Whether you are new to managing rental properties or you’re simply trying to keep up with the current market, it’s never too late to make the rental experience a better one for you and your tenants. From streamlining the payment process to posting in the right places, everything you do will impact your operation and make for a better business.
Keep reading for a few tips to help you kick things up a notch.
Streamline Your Payment Processes
Are you currently handling your rent payment manually? If so, now’s the time to stop. We've built an accounting integration that makes it easier for your tenants to pay you on time. By synchronizing with your existing accounting system, tenants will be able to access a history of charges and payments on their units from anywhere.
Payments are updated on their ledger immediately, so there’s never any confusion about the current balance or when a payment has been processed.
Tenants are able to make one-time or set up recurring payments on their account. Charges can be taken from their bank account (ACH) or credit/debit card. This flexibility drives higher recurring payment adoption within your property, which means you don’t have to worry about collecting rent each month.
Your rental management platform can take you far, but there are other ways to be organized and more efficient. One of these is to compile a list of contractors that you trust to work on your properties. This is especially important when you run multiple buildings, even when each has maintenance personnel on staff. According to Bay Property Management Group, you’ll need a general contractor, electrician, HVAC installer, and roofer. You’ll also need to have a list of service providers that can handle specialized tasks. These might include mice exterminators, landscapers, window installers, and interior designers. Keep these people’s names, phone numbers, and websites on a spreadsheet that’s accessible to your entire team. Make sure it’s editable so that you can all share notes about experiences with them.
If you’re currently only listing your properties on Craigslist or Facebook marketplace, now’s the time to consider other avenues. In addition to having a further outreach, you’ll attract the most qualified renters by clearly listing your requirements on each property. Make sure that everyone is fully aware of any requirements, such as a background check or high credit score, needed to qualify for an apartment. You can also cater to out-of-town accommodation shoppers by having plenty of photos and a virtual walk-through listed directly on your public website.
Review Your Rental Agreement
Even if you only offer a short-term lease, having a rental agreement in place has many benefits. These documents protect you legally from disputes that might arise from miscommunication or violation of renter rights. Your agreement should be specific and should include verbiage that specifically addresses your pet policies, late payment fees, security deposits, noise, and parking. You can find a template online that can guide you in the right direction. However, ultimately your rental agreement should be tailored specifically to your property and reviewed by your attorney.
Finally, and most importantly, whatever processes or rules you put into place, follow them all the time and with every tenant. Remember, if you show favoritism or discrimination, you may find yourself in a lawsuit, even if there is no ill intent.
As a landlord, you have a lot of moving parts to contend with each day. But, you don’t have to let them get away from you. You can create a better experience for your lessors, as well as yourself when you make a few changes that streamline your processes, boost efficiency, and offer everyone legal protections.