![]() With property management software, you can easily schedule late fee reminders and apply late fee charges to the accounts of tenants who haven't paid by the due date (or after a designated grace period). Late fee enforcement is one of the most practical ways to leverage automation in your rentals. Rental accounting is no different, and there is a myriad of ways available to do so. While you can certainly (and often should) hire an accountant for this job, any person you hire will still appreciate tools that automate their work. Many platforms also generate certain tax documents to help you prepare for tax season. In addition to the reporting tools included in your property management software subscription or account, you can also opt to use a general business accounting tool like QuickBooks.Ī good financial reporting tool will allow you to automatically generate income statements, profit/loss (P/L) reports, year-end summaries and bank reconciliation. ![]() There are a variety of financial reporting tools available for landlords currently on the market. Related: How to Manage Your Real Estate Business Like a Pro If the tenancy switches to month-to-month by default, you can automate a reminder message that this will happen if the tenant doesn't respond by a certain date.Īutomating renewals can eliminate much stress at the end of the lease term. For instance, if tenants need to sign a new lease each year to continue living in the property, you can automate reminders with links to information about renewals or an offer to schedule a time to meet and negotiate any details. To make the renewal process easier on your tenants (and yourself), you can automate renewals in your rental business. In other states, the tenancy switches to month-to-month by default unless a new agreement is signed. Sometimes, leases automatically renew after the original lease term is up. The lease renewal process varies from state to state and property to property. Your availability is already on the calendar, so the tenant simply needs to choose a time that works for them, too. ![]() By setting up a platform for prospective renters to schedule tours of your properties on their own, you minimize the time you both spend attempting to coordinate schedules. Lastly, tour scheduling can also be automated.
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