landlord Manager software...help!!!!!!!!!!!!!

[seriouscakeeater]

I'm about to start to manage several residental propertys. Im taking over from a family member who is really struggling but has no time due to work commitments and they also have major ostrich syndrome..(head in sand!) The thing is i dont have a clue where to begin!

There is piles and piles of letters unopened which im going to have to work through. On the outside things look as though they are just keeping afloat, none on the houses are making any profit, just about covering mortages.

What i'm looking for is any advice on any landlord manager software that i can use till i get to grips so i can turn this all around. Infact ant tips on what the hell i'm doing!!

Thanks x

[DolomitesDonkey]

Right - forget the software. There is no software on earth is going to make up for the fact these houses are probably making a loss.

You need to:-

1. sit down and open the letters
   
2. assign each letter per property
   
3. tot up "bills", tot up "value of property"
   

Only then can you make a decision about how to move forward.

[seriouscakeeater]

Thank you - my first step forward!

[Jennio2]

Dolomites Donkey is absolutely right - I work in Property Management and have my own portfolio, and for you at the moment you don't need software.

Start working out outgoings and incomings - look on Rightmove and see if the rents you're charging are average or if they haven't been put up for ages and are way below average. You can give tenants two months notice of rents going up.
I'm guessing that your tenants are in charge of their own bills, council tax etc so your only costings are maintenance and mortgage?

There are lots of property strategies out there to maximise rentals and there will be a right one for your area/tenant type but you must get figures on spreadsheets as a starting point before you make any decision going forward.

Also check out pin meetings in your area as they are monthly and will hook you up with a network of Landlords for support.

[BashfulClam]

Propman is one used by several commercial landlords. I’m not sure if it can be used for residential. I have used it briefly but notice a lot of clients use it.

[hemhem]

I use Excel mostly for managing 2 residential properties. Google drive for scanned copies of all expenses, maintenance certificates etc. Get yourself a spreadsheet with 12 tabs and you can make a monthly list of tasks e.g. Jun is PAT testing, July is gas certificate, Aug is insurance renewal or whatever needs done each month. Once you have done a full 12 months then you have a template for all future years. Another spreadsheet to manage monthly income and expenses. Good luck