Why and how to create a simple tenant referencing system and Xero

I don't know about you, but I like an easy life where systems, people and processes all work in harmony.

Well here's a very simply tip and tool you can use to make your life easy.

What YOU must do first
1. Ask all your tenants to pay on the 1st day of the month
2. Issue them with a reference number and
3. Ask them to ensure that they use it for all rental payments

Why?
If everyone pays on the same day, this will reduce the admin overhead associated with managing payments.

Here's an example of how we use it in at London Room Lets

When a new tenant is acquired...

• Issue everyone with a Reference
• For example, your property address is: 16 Allen Avenue and Chris George lives in Room 4, then create the following Ref:
• House Ref: 16AA
• RoomRef R4
• Tenant Ref: GeorgeC
• Ref they must quote is therefore: 16AAR4GeorgeC

Each month, on the 1st, check your statements and everyone should have paid, obviously where they haven't chase with a polite reminder and follow up.

Now because they have used the reference that you have issued (16AAR4GeorgeC), open Xero, set up a rule and reconcile the payments - depending on how many tenants you have, this should take no time at all.

This is why we recommend Xero to you this week.  "It does what it says on the can" and makes life simple.

To receive these Tips & Tools directly into your mailbox, then join us here, otherwise, come back often, adopt a tip or a tool and spread the word.  After all, "sharing is caring".

I wish you success as you become more familiar with these tips & tools and if you have a tip or tool that you'd like to share, then let us know here

All the best in your journey & remember that "knowledge is potential power".

Hanna
LondonRoomLets.co.uk

Why Tips & Tools for People in Property?

Since back in the 1980s, I've always loved technology.

The first computer I ever used in the workplace was an Amstrad where you had to insert a disk to load the operating system and then insert another disk to load the program.  Even then I was amazed and I still am at the growth or should I say explosion of the different types of technology available to each of us right now.

Remember though that the technology is only as good as the user.  I therefore recommend you seek out further training, not necessarily formal courses, just type whatever you're looking to do or find into YouTube.com to take your skills up to the next level and if you're not a "techie", find someone who is.  I love YouTube.  Another gem available for free in the 21st century so long as you have an internet connection

I define myself as a technology evangelist - much to the chargrin of many a colleague in a previous life.

However I can not deny that I love using technology and sharing what I know - hence the birth of Tips and Tools for People in Property.

The plan is to share with you a tip or a tool that I've come across and have used and probably still use that has helped me and will probably help you or someone you know, even if you're not a property person!

If you'd like to receive these musings directly into your mailbox, then join us here, otherwise, come back often, adopt a tip or a tool and spread the word.  After all, "sharing is caring".

I wish you success as you become more familiar with these tips and tools and if you have a tip or tool that you'd like to share, then let us know here

All the best in your journey & remember that "knowledge is potential power".

Hanna

LondonRoomLets.co.uk