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Understanding, budgeting, and accurately tracking your tenant-related expenses will allow you to streamline your processes and increase your profitability.
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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.
Kim Avant-Babb
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."
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Create a great rental listing and find tenants quickly.
Free rental listing sites
Use Landlord Studio’s in-built tenant screening service to thoroughly vet applicants.
Tenant screening for DIY Landlords
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.
Perfect tenant welcome letter
Make sure your lease agreement is professional and legally binding.
Landlord documents
Property management software like Landlord Studio can help you track and prioritize tasks.
Best property maintenance software
Even small property upgrades can add value to a property and enable you to increase your rental revenue.
Improve the value of your investment
With Landlord Studio and enable tenants to set up automatic payments so you never have to worry about late rent again.
Best way to collect rent
Learn the secrets to finding trustworthy tenants that pay rent on time fast in our free tenant screening course designed for you.
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Stay on top of your finances throughout the year with powerful bookkeeping tools.
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Accurately track deductible expenses to streamline operating costs and maximize end-of-year deductions
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Maximize property profitability by increasing deductions and decreasing your income tax liability.
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Accurate financial reports are essential if you want to operate a cash flow positive portfolio
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Grow your portfolio with positive cash flow properties with the right tools and knowledge.
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