inSynergy’s new property wealth management technology, which is powered by MyProsperity has the potential to improve property investment returns by hundreds of thousands of dollars.
Using post-it notes, excel spreadsheets, or shoeboxes of receipts to manage your property investment is likely costing you money, time and lost opportunity.
There is a better way. Using digital technology, real-time data feeds can be integrated and used to manage your finances and tax as well as calculate your investment portfolio performance.
Through integrations with your bank accounts, Superannuation funds and property data specialists, RP data, inSynergy’s Platinum Property Wealth portal enables advanced, automated property portfolio management.
Avoid Lazy Equity
By combining live property valuations with suburb performance insights and financial position reporting, our team can track exactly when you are sitting on lazy equity and lost opportunity.
Combine inSynergy’s portfolio management strategy and the technology will alert us if you have enough equity to buy another investment property – based on your unique strategy.
This often occurs a year or two earlier than people would otherwise have thought. This is likely to help you earn another $50k per year, per property, for the next 10-20 years. That’s up to one million dollars per property, compounded.
A financial home
Available on desktop and through a tablet or mobile app, inSynergy’s Platinum Property Wealth portal acts as a super-secure financial home for all your related information such as wills, insurance, property purchase documents and depreciation schedules.
Email or in-app alerts can be set for key events – such as if insurances are nearing expiry – while personal finances are also accounted for.
Eliminate paperwork and increase compliance
By tracking bank account transactions, our software can save you 30 to 50 hours a year or more in manual calculations.
By defining transactions such as loan repayments, rates and rental income, the software assigns those to past and future transactions as well as a specific property to ensure tax benefits are claimed.
All you need to do is provide portal access to your accountant and since all of your financial data – including transaction receipts and documents – are stored securely online in one location, their job is made much easier too.
Furthermore, detailed budgets and even automatically categorised payments will help you work out where you are spending your money. Automatic reports enable you to monitor costs and track your progress towards buying your next property.
The Platinum Property Wealth portal also offers a macro overview of your total wealth, with monthly snapshots and summaries of everything you own and owe. Wealth projections and financial priorities are also outlined.
For many of our clients who have five or six investment properties, implementing this software has saved them hundreds of hours a year. Now they only need to spend a few minutes each month checking their reports and authorising payments.
Find out more about inSynergy’s Platinum Property Wealth Management service here.
Important Note and Warning: This information is general in nature and should not be considered personal tax advice. We highly recommend you discuss these concepts with your accountant, property investment adviser and investment finance mortgage broker jointly to ensure any considered concepts are suitable for your personal financial situation, as one effect of the concept may negatively impact another part of your plan.