I recently had the opportunity to meet Steve Bjorkman, CEO of RentalHero.io. Like me, Steve recognized that there is a tremendous opportunity to help landlords by automating their mundane task list and helping them ditch spreadsheets as their preferred tool for management of their rentals.
RentalHero is an accounting software that eliminates almost all of your data entry through bank statement and credit card imports as well as automated bank feeds. Categorization of expenses is automated based on your customized categorization rules. RentalHero is a game changer because it simplifies accounting for landlords.
In a recently published an article, Steve encouraged landlords to stop using spreadsheets to do their accounting and that resonated with me because I feel the same way about landlords managing their rent roll.
In his article, Steve points out 3 ways spreadsheets are hindering your accounting capabilities. He notes that you still have to data entry, there is a lack of reports that you can generate and that spreadsheets are not scalable. I couldn’t agree more! We created RentMindMe to address many of the same short comings, but our software focuses on the rent collection and management side of things.
To compliment the thoughts that Steve shared, here are few more reasons why automating your rental management and moving away from spreadsheets should be your goal in 2020.
Forget about chasing rent
As landlords ourselves, we know that a lot of time is wasted when you are following up with your tenants about rent. None of us want to take the chance of not following up because we know that the squeaky wheel gets the grease. By automating our rent billing, collection and deposits we don’t have to chase down tenants anymore. RentMindMe sends rent reminders, facilitates tenants paying online and direct deposits our rents into the account of our choosing.
Gain the one commodity you can’t get back
What would you do with more time? When you don’t have to worry about rent collection and you have systems that have automated 90% of the work for you, your rental properties offer more “passive income” which is why most of us got into rentals in the first place.
RentMindMe has a lot of landlords who have mentioned that automating their rent billing has not only made their life easier, but it’s also increased their revenue. Many of them started using RentMindMe because it automatically bills for late fees, something they didn’t enforce when their billing was done verbally. You tell our system what your due dates, grace periods and late fees are, we handle the rest.
Although automation takes a little time upfront (like we said, there’s always a little data entry), the time you’ll save month after month more than makes up for the upfront effort.
We’re here to help
Automating your processes puts you in the driver’s seat of your rentals. If you’re finally ready to simplify your life, RentalHero.io and RentMindMe.com are here to help! Signing up is easy and we guarantee you’ll ask yourself why you waited so long to automate your processes.