5 tips on how to get a better overview of your rental portfolio

The digital age has drastically changed the way we work. It is well known that regardless of the area, technology has increasingly optimized and automated various work processes.

The impact of technology on real estate

People associate a lot of positive aspects with technology, because special programs and software have made work processes much more time-efficient and accurate. These two factors were also the main reasons for the creation of the cloud based Bidrento software. The software is designed for real estate owners and letting agents to provide a simpler management of rental properties.

In the last decades, a lot of the management has been done using paper, e-mails, and Excel in order to get an overview of the rental portfolios. A lot of information has been processed in Excel manually. Although this might have been working more or less, these techniques are out of date.

The good news, however, is that with the constant development of new systems and software, the management of rental property has never been that easy! The user-friendly software Bidrento has been developed according to the real wishes and needs of those individuals and companies who are active in the management of rental real estate. If, in addition to rental apartments, the portfolio contains also commercial premises, they can be equally conveniently managed in the Bidrento software.

The Bidrento software does not only save time, but also provides a very good overview of all managed rental properties. This makes the whole administrative process smooth and worry-free. Rain Koort from Trigon Capital, who manages nearly 90 rental apartments in a recently built rental house in Tallinn, shares his honest opinion about his experience with the software:

“Bidrento consolidates accounting, tenant management and contracts in one platform. This allows us to manage our rental house very conveniently from both a computer and a phone. Thanks to the Bidrento software, we have been able to give up several different programs, which has saved us a huge amount of time.”

What is a property management software?

In short, a property management software is a cloud-based program that helps property owners and managers to take care of rental property. Recent implementations allow to manage commercial premises as well. The software does not only save time and money but also simplifies day-to-day real estate management tasks. It allows you to take care of rent management, invoicing, payment delays, contracts, reports and much more easily and conveniently.

Thanks to various integrations with both accounting software and different banks, all users have the correct and current information at hand and there is no need for manual work!

In addition, the software can be used to scale from one or two rental properties to for example 500 rental properties without losing clarity, structure and the accuracy of reporting.

For whom was the software designed? 

The software is designed for rental real estate owners, managers and letting agents, regardless of the size of the real estate portfolio. The price depends on the size of the portfolio.

The user of the Bidrento software can manage their entire rental process in one environment, from onboarding the tenant to sending invoices, using the most recent technological solutions. 

Sven A. (small investor), who has been using Bidrento for more than 8 months, shares his experience:

“At first it seemed alien but after a couple of times using the software, I got used to it. Now I would not want to change it for anything! I like especially the ease of use and the ability to personalize most of the entered information. The software is cloud-based and constantly updated with new features and information. The user-friendly interface allows me to enter costs and received rentals in minutes, the system can do this completely automatically. I would definitely recommend this product! “

For those who have been using Airbnb for short-term renting, Bidrento can be compared to a long-term version of Airbnb, where the apartment owner can use the administrative environment together with managing a tenant. AirBnb apartment owners can also create a detailed overview of revenues and expenses in the Bidrento environment and keep all documents in one cloud-based program. User Kaarel L .:

“I tried the Bidrento software because I was working with three AirBnb apartments and felt the software was lacking a thorough overview of the cost and most importantly – the monthly revenue. I started to use the Bidrento software and it gave me a very good overview of my income and expenses. Furthermore, I found the useful function to upload all documents, pictures and files there, even from my mobile phone. ”

5 tips on how to get a good overview of your rental portfolio

1. Have up-to-date and organized overview of your properties, tenants and rental houses

Everything starts with organizing all information about the rental portfolio and keeping it up-to-date. If there is only 1 rental object in the portfolio, it is simple to manage. The landlord has often all information in his head and does not need any system. However, as the rental portfolio grows, there is a need for an organized system so that information can be found quickly if necessary and documented. It is very important to have and keep access to old as well as to current information about your rental properties and tenants.

For example, Bidrento provides a thorough and informative overview of the managed rental properties and tenants: the history of rent payments, lease data and other important information is easily and constantly available.

2. If possible, automate invoices and its accounting

Much of the work which has been done manually previously, can be automated and replaced with the suitable technology. Bidrento can automate previously time-consuming tasks such as sending monthly invoices, calculating and sharing utility costs.

3. Stay debtor-free, monitor carefully payment receipts and act early with payment-reminders

If the landlord has only 1 rental object, then it is very easy to track the rental payments and send reminders, but if there are 100 or 5000 rental properties, it is highly recommended to make use of technology to avoid long-term debtors. Bidrento provides a complete overview of receipts and debts. Different interfaces with banks and accounting programs facilitate the flow of information and thus avoid the famous human error. Automated notifications to the tenants are making your life easier. 

4. Have overview of income, expenses and productivity of your rental portfolio

Tenants pay and money is received, but often the exact cost calculation is neglected. Whether you run an AirBnB or a long-term rental apartment, it is essential to know the monthly money flow of each object. Only then you can get a true picture of how much money your rental object are really earning.

For example, Bidrento provides an informative and detailed overview of your rental property. This helps the rental investor or property manager to gain full control over all numbers and provides detailed rental forecasts and market trends.

5. Systematic document storage

Create a safe place where you can keep all your important documents. It would be very useful if you also had a system in place for how you store documents and find them quickly. It will help you to find needed documents without spending hours searching for it.

When using Bidrento, you don’t have to worry about the location and security of your documents and other important papers, as all necessary documents can be easily uploaded to one software environment and quickly retrieved when needed.

Want to have full control over your rental portfolio? Use this opportunity and try the Bidrento property management software today: www.bidrento.com