As a landlord myself, I can testify to the fact that managing rental property is certainly not for the faint of heart, and that challenge only multiplies with each new property you add to your portfolio.
A couple of new companies have surfaced on the web, promising tools to help make small-time property management an easier job to content with.
Admittedly I’m intrigued by what they’ve got — but not yet convinced they’re set to revolutionize the way I manage my rentals.
Streetfolio: “Everything You Need to Manage Your Property”?
Australian-born Streetfolio promises simple property managament with no more middle man.
(Though admittedly I gave up on my own “middle man” a number of years ago”).
Essentially they give landlords a central way to manage their entire property portfolio, without having to pay fees to an outside agent.
- A portfolio section gives an overview of all your properties on one page, including photo, cost, value, mortgage outstanding and other details.
- Meanwhile the property dashboard zooms in with more detailed information about a property, its numbers, etc.
- Cashflow and analysis sections help manage those financials—including rent and taxes—while other sections provide at-a-glance details on mortgage, insurance and lease information, as well as contacts and reminders.
Notably, uing Streetfolio for just one property is free, but plans for more than one start at 7 Australian dollars per month. I have no idea what that might translate to in tanking American dollars, but giving it a go on one property for free seems like a nice idea.
That’s why I love Costco so much — FREE SAMPLES. 🙂
Rentomatic: The Path to…Happiness?
That’s what they’re logo and tagline promise anyway…
Ha! Now you gotta love THAT!
A new offering from Massachusetts-based Investment Instruments, Rentomatic is a site that focuses on making relations between property owners and tenants smoother and generally easier.
One portion of the site dedicated to landlords, providing a secure environment for managing properties, including…
- quick views on upcoming or critical events for each;
- income and expense tracking tools specifically designed for real estate;
- and the ability to advertise multiple listings online, track important lease, rent and tenant information, and create detailed income and expense items.
Meanwhile a second (and separate) tenant area of the site, offers tenants a straightforward way to communicate maintenance requests, for example, as well as to make and track electronic rent payments.
Electronic rent payments? Yay!
Launched in January, Rentomatic offers basic tools for up to 5 units at no charge, while the advanced plan costs 30 bucks per month (American this time).
And management of electronic rent payments costs only $5 monthly per lease.
So my two questions for you are:
1) Have you ever given either of these services a try? (If so, please tell us about it)
2) Have you ever used a different/similar service you’d like to share?
I love me some blog comments. Let me hear you!