Approximately 3% of Americans or 7 million people consider themselves to be real estate investors, actively seeking to buy property within the next 12 months. More and more people are seeking to benefit from the rewards of property management and real estate investing. Although there is good money to be made in the real estate industry, investors need to be prepared to work hard. Landlords deal with multiple tenants on a daily basis. They are responsible for collecting payments, making repairs, and renting out their property. Programs made specifically for landlords may be beneficial in keeping accurate records. Consider the following features in your landlord rental software.

Quick and easy tenant information storage As a landlord, you will require specific documents from your tenants. If you approve them to rent your property, you will need their housing application, credit report, banking information for payments, security deposit documents, and their contact information. A good landlord rental software program gives you easy storage of these items, filed away by the tenant. If you need information about a specific tenant, you can quickly pull it up with your landlord software.

Contractor information When you are a property owner, you will notice that you require contractors on a regular basis. Renting out a property means that you are accepting the responsibility that everything in that property is in full working order. If any problems occur, you are responsible for fixing them. It is best to have a contractor on call that can quickly correct any problems. Your landlord rental software should store this information for quick retrieval.

Tenant emergency information It is always a good idea to have backup information on your tenants. If they stop paying rent and disappear, you will want a backup person to contact. If there is an emergency in the rental and you cannot contact the tenant, you will need an approved contact to get in touch with. When an emergency occurs, you will need quick access to this information. Your online rental software can help you obtain this information from anywhere you have internet access. Your tenants will appreciate the speed you handled the emergency with.

Tax information As a property investor, you will be required to pay taxes on your investment properties. You will need thorough records of any income received, whether it is from the sale of a property or the rental of a property. Commercial property management is something difficult to track without landlord rental software because you have multiple tenants. Filing your taxes requires you to have completely accurate records. You will also need to provide tax information to your tenants so they can claim the rent that they have paid. Use your landlord rental software to keep track of any payments.

Keeping track of late and missed payments Sometimes tenants do not pay their rent on time. Too many missed payments can be a cause for eviction, but you will need detailed and accurate records of the missed payments. Any errors in your records can prolong the eviction process, thus costing you more money in lost payments. Your landlord rental software can help you accurately keep track of rental payments. It can also help you to send out notifications to late payers in a timely manner. Every day, there are more than 2,600 new renters. Do not miss out on new renters because you are fighting with old renters who are not paying.

Real estate investments can be a great way to make additional income. Many investors choose to purchase properties, fix them up, and rent them out. On average, the number of new rental households has increased by 770,000 annually since 2004 making 2004 to 2014 the strongest 10 year stretch of rental growth since the late 1980s. However, it is important to remember that renting comes with its own duties. You are required to keep accurate records of all tenants, including payment information. Using programs like property management software programs, can be a valuable tool in keeping track of this important information.