Finding and managing tenants is time-consuming and costly. There are rental listings to create, showings to organize, tenant screenings to manage, property maintenance to deal with, and a whole host of additional tasks and costs. However, managing your tenants poorly can result in drawn-out vacancy periods which on average cost you upwards of $2,000 per month.
Thankfully there are a few things you can do to mitigate tenant management costs and keep your occupancy rate high, potentially saving your business thousands of dollars.
In this episode of the profitable rental portfolio, Logan interviews the fantastic Kim Avant-Babb and discusses how she manages to keep her tenant relationships as stress-free as possible and has achieved a 0% vacancy rate over her 30 year investing career.
Real Estate Investor
Clear communications and the right tools are essential Kim advises, "Landlording is a skillset, and without the right skills, it can lead to missteps, frustration, stress, and lost revenue."
Create a great rental listing and find tenants quickly.
Use Landlord Studio’s in-built tenant screening service to thoroughly vet applicants.
Welcome tenants when they move in with a welcome letter and even a small welcome gift and start your relationship off on the right foot.
Make sure your lease agreement is professional and legally binding.
Property management software like Landlord Studio can help you track and prioritize tasks.
Even small property upgrades can add value to a property and enable you to increase your rental revenue.
With Landlord Studio and enable tenants to set up automatic payments so you never have to worry about late rent again.
Learn the secrets to finding trustworthy tenants that pay rent on time fast in our free tenant screening course designed for you.
Knowing the types of rental property maintenance expenses to expect can help you evaluate potential purchases and budget for future maintenance costs.
Cash and checks are slow, insecure, and outdated ways to collect rent. In this article, we explore the best ways to collect rent from your tenants.
Knowing how to find good tenants is vital if you want to quickly and easily fill your rental vacancies. We detail how to find tenants fast.