Keeping track of rental properties can be a challenging task, especially for landlords who own multiple properties. Between collecting rent, responding to tenant requests, scheduling maintenance, and keeping track of financial records, it can be difficult to stay organized. Rental property trackers can simplify the process and help landlords manage their properties more efficiently. These trackers are software solutions designed to manage all aspects of rental property management in one place. They provide a comprehensive solution to everything from tenant screening and lease agreement management to rent collection, maintenance requests, and financial reporting. With so many rental property trackers available in the market, landlords can choose one that meets their specific needs and helps them save time and money. In this article, we will discuss different types of rental property trackers, their features, benefits, and how to use them effectively.
Types of Rental Property Trackers
There are various types of rental property trackers that landlords can choose from. Here are some of the most popular ones:
- Cloud-based rental property trackers: These trackers have everything stored on the cloud, allowing landlords to access data from anywhere with an internet connection.
- Stand-alone rental property software: These trackers are installed on a computer and are not dependent on an internet connection.
- Mobile rental property apps: These apps allow landlords to manage their properties from their smartphones and tablets.
- Online property management websites: These websites offer a range of services, from tenant screening to rental payments and maintenance requests.
Depending on the landlord’s specific needs and preferences, they can choose a tracker that suits them the most. Some popular rental property trackers include Buildium, Cozy, and Rent Manager.
How do I keep track of my rental?
To keep track of your rental, here are some helpful tips:
- Create a spreadsheet to track rental income, expenses, and tenant payments
- Set up alerts for payment due dates and lease renewals
- Use property management software like Cozy or Buildium to track rent payments, maintenance requests, and communicate with tenants
- Consider hiring a property management company to handle all aspects of your rental property
Using a website or product to manage rentals can be beneficial to simplify and automate the process.
Features to Look for in a Rental Property Tracker
When choosing a rental property tracker, there are several important features that landlords should consider. Here are some of the key features:
- Customizable categories: Allows landlords to track income, expenses, and other financial data in a way that makes sense to them.
- Reminder tools: Sends alerts and notifications for important dates, such as lease renewal, rent payments, and maintenance tasks.
- Financial management: Provides detailed financial reports, tracks late payments, and handles deposits and refunds.
- Integration with other software: Syncs with accounting software, leasing software, and other tools for seamless management.
Here’s a comparison table of some of the most popular rental property trackers and their features:
| Tracker | Customizable Categories | Reminder Tools | Financial Management | Integration with Other Software |
|---|---|---|---|---|
| Buildium | Yes | Yes | Yes | Yes |
| Cozy | Yes | Yes | Yes | No |
| Rent Manager | Yes | Yes | Yes | Yes |
By using a rental property tracker with these key features, landlords can stay organized and efficiently manage their properties.
What are rental features?
Rental features are the amenities and offerings provided by landlords or property management companies to tenants for a fee. These features can vary widely depending on the rental property type, location, and rental charges.
Here are some common rental features:
- Appliances such as refrigerators, ovens, and dishwashers
- Utilities such as water, electricity, and gas
- Laundry facilities such as washers and dryers
- Security systems such as cameras and alarms
- Outdoor spaces such as gardens or patios
- Parking spaces such as garages or carports
- Community amenities such as pools, fitness centers, and clubhouses
It’s important to research and consider the rental features provided by different properties before making a decision. Websites such as Zillow and Apartments.com can be helpful for comparing rental listings and their features.
Benefits of Rental Property Trackers
Using a rental property tracker has several benefits for landlords and tenants. Here are some of the key advantages:
- Improved communication: Tenants can submit maintenance requests and communicate with landlords through the tracker, making communication more efficient.
- Timely rent payments: Tenants can make rent payments through the tracker, which can help ensure that rent is paid on time.
- Better property management: Landlords can use the tracker to keep track of rent payments, maintenance tasks, and other important property data, allowing for better management of their properties.
There are several rental property trackers available, including Buildium, Cozy, and Rent Manager. These trackers offer different features and benefits, so landlords should choose the one that best fits their needs.
For example, Buildium offers customizable categories, reminder tools, financial management, and integration with other software. Cozy offers similar features, with the exception of integration with other software. Rent Manager offers all these features, as well as additional features such as online lease management and a tenant portal.
By choosing the right rental property tracker, landlords can save time and manage their properties more efficiently, resulting in a better overall experience for both them and their tenants.
What are Advantages of Landlords?
| Advantages | Explanation |
|---|---|
| Steady Income | Landlords receive steady income through rent payments from tenants. |
| Appreciation of Property Value | Over time, the value of the property a landlord owns typically increases, providing a tangible asset that can appreciate in value. |
| Tax Benefits | Landlords may be able to deduct certain expenses from their taxes, including repairs, property taxes, and mortgage interest. |
| Flexibility | Landlords have flexibility in deciding how to manage their properties and can stay involved as much or as little as they want to. |
If you are a landlord, you may benefit from utilizing property management software such as Buildium or Cozy, which can streamline tenant communications, rent collection, and financial reporting.
How to Use a Rental Property Tracker
Using a rental property tracker is relatively simple and straightforward. Here are some tips on how to use one effectively:
- Set up: Set up the tracker by creating accounts for both landlords and tenants, and inputting the property and tenant data.
- Customize: Customize the tracker by creating categories for expenses and income, or by adding custom fields for property information.
- Record payments: Record rent payments, late fees, and other income or expenses in the tracker.
- Manage maintenance requests: Use the tracker to manage maintenance requests by recording the request, assigning a priority level, and setting a due date for completion.
- Track finances: Use the tracker to track finances by compiling financial reports, such as rent rolls, income statements, and balance sheets.
Most rental property trackers, such as Buildium, Cozy, and Rent Manager, offer tutorials and customer support to help landlords get started and make the most of the software. If you’re having trouble using a rental property tracker or have questions about its functionality, consult the customer service team or check their website for helpful resources.
What type of account is rent income?
Rent income is a type of revenue account in your business’s books that tracks the income generated from renting out a property or space. It’s classified as a temporary account because the balance resets to zero at the end of each reporting period.
Here are some key points to keep in mind while dealing with rent income:
- It’s important to correctly categorize your rent income to ensure accurate financial statements.
- Rent income is taxable, so it’s essential to keep track of all income-related documents and receipts.
- This income can be entered into your accounting software as a journal entry, and you can use a subaccount to track the rental income for a specific property.
For more information and guidance on managing rent income and other accounting aspects, consult with a financial advisor or visit accounting software websites such as QuickBooks, Xero, or Freshbooks.
Conclusion
Rental property trackers are incredibly powerful tools that make managing rental properties easier and more straightforward. By using a rental property tracker, landlords can streamline their workflows, ensure rent payments are made on time, and prioritize maintenance requests accordingly. With the ability to customize categories and fields, create detailed financial reports, and integrate with other software, rental property trackers can help landlords stay on top of their properties with minimal effort.
When choosing a rental property tracker, it’s important to consider the specific features and benefits that are most important to you. Whether you’re looking for a standalone software solution with all the features you need, or a simple tool integrated into your existing property management system, there’s sure to be a rental property tracker that meets your needs.
Ultimately, a rental property tracker can save landlords time, money, and headaches by simplifying the rental property management process. By keeping track of rental properties using a rental property tracker, landlords can ensure that their properties are running smoothly and efficiently, and their tenants are satisfied and happy.
