Many novice landlords often struggle with keeping accurate and timely accounting records for their new business ventures. Real Estate is an incredibly powerful way to build wealth for individuals and even to eventually build generational wealth. There are many tax benefits associated with owning real estate and using it to generate business income. As you can imagine though, the rules and regulations governing real estate are complex and often require additional effort to navigate the landscape effectively.
Property Management Software
Property management software is a type of software application designed to help property managers, landlords, and real estate professionals manage various aspects of their properties, such as rent collection, maintenance, tenant screening, lease management, and accounting.
Property management software typically includes a range of features and tools to help streamline administrative tasks, reduce paperwork, and increase efficiency. These features may include:
- Online rent collection and payment processing
- Tenant and lease management
- Maintenance and repair tracking
- Accounting and financial reporting
- Tenant screening and background checks
- Online portals for tenants and owners to access information and communicate with property managers
With all these great features, you can imagine just how expensive some of these solutions are. Most property management platforms range from $20/month to more than $100+ each month.
Baselane
Baselane ๐๏ธ is a new end-to-end property management software that is free and super easy to use. The platform lets you add as many units as you need, automates the rent collection process, and provides financials in a way in which makes tax time easy. The company is fairly and has teams in Toronto and New York City. One of the best benefits of using Baselane is their banking platform. Baselane is partnered with Blue Ridge Bank to provide 4.25% APY on deposits and an additional 2% cashback on debit card spending. A deal like this is generally unheard of!
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