So, you have successfully purchased your second or third rental property and are now contemplating taking your portfolio to the next level. One of the first things you need to do is make sure your property management skills are on point. Currently, you are managing your small portfolio on the back of a napkin or possibly in Excel, but serious real estate investors know that to be successful you need a system to manage all aspect of your rental investment properties.
The best way to handle your portfolio and allow for growth is utilize property management software. And to that end, here is an overview of a program many Visio investors use: Buildium.com. The program features include:
- Property accounting
- Company financials
- Online payments
- Receive and make payments from the application
- Retail cash payment
- PayNearMe (20,000 locations nationwide)
- Cash funds deposited and then updated in Buildium
- 1099 eFiling
- Resident center
- Tenants can make payments, request maintenance, receive updates from landlord and download their lease
- Owner portal
- Document storage
- Maintenance request tracking
- Property inspections
- Happy Inspector App built in
- All data syncs with Buildium
- Renters insurance
- Track compliance and offers rental insurance through MSI
- Rental listings
- Zillow, Apartment List, Lovely and Craigslist
- Rental applications
- Showing coordinator
- Allow investor to provide times available for potential renters
- Tenant screening
- Soft data pull (no credit report impact)
- Professional website
- Free website builder in application
In a post Covid world, renters are going to appreciate the online features that allow landlord and tenants to maintain communication, pay rent and report issues without the need for face to face interactions.
While most of the features listed above can be found in different company’s software, we would urge you to try out Buildium. Currently Buildium is offering a free trial to all Visio Blog readers who use this link. Assuming you like the program, and we are sure you will, the price start around $50 / month.
For more investor tools and resources, visit our Resources Page.