Contrary to popular belief, being a landlord does have its disadvantages, and doesn’t mean the money simply starts rolling in. Despite some tax breaks, you’ll have to pay tax on any rental income earned, and there is generally a lot more paperwork to contend with than first envisaged, once you’re up and running/renting. (That’s why here at Octo, we developed our free cloud-based property management software in the first place!)
Initially, the idea of being in control of your own investment(s) may be appealing, but if you’ve poured time and resources into a rental property, you shouldn’t really be thinking short term. If and when you choose to stop being a landlord, it can potentially take a long time to sell a property and release your assets. However, regardless of whether your business has short and/or long-term goals, you need an organised and methodical approach to property management, because finances can become complicated, not least because of the issue of financial outlay.
Being a landlord means incurring (sometimes many!) expenses, not all of which are tax deductible. Common costs include tax on rental income, buy-to-let mortgages, the tenancy deposit scheme, gas safety certification, energy efficiency certification, repairs and maintenance, landlord insurance, furniture and decoration, possible letting agency fees, and last but certainly not least – all the household emergencies that could apply to you at home apply to your tenants, too!
However, fear not – because help is at hand. Octo is more than just a faceless web platform; we are here to be your long-term software partner. Our free property management software is designed to be with you every step of the way. Octo allows landlords to efficiently manage their properties. For example, Octo allows you to track rent payments and regulatory certificates. It also allows for live bank integrations and insightful reporting. Octo also has the versatility to accommodate each of your properties, from commercial space (office or retail) to residential and student units. Regardless of your portfolio as a landlord, Octo has you covered!
At Octo, our free property management software can give you a detailed breakdown of your most profitable properties and identify areas for improvement. You can also store, and access tenancy details securely, and quickly access tenancy information. We know being landlord is a challenging position. Unless you employ an agency to deal with tenants (an extra expense), you need to be prepared to deal with panic-stricken phone calls from people at all hours of the day or night. That’s why with Octo’s free property management software, no matter where you are, if you’re connected to Octo, you can access tenancy details easily!
At Octo, we are constantly developing and upgrading our software to give you the best possible user experience. We bring new and exciting features to the platform continuously, making for a better user experience. Start Using OCTO. No monthly fee. No setup fees. No contract. Sign up to OCTO now!
