While investing in real estate is one of the most predictably profitable investments around, managing rental property isn’t as exciting as the yields. When first getting started, you are likely going to find that you need help with effectively managing your properties, especially if you have more than one. While property managers were always your best bet, rental property management apps are becoming extremely popular. We investigate the benefits to find out why that is.
1. Save Money
You can expect to pay 12% of your rental property’s income to a property management company. While this cost can be worthwhile, using a rental property management app costs a fraction of what you’d pay for a property manager and provides many of the same benefits.
These property management apps allow you to manage your rental properties with features that make managing property more straightforward. In fact, clients using the Antslabor property management software have saved over $1,247 a month ($14,964 annually) through tax credits.
2. Save Time
Nowhere is the phrase “time is money” more meaningful than in real estate investing. To maximize your investment portfolio, you need time to research a property you are interested in and possibly further hours to find the ideal rental unit. Using a property management app is a guaranteed way to save hundreds of hours with automation and visualization tools.
Automation has proven to reduce the number of hours needed to work on a repetitive task by up to three hours a day.
3. Increase Productivity
Human error and fatigue and two of the biggest contributing factors to lack of productivity. However, even if you can combat a midday slump with a caffeine boost, there never seems to be enough time in the day to navigate your to-do list. The purpose of a rental property management app – like Antslabor – is to give you control of your time management. Instead of having to be sure you've completed repetitive tasks, you can instead automate it so that you don't even need to click send. Some of the best tasks to automate are rent receipts, lease agreements, and processing utility bills to claim tax credits. Once you've input the information the first time, you can ensure the software will keep generating information as necessary. This also reduces the possibility of human error and the subsequent cost of redundant duties.
4. Discover Hidden Losses
The cost of successfully operating a rental property can add up. Cost of repairs, non-payment, cost to conduct viewings are all hidden costs that should bel be calculated; this way, you have an accurate rental yield. Unfortunately, identifying losses can be challenging. Having a rental property management app allows you to track your expenses, giving you not only a quick overview of what you are spending but a detailed analysis. Having this information laid out in front of you can assist in developing a strategy to reduce costs, allowing you to increase your rental yield.
5. Tax Savings
Another excellent benefit of using a rental property management app is that by tracking your costs and labour, you’ll find it’s easier to deduct expenses using the T776 form.
If you’re still skeptical about using a rental property management app, the best way to calm those fears is to use an app and see how it goes. Why wait? Join us for FREE now to start your rental management journey!
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