There are numerous advantages to self-managing your properties. Primarily though it’s a way to minimize your costs whilst ensuring your properties are managed to your demanding standards.
However, self-managing also creates additional challenges, it takes time and effort to deal with tenants and manage day to day tasks such as tracking income and expenses. Thankfully, there are numerous tools on the market designed to help you establish and manage a professional operation, maximize profits, and minimize the time input required.
The most common of these tools are things like tools for online rent collection and property listing tools. These though barely scratch at the surface of what modern landlords need and what is now available. Below we’ve assembled a list of the top tools to help you run your rental property business.
Vacancies can quickly become one of a landlords biggest expenses. Re-filling a vacant unit might not happen instantly, during this vacancy period you’re no longer receiving income, but your key property expenses, such as mortgage payments don’t just magically go away.
The right tools will help you fill your property fast and efficiently.
Charging too much rent and you’ll scare off potential tenants, charge too little rent and you’re leaving money on the table. To ensure your rental appeals to prospective tenants you need to first ensure that the rental price you’ve set is fair. There are many free and paid tools online to help you calculate the appropriate rent.
Once you’ve prepared your rental with an appropriate rental price you need to get your listing in front of as many people as possible. There are numerous high traffic sites where you can get high-quality rental property enquiries. It’s worth pushing your listing to as many websites as cost-efficiently as possible to maximize your exposure.
You want to be sure your tenants aren’t active criminals, have a clean rental history, and have an income to support their rent.
After 2020 we should all be looking at ways to move more of our businesses into the digital 21st century. Thankfully, there are plenty of document sharing and signing softwares. These enable you to reduce the need for face to face contact and increase business efficiency. Simply send over your document and get them signed and sent back in moments.
Paying rent is a pretty crucial part of being a landlord. However, it may (or may not) surprise you that some people still collect rent by cash. Collecting rent online is easier for both landlords and tenants, making it possible for both parties to easily track the rent payments.
Additional features for landlords using Landlord Studio for rent collection include auto-pay, which allows tenants to set recurring payments, and control as the landlord controls the amount of the rent that is due meaning tenants can’t send through partial payments to derail eviction proceedings.
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Dealing with maintenance requests is one of the top reasons that landlords give up and turn to professional management. However, with good tools you can streamline this process and ensure your tenants receive the professional service they deserve.
There are numerous solutions on the market to help you tackle the key pain points of being a landlord, whether thats managing your finances with a software like Landlord Studio, improving your maintenance management, or filling your vacancies fast with the best possible candidate.
However, everyone’s needs are different which is why we recommend taking advantage of the free trials softwares like landlord Studio offer to better understand their applications and decide whether this is the solution for you.
Ben is an author and real estate enthusiast. His interest in all things entrepreneurial has led him to work with real estate professionals all over the world, distilling their knowledge into articles and Ebooks.
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