Why Use Proppel Property Management System
Why Use Proppel?
Proppel’s online system provides you with a range of property management tools that allow the clarity of property management tasks. There are many reasons why you should use Proppel. Here are some:
Maximise Deductions and Increase Cash flow
Proppel allows you to stay on top of your expenses for maximum deductions on your investment property.
Most property investors know that in order to increase cash flow (rent), they must deduct as many property related expenses as legally allowable.
Many investors do, however many will also forget or ignore to claim smaller deductions because they’re simply too hard to keep track of. At the end of the financial year, all these smaller transactions can add up to significant sums of money.
Proppel’s data management system links all of your property related expenses to your investment property, making it simple, easy and clear for you to keep track of. All you have to do is update your expense record every time money is spent on your relevant property. This can include items like agent fees that are passively charged with your rental income every month (assuming you have an agent managing your property).
Proppel’s property management system also gives you access to a depreciation module. Once depreciation is updated, it’s remembered for all future financial years.
Helping in the Property Selling Process
Whether you’re living in your property or using it solely as an investment, at some point you’ll likely be looking to sell. When this time comes, you’ll require various pieces of information to undergo the selling process.
Selling Your Property as An Investor
If you’re an investor, and you’re trying to sell, you’ll want to minimise your capital gains tax. You will need to provide your conveyancer with information pertaining to:
Your purchasing costs
- Stamp duty
- Conveyancing legal costs
- Mortgage fees
- Proof of purchase - A signed contract of sale to
- prove how long you’ve had the property
Your maintenance costs
- Depreciation reports
- Capital repairs
Your selling costs
- Agent fees
- Conveyancing fees
- Bank fees
Selling Your Property as A Home Owner
If you’re selling the property you currently live in, it’s not likely you’ll incur capital gains tax, however, you may be asked to prove that the property was your principal place of residence.
In this situation, you’ll need access to documents like:
Proppel’s management system allows you to file these documents against your property, giving you easy, instant access. You’ll never have to go digging for them again.
- Proof of purchase records
- The stamp duty paid (and whether there was an owner occupier fee)
- Utility bills with your name and address on them proving that you lived
- there.
- Bank statements with your name and address on them proving that you
- lived there.
documents can become a challenging.
Tax Time for Property Investors
It’s a legal requirement that all property investors supply their end of financial year (EOFY) income details to the Australian Taxation Office (ATO) at tax time. This annual reporting requires you to collate all of your property related data into something that’s easy to make sense of – a task that’s usually completed by a qualified accountant, for a fee.
The EOFY information you’ll require at tax time, per property, includes:
- Gross rental income
- Gross mortgage payments
- All property expenses
- Depreciation reports or depreciable assets
- All mortgage related bank statements
Proppel’s management system includes specific modules to organise all of your tax related information. With a few clicks, you’ll be able to clearly see all the information you need at tax time, or any occasion dealing with the ATO.
If your accountant charges you by the hour. Having your investment property financial year information ready each year will also save you money.
The Property Refinance Process
Every time you refinance your property, new lenders will typically ask you for information like:
- Rental statements
- Loan bank statements
- Depreciation Evidence of income
Proppel makes refinancing easy by keeping all of this important information at your fingertips. Filed appropriately and against the correct property, the whole process is streamlined for you and your lender.
Manage Household Expenses
Proppel isn’t just for investment properties. When it comes to the home you live in, there’s no reason you can’t use our data management system to simply organise and keep track of your household expenses.
The Proppel expenses module doesn’t have any rules or limitations, you’re able to use it in any way that helps you. Choose to take advantage of this feature and use it to:
- Track your household spending
- Monitor home appliances & warranties with Proppel Assets
- Stay on top of household repairs
- Track household insurance details
There are a whole range of different uses for Proppel in your family home.
Keep Track of Contractors and Suppliers
Have you ever had a plumber fix a leak in your home or rental property? An electrician add a powerpoint or extra line somewhere? These are quite common occurrences for all homeowners. What happens, though, when a few months down the track, you realise the job wasn’t done right? You’ve paid for a level of service you didn’t receive and now you have to dig through months of information (digital or physical) to find the details of this service person.
