Landlord client software

On the lookout for feedback on landlord clients and the software used to work with them

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Greetings all,

It’s another call for experiences/assistance from your favourite tech editor. Following on from my crypto and taxi driver pieces, I’m now looking at landlord clients and what software might work best for handling them.

As pointed out by several AWeb users on similar threads, depending on complexity you can bend most of the major accounting software to fit landlord clients. However, a new generation of software such as Lendlord, Hammock, Arthur etc promises to smooth off the edges and make things more efficient.

Questions to answer might include all/some/none of the following: What are some of the peculiarities of managing landlord clients? How do the main software providers interact with them? What new tools do people use or have tried, and what should accountants look out for when choosing them? Does MTD come into it?

If you have a minute do let me know below, or if you’d prefer to chat drop me a private message on the site or email [email protected].

All the best,

Tom

Replies (6)

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By williams lester accountants
31st Jan 2022 16:39

Only have experience of landlords with max 20 properties, so no idea on scalability above that, but all accounting work is easy at that level in either Xero or QBO without specialist software.

Not seen any need to have anything more complex in place.

Thanks (2)
paddle steamer
By DJKL
31st Jan 2022 17:28

Keyprime Property used as a landlord, it records main lease details, prompts re reviews etc. From the leases stored it produces rent demands/invoices, posts to S/L, carries diary functions, allows setting up things like date EPCs obtained and other property management tasks etc.

It in effect has a property module which links postings to the appropriate nominals, so for instance we have one property module (cover all our properties) but three business entity sets of sales/purchase/nominal ledgers.

Only one of ours is vat registered, the MTD link in the software is pretty straightforward to use, can set as accrual or cash accounting re vat.

It takes a bit of understanding and not sure I would let many clients loose in it who did not understand their debits/credits, but it does save a lot of time typing up rental invoices once it is all up an running.

https://www.landmarksystems.co.uk/products/property-management-software/...

Thanks (1)
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By Matrix
31st Jan 2022 17:45

We are going to trial a software called Hammock but far too early to move landlords to software now.

Thanks (1)
VAT
By Jason Croke
31st Jan 2022 17:58

Was going to suggest Hammock but seen Matrix has already mentioned them. Its got a front end similar to Xero/Quickbooks and so is quite intuitive.

Thanks (1)
John Toon
By John Toon
31st Jan 2022 19:20

Hammock - great for small landlords with its all in one package

Guesty - great for AirBNB'ers

Arthur - great for larger residential portfolios/small commercial

Re-Leased - great for mixed portfolios/larger commercial

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By Winnie Wiggleroom
01st Feb 2022 06:34

It depends, if we are just talking about an accounting/book-keeping system and not all of the other things they may want then its just the same as any other business - depending on the scale it can go from one or two BTLs that you can easily manage on excel up to multiple properties that you use all the usual suspects for.

At the lower end there are hardly any transactions, but once you start to have lets say 5 or more properties or perhaps a landlord with a more "commercial" portfolio where there are lots more transactions and the first thing I would do is tell them to operate a separate bank account that can be linked to software.

Of course MTD will change this slightly perhaps as we will need a quick and easy way to isolate the relevant transactions.

A couple of pain points for me are splitting out the gross rent from the net received from a letting agent, usually that will have to involve a manual search through the statement from the agent to account for repairs, fees, gross rents, doing that monthly or quarterly will be painful.

The other pain point is getting the interest element from the mortgage payments as all the banks have different dates that they report to the clients and its rarely in line with the tax year, thats if you are lucky enough that the client gives you that information.

Thanks (1)