Is there a better way to manage your property rental portfolio than struggling with Excel? We asked the experts about Lendlord
What are the main portfolio features a landlord needs to manage?
As a landlord you need to be on top of many important details, and to do this effectively you need to manage and track some key data :
- Property details
Purchase price, Purchase Date, Current Property Value. To track your property appreciation over the years.
- Mortgage details
Original & Outstanding mortgage balance, Current interest rate, Current early redemption fees. If it’s a fixed product, your rate expiry date and reversion rate.
The mortgage details are important to track as it determines how much Equity you have in the property.
It’s important to track the fixed rate expiry and reversion rate as if you miss it your monthly cost may increased dramatically
- Occupancy level
It is important to track the occupancy level over the years as this will impact dramatically on your net cash flow and actual return on investment.
- Compliance details
EPC level and next due date, Gas safety certificate and renewal date, EICR due date and all relevant documents.
This section is very important if you want to keep your property compliant.
- Cash Flow
Rent payments, Management fees, Mortgage costs, Insurance costs, Service Charge, Ground Rent and all other expenses per property.
This is veru important as without tracking it on the property level you will not know what your real property and portfolio performance has achieved
What are the problems of doing this with a system such as Microsoft Excel?
A. Knowledge base: when you maintain your own spreadsheet, you need to design and configure it with your own knowledge. If you use bespoke software you can benefit from a wider knowledge base of other users that allows for ongoing feedback and development within the software.
B. History tracking and audit: it is hard to keep historical records and audits when you use a spreadsheet, while in software (such as Lendlord) it’s a built into the features
C. Accessibility: With software like Lendlord, you can easily work on your portfolio data on the go, using a tablet or a smartphone. With Excel? You’re chained to your computer.
D. Ongoing Insights: with Excel it’s hard to generate ongoing insights using the data, while with software its engines are running on an ongoing basis, keeping all the data up to date
What is the Lendlord app? Is it easy to use?
Lendlord is a powerful platform that helps landlords and property investors to manage, track and analyse their property investments.
Landlord users can store all their property information including all important documents securely in the cloud, manage their tenant & tenancies, track their rent collection, receive insights on available mortgages, track all important due dates, analyse new property deals and manage their property cash flow.
The platform is very user friendly and easy to use, you just need to enter your data once and you will receive reminders to update the data on the relevant key events.
How can it help track portfolio performance, cash flow and rent collection?
On Lendlord you can see a clear view on all your properties and on a subset of properties of your property performance metrics (such as net cash flow, gross and net yield, return on investments, 10 year prediction and more)
Using the open banking within the platform gives features that will help you keep track of your rent collection and ongoing expenses automatically. The platform can retrieve securely using the Open Banking transactions from your bank accounts and allocate them automatically to your properties and tenant payments
Can Lendlord help analyse property deals?
Yes, Lendlord has an enhanced Deal Analyser for rental properties and for flip projects.
You can analyse new property deals, get estimates on the property value and rent, get information on the postcode and analyse the property for the long term.
Additionally, you can save all your prospect properties and compare their metrics.
Does Lendlord keep me informed on compliance issues?
Yes, you will be automatically alerted on any important key event such as mortgage product expiry, gas safety certificate renewal, landlord insurance renewal, EPC due, EICR due, end of tenancy, HMO license expiry and more.
What can you tell us about Lendlord’s security features?
The platform is secured on Amazon servers under security groups, all passwords are hashed and we use encrypted communication. We have all GDPR documents in place (monitored for compliance on an ongoing basis) and our ICO registration reference is: ZA561346.
What can you tell us about Lendlord bridging finance?
We recently launched an online bridging lender who can offer tailor-made bridging products based on a user profile. It’s an easy to use tool which can generate indicative terms for bridging finance in less than three minutes. The user can submit the application online and receive the finance in five working days. You can check it out using this link: Lendlord Bridging Lender.
What does it cost to start using Lendlord?
Lendlord core functionality is free to use – if you want to link your bank account or accounting software you will need to upgrade to a premium plan with a cost of £12/month on the yearly plan and £15/month on the monthly plan.
Where can I find out more about Lendlord?