After you buy that first rental property and you are officially a “landlord”, you will likely look around one day and realize you have been winging it. What do I mean by this? Well unless you are one of those type A folks that worked everything out in advance, you won’t have a systems in place for running this brand new business. What’s the missing piece? Successful businesses are usually built on one thing; systems.
There is certainly no shortage of systems out there for folks to choose from. You can manage a small portfolio of rental properties from software programs like Quicken or QuickBooks. While these programs are great and I use them in my business, they are not set up specifically for real estate. And who has to set them up? YOU DO!
Recently I came across an affordable web based program called 123 Landlord that does just about everything a landlord would ever need to do. It’s easy to use and it is extremely affordable. There are no set up fees and you can get started for as little as $7.00 per month. (It’s actually free until you add your third property).
What will it do?
With 123 Landlord you can have multiple users, multiple owners and just about any type of property. You will find sections for tenants, properties, leases, payments accounting and much more. You can upload an unlimited amount of photos of your properties into the
With this setup it’s easy to manage your current (and former) tenants as well as information on applicants.
What about leases and payments?
You can customize your leases in the Leases Section. Also you can keep track of non-rent charges such as key deposits, pet fees, utilities etc. Under the payments tab you can keep track of your payments, print invoices and receipts as well as calculate late fees to name just a few. There is also the capability to export your rent roll to several programs.
Can I keep track of my expenses?
It’s easy to track your expenses in 123 Landlord. It allows you to track work orders, keep track of your vendors and create personalized forms and letters. You can bulk print these items if you so choose. This program also allows you to create many different reports to help you run your business.
How much does it cost?
If you have only 1 or 2 properties it is free to use. For just $7.00 per month you can have up to 12 tenants and 12 properties. A lot of landlords fall into this category. The great thing about 123 Landlord especially for that new investor is that everything is already set up for you so you don’t have to reinvent the wheel. All you need to do is add your properties.
For only $15.00 per month you can have up to 50 properties! There is also a plan for $39.00 per month that allows you an unlimited amount of properties. As you can see, it is affordable for everyone.
Just for property managers
If you are a property manager, this program allows you the flexibility to have multiple owners and to keep each portfolio of properties separate. You can easily create reports just for one owner.
No matter which plan you choose, you have access to all of the features and tech support is available free of charge. Check it out here at 123 Landlord and see for yourself.