Anyone managing properties knows to keep track of the big things - like rent collection, tenancy agreements, expenses etc. But often the little things get overlooked. The assets in your property, like boilers, washing machines, dishwashers etc, are equally important. They might not seem like an immediate priority, but staying on top of them can save you time, money and effort in the longer term. Stick around and we’ll show you why tracking your assets is vital, how you’ll benefit from it and practical ways to make the process easier.
What Does Asset Tracking for Landlords Mean?
Asset tracking involves keeping a detailed record of the physical items within your rental properties. Assets include everything from appliances and furniture to small electrical items and accessories. It’s best practice to record all of these assets in an inventory at the start of a tenancy. This helps later on when it comes to returning the property deposit and can help to demonstrate compliance with the Landlord and Tenant Act of 1985 (stating your property must be in a habitable condition).
Many self-managing landlords create an inventory at the start of a tenancy and then don’t update it throughout the tenancy. This is perhaps understandable when any updates need to also be shared with and signed by the tenant. However. The inventory doesn’t store user manuals or start and end dates of warranties and other crucial asset related information. And that’s where asset tracking comes in.
The Benefits of Tracking Assets in Rental Properties
Tracking assets outside of your inventory helps to keep important details in one place, but also gives you an oversight of key details associated with the assets, like purchase dates, warranties, service schedules and more. Here’s why you should record these details.
- Avoid Expensive Repairs and Replacements
Regular servicing and warranty claims can save thousands in maintenance costs. When you know exactly when a fridge warranty expires or when a boiler needs servicing, you can plan ahead rather than scrambling to replace broken items. - Ensure Compliance
Landlords are often required to provide proof of maintenance and safety for items like boilers or electrical systems. A well-maintained asset record can help ensure you’re meeting these legal obligations. - Streamline Tenant Communication
By keeping records of instruction manuals or warranties, you can quickly share information with tenants if issues arise. This creates a smoother relationship and avoids unnecessary service calls. - Improve Organisation
Instead of searching through folders or emails for warranty details, a centralised record allows you to retrieve the information instantly. This is especially useful for landlords with multiple properties.
Practical Steps to Track Assets in Your Rental Properties
If you’re new to asset tracking, here’s how to get started:
1. Create a Comprehensive Inventory
Start by listing all major appliances and systems in each property. Include:
- Purchase date and price
- Warranty information
- Servicing schedules
- Condition notes
You can do this in a simple tool like a spreadsheet, but if you’re using property management software like PaTMa you may find that inventory creation and management is included making it easy to create and manage a thorough inventory. If you don’t have time to do this yourself, you can hire an inventory clerk who’ll be able to create and document an inventory of the property on your behalf.
2. Organise Supporting Documents
Gather all warranties, receipts, and instruction manuals. These documents should be easily accessible if you need to refer back to them. Keeping these digitally in a cloud based software like PaTMa or even in a Google drive, makes it not only easier to share the details, but protects against loss or damage that can sometimes occur when keeping these records physically.
3. Set Reminders for Key Dates
Use digital tools to schedule alerts for warranty expirations, servicing, or compliance checks. If you're not using a system like PaTMa with dedicated asset reminders, Google calendars are free and adding those key dates in can remind you to book in services, arrange for new certificates to be issued or help you decide if you want to extend your warranty.
4. Use a System to Keep Everything in One Place
Whether it’s a spreadsheet or a dedicated tool, choose a system that lets you track assets for multiple properties without confusion. If this system also integrates with your other property management systems it can remove a lot of admin, making things more integrated and therefore easier to manage.
How to Simplify Asset Tracking with PaTMa Property Manager
PaTMa is a great example of an all in one property management tool. It keeps all your documents, digital records, finances, property details and more in one easy to manage location. And, we’ve just introduced a new feature that allows for asset management tracking in the most intutivtive way possible.
Here’s What You Can Do with PaTMa’s Asset Management Tracking
- Log Asset Details: Record key information like purchase dates, disposal dates, condition, and location.
- Upload and Manage Documents: Store warranties, instruction manuals, and compliance certificates in one place.
- Set Reminders: Schedule alerts for important dates like warranty expirations or servicing deadlines.
- Share with Tenants: With a simple tick, send documents to your tenant portal or directly to tenants.
How to Activate Asset Tracking in PaTMa Property Manager
If you’re already using PaTMa you can activate these new features now!
- Log into your PaTMa Property Manager account.
- Navigate to Settings in the left-hand menu.
- Tick the box for “Enable management of assets/appliances within properties”.
- You’ll see a new Assets tab in the property menu where you can start adding items.
Once activated, adding and managing assets is intuitive, so you can immediately benefit from better organisation and peace of mind.
Why Asset Tracking is Worth Your Time
For landlords, asset tracking isn’t just about staying organised, it’s about protecting your investments, saving money, and creating a better experience for your tenants. With tools like PaTMa’s Asset Management Tracking, you can simplify this process and focus on growing your property portfolio.
Try PaTMa Property Manager for Free and take the first step toward more efficient property management today.
