Landlord Studio is a comprehensive property management software designed specifically for self-managing landlords, property owners, and investors, particularly those with smaller to medium-sized portfolios.
What Landlord Studio Does
Landlord Studio streamlines the operational aspects of rental property management by providing a robust set of tools to handle financial tracking, tenant management, lease administration, and property maintenance. The software aims to simplify and automate daily tasks associated with managing rental properties, making it easier for landlords to keep their businesses organized and efficient.Key Features and Functionality
Financial Management and Reporting
- Income and Expense Tracking: Users can manually track rent payments, utility payments, deposits, and other income transactions, as well as categorize and record expenses. The software also supports custom categories for different types of income and expenses.
- Automated Bank Feeds: Available on the PRO and PRO Plus plans, this feature allows users to connect their bank accounts to automate income and expense tracking, ensuring accurate and up-to-date financial records.
- Xero Integration: This one-way integration synchronizes transactions entered into Landlord Studio with Xero accounts, leveraging Xero’s advanced accounting and reporting capabilities.
- Comprehensive Reporting: Users can generate detailed reports, including Schedule E, Profit/Loss summaries, account transactions, and breakdown statements. These reports can be downloaded or emailed directly from the app.
Tenant and Lease Management
- Tenant Tracking: Landlord Studio allows users to add tenant contact information, notes, and lease details. It also supports tenant screening and rental application management.
- Lease Management: The software streamlines the creation and maintenance of lease agreements and tracks rent payments. Automated rent reminders and alerts for important dates can also be set up.
Property Maintenance
- Maintenance Tracking: Landlords can track and manage property maintenance tasks, including the ability for tenants to report issues. The platform allows for adding photos and updating the status of maintenance tasks, although it lacks the option to assign tasks directly to maintenance professionals.
Additional Features
- Online Rent Collection: Facilitates secure and easy online rent payments, reducing administrative hassles.
- Smart Receipt Scan: Enables users to digitize receipts by snapping a picture, with the software automatically reading and inputting the details.
- Mileage Tracking: Users can record mileage incurred while working on rental property business, which can be categorized as a general organization expense.
- Document Storage: Allows for storing documents, with storage limits varying by plan (up to 10 documents on the GO plan, 250 on the PRO plan, and unlimited on the PRO Plus plan).
- Tenant Communication: Facilitates communication with tenants via email and SMS, including sending documents, payment receipts, and general updates.
Mobile Accessibility
- The software is available on both iOS and Android devices, allowing users to log payments, track expenses, record mileage, and digitize receipts on the go.