Introducing the new mobile app for landlords

As you know, I manage my rental property in the UK from the distance. It is not always easy, but I have been lucky enough to find some great tenants, and we have a good communication. Basically, they let me know when something is wrong, for example when the washing machine breaks down, I pick a make and model, pay for it online or ask them to pay for the repair when I send a handyman of my choosing, and then I refund them by wiring the money straight into their account.

mobile-app-landlord

While the whole landlording experience has been pretty smooth so far, there have been some stressful times, like when the heater broke right before Christmas and they had to spend almost a week showering with cold water as I was desperately trying to get someone there between Christmas and new year, or when tenants have not been getting along and I had to let one of them go without making a scene.

At the moment, I use the most basic tool to manage the property: a spreadsheet. I only care about having a profitable operation, meaning that as long as the rental income covers the mortgage, the bills (I rent all bills included to avoid tension between tenants if they had to split the bills) and the repairs, I am happy. In the long run, I plan on having a property that paid for itself with the rents, and still generates an almost passive income.

But I often lack at keeping an exact track of all expenses. I have a small surplus every month if the property is rented, but in case of vacancies, or when a repair bill comes that goes over the surplus, I don’t track it to the last penny to make sure I am still at least breaking even.

So when I came across the new mobile Landlord app from Direct Line for Business, I thought it was a great idea. The app allows you to keep track of everything related to your tenants right there on your phone. You can create a profile for up to five properties, so you keep track of each one separately.

Under your property profile, you can store your tenant details, phone numbers and emails, as well as the contact of the repair people you trust, and homeowner association.

The Finance part makes it easy to calculate your returns, and track your income and expenses year after year. That is probably the section that would be most useful for forgetful people like myself. Since you have to call the plumber anyway to get your quote and have him come over, you can type directly into the app the cost of the operation, and it will be stored and added to your transaction history.

And finally, there is a calendar with reminders for anything regarding your property, like checking every year that you still get the best rate on home insurance or broadband internet, or reminding you every quarter to pay your share of building maintenance.

You can learn more about the Landlord app on Youtube.


Thank you for reading! Please let me know your thoughts in the comments below. Never miss another post and subscribe via Pinterest RSS feed or email. Or come and say hi on Facebook and Twitter

About Pauline

A 30 something French girl looking for ways to make more money. I blog about real estate, side hustles, improving your career, investing and making money online.

You can find me on Twitter, Google+, or Make Money Your Way's Facebook Page

Make Money Your Way uses

Genesis Theme Framework for WordPress

PROSE THEME on the GENESIS FRAMEWORK


Comments

  1. Sounds like a great app to have if you are a landlord. I will keep it in mind when it comes time to buy that first rental property.
    Brad @ How To Save Money recently posted…Inexpensive Hobbies Are GreatMy Profile

  2. As someone who rents out a basement apartment, this could be really useful. I think one easy thing to do is to forgot what expenses you incurred throughout the year so when tax time comes around you miss quite a bit of potential write-offs. I’ll have to check it out.
    DC @ Young Adult Money recently posted…Job Search Check ListMy Profile

  3. That water heater situation sounds super stressful for both you and the tenants! But since you are making an income from the rental, I guess there are going to be disasters here and there. This sounds like a really helpful app! Anything to make life easier.
    Daisy @ Prairie Eco Thrifter recently posted…Jobs for those Without a College DegreeMy Profile

  4. Drive past the Hagar Settlement and park outside their bridge.
    Griffith and Harold Prince and starred Larry Kert as Tony, Carol
    Lawrence as Maria, Chita Rivera as Anita and David Winters as Baby John the youngest of the gang members.
    Yet, why so many individuals tend to take this part
    for granted.
    https://www.youtube.com/watch?v=c_0k_QCr5k4 recently posted…https://www.youtube.com/watch?v=c_0k_QCr5k4My Profile

Speak Your Mind

*

CommentLuv badge