Loftit is a cloud-based property management solution designed for rental property owners, contractors, landlords, commercial/residential property owners and renters. Loftit is designed to make things a lot easier for these individuals as they do not have to keep track of renters and other management tasks. Renters can easily pay rent online, without having to visit their banks or the landlord’s office to hand over checks.
The web-based property management app is tailored to provide the best experience for everyone involved, i.e. the property manager, the renter and the contractor. While there are a lot of property management software solutions out there, Loftit aims to separate itself by focusing on value and providing the best user experience possible.
Loftit allows users to manage an unlimited number of rental properties completely free. There is essentially no cap in the number of different properties or rental units that owners and landlords can add to the app. The process of adding new properties is quite straightforward and simple as well. It will literally take property owners less than a minute to add their rental property.
Having these kinds of options available can save landlords and rental property managers a lot of time doing administrative work. The app also takes care of the invoicing and the calculation of late fee charges, leaving property owners/managers more time to address other responsibilities, processes and tasks.
Loftit also takes care of the onboarding of your renters and contractors, making things easier and more efficient from their perspective. If you are a renter or a contractor, for example, the app will send you your own unique 4-digit code on your mobile phone and they will help you get onboarded, making sure you will have an easy time and a great user experience.
Loftit Features
Loftit property management software is packed with a wide variety of features and tools to help both rental property owner/managers and renters. The app has features designed to help landlords collect rent more efficiently and it provides renters an easier and more convenient means for taking care of their rent payments.
The property management solution gives property managers the ability to export rent roll reports, manage their contractors, assign needed repairs on rental units, communicate with renters and obtain valuable insights. Loftit serves as a one-stop app for landlords and rental property owners where they will find everything they need to effectively manage their rental units regardless of where they are.
The following are some of the features and tools you can expect from Loftit:
Rent collection
Every rental property management solution out there has this tool. It enables you to collect monthly rent from your tenants with an option for cashless transactions. The tool allows for quick and easy rent collection and it makes for a simple and convenient payment option for renters.
Reminders and notifications
This feature helps to make sure landlords and rental property managers are always on top of their responsibilities. The app will get them notified whenever rent payments are made, if there are repair requests submitted by tenants/renters or if there are new unread chat messages. Reminders and notifications are also sent to renters to remind them of their due date and/or if they are facing any late fee charges.
Automatic invoice system
This tool allows landlords to effectively track rental payments and repair expenses. Property managers will have the ability to monitor repairs on a per-unit basis and they will be able to pay for repairs done using the app’s adaptable billing system. This approach eliminates the need for actual paper receipts that can pile up over time and may only cause confusion and errors during tax season.
Tax management and reports
Loftit provides users with a tool designed to facilitate their tax management process. It enables them to manage their expenses and revenues and gives them the ability to share the information, including their rent roll, to their accountant as well as their lenders. The tool stores and organizes all income and expense information so property managers can find any information they need quicker and easier.
Bank account verification
Using the Loftit app, you can easily verify your bank accounts. You have the option to verify your bank account instantly or manually. If you go for the latter, the app will deposit two micro amounts to your registered bank account. Once you receive those two deposits, which normally takes one to two business days, you can return to your Loftit app and verify them manually. Once the bank verification is completed, you can start sending and/or receiving payments through the Loftit app.
Transaction monitoring
Loftit helps users keep track of all their transactions, which can be useful for auditing and tax filing purposes. With the app, landlords, rental property owners and contractors will receive well-organized payments on a per-unit or per-project basis. This data is recorded and stored for future reference, especially when it comes to auditing and filing tax returns.
Built-in chat tool
The Loftit app has a built-in chat feature that enables users to send and receive unlimited messages anytime and anywhere. This tool allows tenants/renters to reach out to their landlords, landlords to communicate with their contractors, landlords to their renters and so on, regardless of where they are in the world. It helps to streamline the communication process between parties and avoid misunderstandings or confusion.
Maintenance and repair management
If you’re a landlord or a rental property manager, addressing maintenance and repair requests is one of your many responsibilities. With the Loftit app, you will have the tools you need to pay and assign contractors to specific repair and maintenance projects in any of your listed rental properties. You will also have the ability to connect the right contractor to a specific tenant based on the nature of the repair request they have submitted.
Scheduling tool
This feature relates to the repair and maintenance management solution. The tool essentially enables landlords and property managers to schedule specific days and times for the contractors to visit sites or units to do their jobs, to address repair requests or to conduct regular unit check-ups and maintenance.
Loftit Benefits
There are many benefits to using a property management software solution like Loftit. The following are some of those benefits you might find advantageous for your organizations and teams:
Onboarding is quick and painless
Everyone knows that when implementing new software, system or platform, the onboarding process is arguably one of the most difficult and time-consuming. Loftit has made sure the onboarding process is fast and easy by employing a straightforward approach. Users need only to add their renters/tenants and assign the unit type, either as a single/family type unit or as roommates with their own profiles and balances.
The next step is to add specific information about the renters, i.e. their names and contact details. The app will then do the rest by sending a 4-digit code to those tenants to verify their unit and their monthly rental rate and balance.
The third and final step is to add the contractors. You can enter the contractor’s name and contact information and as with the previous step, the app will send a 4-digit code to that contractor for verification. You will be able to start assigning job requests once the verification process is completed.
Centralized information platform
The Loftit app serves as your main repository for information regarding all your rental properties and your tenants. You can access any information you need anytime and anywhere, using the mobile app for Android and iOS systems. The platform’s reporting capabilities allow you to gain valuable insights that you can use to make data-driven decisions, especially when it comes to signing new renters or re-signing existing ones.
Loftit Pricing
Loftit is designed for individual rental property owners all the way to rental agencies and companies of all sizes. This also applies to their pricing packages. Loftit offers three pricing plans: Free, Pro and Companies.
The free version is good for one user only and it is best for property owners with up to 50 rental units, although it does support unlimited properties and units. It comes with a $2 fee per transaction. The Pro version costs $6.99 per unit, billed either monthly or annually. The package price is good for one user only and it is best for users with more than 50 rental units. Pro has no transaction fees and it comes with unlimited properties and units, home insights and taxes report.
For the Companies package, you may contact the vendor directly for pricing information and other pertinent details.
Conclusion
Loftit is a complete and user-friendly property management solution ideal for rental property owners, managers and landlords. It is a cloud-based software solution, therefore it does not require any software installation or necessitate the purchase of use of any hardware. It offers a free version of the app with features and tools available, so you can definitely check it out for yourself.
