As a landlord, you likely have multiple bills for your rental property each month. If you have a portfolio of multiple properties, that’s a lot of finance admin to keep up with! While your property manager may take care of a lot of your financial admin, there may be some additional bills each month that you manage yourself. To save yourself time and make sure your bills are paid on time, make sure you’re using technology to your advantage. Here’s our list of payments that can be automated or made easier with technology.
If you haven’t already, make sure your mortgage payments are set up as a direct debit and you keep a record of payments. Setting up your mortgage payments to process automatically will help you ‘set and forget’ this part of your portfolio. From there you can download your statements each month to keep sufficient records for tax time.
Bills – utilities, maintenance and repairs
Your property manager will likely take care of processing any utilities, maintenance or repair bills for your property. To streamline things, check with your property manager if you can add their email address to your profile so they receive a copy of the bill directly. That will save you time forwarding the bills to your property manager each month. For maintenance and repairs bills and receipts, set up a rule in your email inbox to file all of these records in one place. This will help you to keep things organised throughout the financial year and save time searching for documents later.
Automate bill payments
If your property manager doesn’t pay your bills, set up automatic payment of your bills. This will prevent any late payment fees and it means you don’t need to remember your payments each month.
If your property is professionally managed, you likely receive rent payments electronically on a regular basis. To save time once your rental payments hit your account, make sure to set up any rules in your internet banking to automatically organise your finances. For example, you may wish to have part of your rental payments automatically deposited to a savings account, another part for a repairs/maintenance fund and the other part for everyday expenses. The more you can automate these transfers, the more time you’ll save.
All the administration and finances that come with owning investment properties can be tedious. Taking a little time at the beginning to automate payments and organise processes with your property manager will save you time and any administrative headaches in the long run.