for the entire tenancy and how much of it has already been paid versus what is still to come.

This allows accurate financial planning on your part.

We ...
... all know that, especially in these difficult financial times even good tenants can sometimes slip behind in their rental payments. Our landlord software includes a couple of innovative features that help you to keep on top of that situation

One of these is the ability to enter and track ad hoc payments. In some cases where a tenant is finding it hard to make ends meet it is actually helpful for them to pay the rent in smaller increments, especially if they are paid weekly. Our landlord software allows you to create an ad hoc payment to track this.

If despite your best efforts to make things easy for the tenant they do actually slip behind in the rent our property software has a further feature that lets you add in a new payment. You can then re work the tenancy schedule to allow for any extra monies owed.

Finally, if none of your best efforts succeed and you are left in the unenviable situation of having money owed to you that you think it is highly likely that you will never see, this software allows you to mark the money as bad debt. This is vital when it comes to tax time as clearly it will need to be taken into account when they are calculating your payment.

We are very proud of our property management software because we know from experience how much easier it makes the life of a landlord. We know this because it was specially designed to make our lives easier and it has.

That is why the Residential Landlords Association (RLA) have made us their official property management software partner!

Property Portfolio Software provides property management software and landlord software that is designed by landlords for landlords. Our UK leading property management software solutions are guaranteed to save you time, money and effort in running all aspects of your property business.