The rate of home ownership in the USA is expected to fall to 50 percent by the year 2050. A migrant population and change in the perceptions of young people regarding real estate to save their money is the main cause for this trend. Landlords can capitalize on this trend as it will certainly lead to an increase in the rental yields. However, they might face a number of issues related to the management of their property. One of them is tracking rent payments. Here are some of the issues we have noticed:
Managing Multiple Properties/Tenants
Many landlords now own multiple properties and depend on rents earned from them for their livelihood. Tracking rental payments from multiple tenants can be a hassle as some tenants make delayed payments.
Tenants mostly make their payments through channels other than cash like checks and direct bank transfers. Landlords need a well-planned digital system to track their payments and manage their finances in a streamlined fashion.
It is the duty of the landlord to conduct repairs to the property and solve other problems raised by the tenant. Keeping track of these concerns and managing the resolution can be a tiresome process, especially when multiple properties are involved
What is the solution?
A good solution to the issues faced by landlords is a software product offering custom digital solutions. Custom-built features embedded into such software should facilitate easy management of properties.
OneRoof from Allwyn Innovations is one such software product that will make life easy for landlords. OneRoof is a ‘customer relationship management platform’ in the cloud that allows landlords to access all documents at one place and manage crucial information that assists them in managing multiple properties, tracking rental payments, and conducting repairs.