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In order to run a successful rental business, you need to make sure that you carefully and accurately track your tenancies. This means keeping up-to-date records of income and expenses, missed payments, and all communications.

The right tenant tracker tools will help you manage your tenancies and stay on top of all the administrative work that comes with running a rental business.

Why do you need to track your tenancies?

Tracking your tenants is important for any potential legal issues that might occur in the future, as well as proof of occupancy should you wish to refinance down the road. For example, if you keep no record of having had a tenant in your property for the last five years then you wouldn’t be able to easily prove that you’re rental business is as profitable as it can be and your vacancy periods are short.

Secondly, you want to keep up-to-date records of your tenant’s payments and all communications with your tenants. This is vital if you want to ensure that all rent is paid on time and in full, as well as tracking any potential late fees should your tenants not pay on time.

Keeping these records up to date is also vital if you want to determine your portfolio’s profitability. Without accurate, up-to-date income and expense records, you simply cannot know if your property is actually cash flowing positively.

Tracking your tenants can help you minimize the risk of vacancy periods. For example, if you didn’t keep records of when your tenants moved in, and you’re, and keep an eye on your lease expiry dates, your tenant might move out at the end of the period. And then you are a month behind on finding new tenants which might mean $1000s of dollars of lost revenue.

Finally, you need a good tenant tracker tool so that you can keep records of any communications and important documents should you need to pursue an eviction. Not having all of your paperwork in order could end up costing you thousands in legal fees and mean the eviction takes months longer than necessary.

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What is a tenant tracker tool?

There are a few key features that you need to have in your tenant tracker tool, which is going to be vital to ensuring the success of your property management, and your portfolio as a whole.

The first is the ability to run tenant screening reports. The report should include important details that you can use to make judgments on the suitability of a tenant, for example, a credit screening report, which should give an indication as to the financial responsibility of a potential tenant and their ability to pay the rent.

A second key feature to look for in a tenant tracking tool is the ability to manage your communications. This means generating everything from invoices or receipts for rent payments, to managing and automating regular communications like welcome emails or property inspection notices.

A final feature that your tenant tracking to your tenant tracker tool should absolutely have is the ability to track leases and store important documentation. Regular documentation that you need to securely store includes things like your lease documents and any notices.

Using Landlord Studio to track your tenants and tenancies

Landlord Studio is software designed for landlords by landlords. It pairs award-winning income and expense tracking tools with property management systems designed to help you optimize and streamline your processes.

The tenancy tracking features are designed to help you keep track not only of your income and expenses but also the tenants that come and go through your properties. Your leases can be tracked on a property by property, or even unit by unit basis, and all the data is stored in our secure cloud server meaning you can access it at any time from any device.

Your first step will be marketing your property and pre-screening your tenants to determine their suitability according to your preset criteria.

Once you’ve got a refined list of prospective tenants, you can enter their details into our software. Then, using our tenant screening feature, run tenant screening reports for each of the prospective tenants. This is free for landlords.

Next, once you’ve decided which tenant should we moving in, you can add the lease details to the system including the start and end date, the rent amount and frequency, any potential late fees as well, as set up any automatic rent reminder emails.

You can also enable online rent collection at this time to allow your tenants to set up automatic rent payments and pay their rent directly into your bank account through the system. With all of your income, sorted you can upload any supporting documentation such as the lease document and link that to the lease in the system.

Is Landlord Studio the right solution for you? Watch these Landlord Studio reviews →

Final Words

The right tenant tracker tool should allow you to not only run a tenant screening report or track your lease details, but it should allow you to manage your tenants, collect and track rent payments, and automate regular communications.

These features as outlined in this article will help you streamline your processes so that you can spend less time managing and chasing your tenants and more time increasing the profitability of your rental business.

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Landlord AppRental Management

Ben Luxon

Ben is the editor and lead writer for Landlord Studio. He has worked with real estate professionals all over the world and written educational articles on tech, real estate, and financial growth for sites such as Forbes, NARPM, and Business Magazine.

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