Alphaletz founder builds his own app to turn property admin Nightmare into an efficient, cost saving business
With a large portfolio of properties and 20 years’ experience, Richard Jackson developed a purpose built, cloud-based solution to help landlords manage their properties more efficiently. He enjoys time savings of 5 hours per week and cost savings of £100 per month.
Richard was able to scale his property investments from a single terraced house many years ago, to a fully automated property business that has allowed him to achieve financial freedom for himself and his family.
To scale the business, he realised he needed to work out how to create systems that allow you to save time, money and reduce risk. By refining his own system, Richard found he was able to continue to build his portfolio, while raising a family and working in a demanding full-time job.
“I couldn’t have done it without a proper system in place. It’s one thing growing your property business, but it’s another thing to stay on top of everything. When I started out, I could manage on a spreadsheet but now there is so much compliance and extra cost involved that you really need to keep an eye on things, or you can quickly get into trouble.”
Richard has seen an increase in landlords leaving the market because they have not been able to realise the huge benefits that property investing can bring. Being a landlord has become much harder over the few years and staying in control of the business is vital.
“My profit is down 20% compared to the previous year. This is a direct result of increased costs like new compliance requirements such as the EICR (electrical inspection). When the compliance check is undertaken, something is always reported back for replacement such as a new fuse box or new electrical points. I had typically budgeted about £150 for the certificate on each property but the actual cost each time was between £800 to £1,000.”
Maintaining good records is paramount. Even with extra government regulations and a steady increase in costs, investing in property investments is still one of the most preferred forms of wealth creation in the world, not only now but for future generations too.
A Scalable Solution
The cost savings that Richard is seeing from moving away from disparate systems, more than covers the monthly subscription fee of £25 per month for all his properties. This is without considering money savings through better income and expense control.
Smart reporting functionality allows Richard to extract reports on all income and expenses in minutes and save time in completing tax returns. “There was no scrambling to find receipts for month end or late fees for tax return filing, as all the information is logged in the system.”
With automated reminders, Richard was notified that a tenancy was due for renewal. When he contacted the tenant 45 days ahead of time, he discovered that the tenant was thinking of moving out because of an assumed rent increase. By agreeing the rent costs for a further 18 months, he was able to avoid large costs in finding new tenants and a potential void.
Full Property History
When managing tenant repair requests, Richard can quickly check his property history in Alphaletz. In one instance a tenant reported a leaky shower. He could instantly view all the repairs that had been carried out in the flat, the date, and by whom. As the receipt was saved against the property record, he found a 2-year warranty still in place that covered the shower work saving a £50 trades person call out charge The tenant was updated within 15 mins and the builder was able to fix the problem the next day.
Improved Income and Expense Tracking
Being able to record notes daily has been invaluable. Richard had a problem tenant that stopped paying rent. By recording all communications such as emails and phone calls in the system notes he had a full history. The rent was eventually paid but if it had gone to court, this information would have been vital information.
“I estimate I save at least 5 hours a week on time consuming stuff and around £100 per month by just running my business better, and I was already optimised! That’s like getting my Saturday mornings back.”
- Absorbing increased business costs
- Staying up to date with compliance requirements
- Finding time to stay on top of daily admin & tasks
- Keeping control of income & expense
- Alphaletz.com Smart Landlord App
- Fast, scalable solution for managing multiple properties, tenants, and suppliers.
- Cloud-based solution accessible via a web browser or an App from the Apple and Android app stores, providing easy remote access.
- Better control of income & expense has provided savings of £1,000 p.a.
- Removing the need for separate systems, with an estimated savings of £300 p.a.
- Up to 5 hours per week reduction in administration time