Which 6 Top Real Estate Portfolio Management Tools for Landlords build success?
Success in real estate is like a drug. Once you have your first profitable rental, you want more and then dozens. Finding and buying is the glitzy part of the business but learning how to manage your portfolio day-to-day is critical for generating profits.
You don’t need to have a big staff or spend hours a day analyzing your portfolio; just a few tips from the experts can streamline your processes and maximize your efficiency.
Whether your portfolio is one property, or a collection of hundreds of investment properties, using well-designed portfolio management tools will save you time and money.
#1 Where to find opportunities for your next real estate deal?
Investors wanting to scale up their portfolios are always on the lookout for good deals, but where can you find them? Here are some portfolio management l tools experts use.
- Check the MLS. Also, check on opportunities that may be miscategorized by realtors; for example, when searching for a duplex, there may be houses with two kitchens that are listed as single family.
- Walk your neighbourhood. Do you see a house that’s slightly neglected? The owner may have circumstances that would make them a motivated seller.
- Pocket listings – associate with realtors who know of people who want to sell but haven’t yet listed their properties.
- Align yourself with property management companies. Property managers work with property owners daily and know investors who may be ready to sell.
- Check laundry/coin-operated mechanics – who do they service? There may be multi-family complexes with motivated sellers.
- Join Facebook Groups – off market groups list their properties in private groups.
- Tell people in your network, landlords, investors, realtors, and people wanting to downsize.
- Look at properties you could re-develop as duplexes/fourplexes (value add).
#2 Rent Collection Tools (Tenantcube, FrontLobby, Singlekey etc.)
Online and automated bill payment has become the norm, and people love the ease and convenience. Rent collection is a critical portfolio management tool. These tools allow tenants to submit rent online easily and quickly, and for landlords to collect rent efficiently.
#3 E-Signature Platforms
DocHub, Docusign, DocMadeEasy, and countless other e-signature platforms make it much easier to sign, send, and track documents with electronic signatures, decreasing the turnaround time for agreements.
For landlords with properties in remote cities, or provinces e-signature platforms are must-have portfolio management tools.
#4 Financial/Property Management Software
Even with one property, many real estate investors need help to track and categorize the expenses necessary to run financial reports, income, and expenses. Property technology tools help keep you sane.
Tenantcube, Active Building, Appfolio, and Buildium are some players in the property management software arena catering to residential, commercial, student housing, and community associations. They have an owner portal, online maintenance center, marketing, rental, leasing, accounting, and reporting management features designed to centralize financial tracking.
#5 Rental Property Forms
Rental templates you can use again and again ensure you’re using the right forms and collecting the right information while streamlining your process. From credit authorizations to move-out cleanup checklists, and move-in/move-out inspection reports, it’s good practice to have your tried and true templates on hand.
#6 Tenant Screening Processes
Lastly, it’s impossible to have a profitable rental business without good tenants. The first order of business is to establish a thorough tenant screening process that verifies the tenant’s previous landlord history, credit, and employment history. This process should be your #1 portfolio management tool along with e a pre-screening process that vets unqualified tenants before scheduling an appointment. A detailed, systematic screening process will weed out the problematic tenants and keep your rental property profitable.
Your estate portfolio is unique to you, and the best tools for each portfolio will also vary. No doubt you set aside time to analyze the status of your portfolio and potential property additions, and spend a little time to determine the right resources for your portfolio.
What are your favourite tools? I’d love to hear about it; [email protected]
To take advantage of helpful tips, tools, and educational resources for DIY landlords, sign up for a membership for Landlord Fundamentals 101. To save even more time and money, combine Landlord Fundamentals 101 with one-on-one coaching to qualify for the Canada Alberta Job Grant.
To have access to all the resources in one place – buy my book! Canadian Landlords Handbook.
Would you like to receive articles, tips, and events? My news blast will help!