Proppel gives you the ability to track all suppliers against your properties. Clearly and simply listed, you’ll easily be able to locate the exact individual responsible and be able to contact them as quickly as you need to.
Our software also offers a 5 star rating system, giving you the ability to remember who completed a job properly and who didn’t.
Rental Property Fixed Assets
Fixed assets are any assets within your property that have been purchased for long term use. These commonly include items such as:
- Air Conditioning units
- Ovens & stoves
- Dishwashing units
- Furniture
It’s inevitable that these regularly used items will, at some point, need repair or attention. This could involve a complete breakdown or something as simple as your tenant needing access to an instruction manual. It’s not always easy to find out information about the appliances in your property without physically visiting them. That’s where Proppel comes in.
With our assets module, designed specifically for this purpose, you’ll be able to keep track of all the details you require, like:
- Model numbers
- Purchase date
- Purchase price
You’ll also be able to:
- Collect photos showing the asset’s condition
- Access warranties
- Find user manuals
- Access receipts and proof of purchase
Encountering issues with your fixed assets is unavoidable, but Proppel makes it easy for you to stay on top of them at the very least by knowing what they are and where they are in the property
Manage Your Property's Insurance Details
We all hope nothing negative happens to our properties, but if it does, you want everything sorted out as quickly as possible. Common issues you may face as an investor include:
- Damage to your property
- Damage to your property’s assets
- Theft
- Outstanding rent fees
Dealing with insurance companies can be a convoluted process at the best of times, that’s why it’s important to have all the relevant details at your fingertips.
Proppel allows you to file all your insurance information against each property. You’ll not only be able to quickly tell what you are and aren’t covered for, but also be able to provide your insurer with the necessary information. Our property management software will even remind you when your insurance payments are due and inform you of any lapses that may affect insurance payouts.
Many More Innovative Features
These are only some of the ways using Proppel can benefit property investors and homeowners. Once you start using this innovative property management software, it will become quite clear just how useful it is
Frequently asked questions
Proppel is free of charge for use. Proppel is currently in its beta testing phase and is free for anyone to use. Some functions of the platform may incur fees in the future, but that will depend on a range of internal financial factors. For the time being, there are no plans to charge our users any fees.
There’s no policy in place that requires you to use anything, you can choose to use whatever functions are useful to you. Proppel has a wide range of applications and can be used by many different types of individuals. When it comes to property, there’s a lot of information to take in. We attempt to make it easy for you to manage all this by giving you everything you need in one convenient place. In time, you may find yourself making use of more and more features of Proppel.
We’ve designed a system that’s easy to navigate for anybody. Intuitive and advanced, you’ll find yourself becoming a Proppel expert in no time. Most features come with a built-in tutorial to show you exactly how to use them.
Click here to find out more about how Proppel works. If you do have any difficulties or are still unsure, feel free to email our customer service team at any time for a little extra guidance.
While there’s nothing preventing you from doing this, the platform is founded on Australian rules and regulations. Information and calculations relating to taxation, interest rates and leasing may not be accurate for international property. There is still, however, a range of property profiling features you can utilise for property outside of Australia.
Absolutely. Proppel is a great way to manage the data for your principal residence. Our property management software provides its users with features to assist in property profiling and household expense management. One day in the future if you want to sell your home, buy a new one or know what your spending is. Proppel can be used in this manner.
In short, you don’t need to do anything, however having all your information organized makes your life easier when it comes to tax time, selling or acquiring more property assets.
Generally having the information for your property assets organized by property is better than the alternative or memory, spreadsheets, and disorganized documentation.
At some stage we hope to offer this feature, but currently we don’t support integration. Soon we’d like to be able to offer integration with open banking service, national property data databases and many other useful online systems.
Indirectly, yes. Our platform gives you access to property tools that can assist you with the purchasing process. See our Calculators in Proppel.