BTL & Landlords

Hi guys,

Great job with the current fundraise, looks to be going very well!

With all the functionality that’s now live in the app I thought I’d hook up the bank account that we use solely for our BTLs and see what got spat out the other end… (Owned personally, not SPV).

The data is looking pretty good, so it just seems to me like an obvious additional niche to target. With a bit of tweaking to expense categories and some extra functionality for mortgage interest deduction you would have an ideal product for landlords with few decent competitors.

There are some established ‘property management’ software solutions for landlords who are very involved in management of their portfolios like Landlord Vision and Arthur, but for someone like me who just has one or a few BTLs and simply wants a quick overview of the income tax position and incoming rent etc it would be great, this is currently very manual to extract and calculate and I’m sure a lot of people still just use a spreadsheet or don’t track at all and then just get in a muddle once a year when sorting their tax bill (but many would have a separate bank account dedicated to their BTL income/spend).

For landlords who do self-manage (rather than using an agent), the invoicing functionality would be a much more streamlined version of existing platforms too. The Landlord market is also very engaged, they have great podcast listening rates, active forums etc so could be an ideal niche to target all the way from amateur/accidental landlords with one property to professional portfolio landlords.

Vaults will also be a great feature, it’s normal to set aside pots for maintenance, voids, service charges etc. It’s like you’re building a product for them without realising!

Just a thought :slight_smile:

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Hi Will,

Thanks for your feedback, it’s really great to hear that initial impressions on the data coming in were good (I work a lot around the transaction import side of things). Another area I’m quite heavily involved in is the invoicing code. I’ve been sharing some upcoming bits on the “invoice logo” thread but wondered if there was anything as it stands with the invoicing that you could think of that would make using it for you as a landlord better?

We have had the topic of custom units raised which I’m guessing could be useful for you? Just wondering if anything else comes to mind that could be as simple as us providing variations of the copy or additional areas for notes that make sense for how you would want to use it.

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Hi Jaymz,

One thing I thought upon first import was that it would be great to have the option when you change a transaction category for the first time to also change the category for all transactions for the same provider (if desired). This may already be an option and I haven’t found it? Would be really helpful to streamline the process if you’re bringing in a lot of historical data and want to set all your ‘Lloyds Bank Mortgage’ transactions as interest payments rather than ‘Consultants’, which is what it gets auto-tagged as.

The key thing for invoicing as you say would be custom units, you’ll be wanting to invoice ‘Rent 01/03-31/03’ etc. I think that would cover the vast majority of use cases. Notes would be great of course too. The rental invoicing side of the product for that user type is pretty standard I would think.

Will

We’ve been working on that very feature recently, in fact I’ve just pushed out some of the work required to support that so that it’s in place for the upcoming app builds. So that’s great to hear :sweat_smile: It’s going into internal testing very soon.

Custom units definitely sounds like a worthwhile thing to get done. I have been thinking about that one since I saw the related post here on Bite last week. I had an idea around how we could do that fairly painlessly our end :thinking:

It’s possible to add some footer notes but we also recently made some changes to allow for a custom header intro before the line items as well as two separate areas for notes after the line items. These header and extra notes footer aren’t yet enabled for in-app editing but I can use this convo to look at getting this all included in our next batch of invoice updates.

This is really useful to hear because I’ve been thinking it could be quite good if we could support a user category on a merchant - right now we manage those categories and then use them to assign a category to the transaction. However I am thinking for some users (e.g. myself as a developer), Screwfix is likely to be personal transaction but for a builder it’s probably materials. Right now that’s a little tricky to maintain. We do attempt to classify your incoming transactions to match what you’ve previously chosen but I do wonder if we could do with having a “change all transactions for this merchant to have this category” :thinking:

We’re working around bulk editing tools and consolidated lists of transactions right now so this is something I’ll keep in mind :+1:

@jaymz Well every user enters a business type when they register. Longer term you could create ‘blueprints’ for each user type or industry and guess which model they fit into based on their entry on account creation, then the categorisation would be more tailored to the specific use case. You could even automate the category guess based on what other users in the same group had selected before to prevent any manual work being required at your end.

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