Vacancy is a landlord’s greatest fear. Whether your rental business is your primary source of income or just a side hustle, the health of your cash flow is dependent on rent payments from tenants. The average cost of tenant turnover today amounts to $2,500 per unit. Even one unit sitting vacant is an expense you can’t …
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How to Reduce Expenses on Your Rental Properties
There are a handful of practical ways to modify your business practices to minimize spending wherever you can. Each of these opportunities is tied to becoming more involved in your properties, so they offer auxiliary benefits beyond reducing spending that will increase the overall health of your business. The overarching advice: start getting your hands …
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Self-Managing Your Properties to Reduce Costs
Property managers are becoming more popular, but they’re also becoming more expensive. Typical fees range from 8 to 10% of rent collected. If you own and manage 10 units each that bring in $1,000 per month in rent, that’s $800 to $1,000 a month in property management charges. Sure, that includes handling minor maintenance, filling …
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How to Create a Tenant Scoring System
There’s no doubt that tenant screening is a crucial part of any property manager’s application process. Screening allows you to find higher quality tenants, avoid bad tenants, reduce turnover, and minimize or even eliminate evictions. Choosing the best applicant can be hard when you’re reviewing all of their information on an application. To help you break …
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Online Rent Collection Methods: What’s Best?
Most aspects of our lives are moving digital. The rental housing market is no exception. The benefits of online rent collection are numerous, and include advantages such as recurring payments, automatic records, fewer late payments, enforceable late fees, and better use of time and money. It should be evident that you should transition to online rent collection — …
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How to Use Listing Syndication Software
Listing syndication software acts as the middleman between you and all of the major property listing sites. It’s a quick and easy way to get your listings posted on the most visited listings sites with just a few clicks. Think Apartments.com, the Realtor network, Rent.com and many others. Once you agree to pass publishing control over to the syndication platform of …
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Online Payments: Everything You Need to Know
Rent collection is fundamental to the operation of all rental businesses. Landlords and property managers can’t afford to have inefficient or costly collection processes. As the internet has infiltrated all aspects of our lives, we’ve seen that online payments are the best option for rent collection. We discuss below the many benefits of online payments, …
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Everything Landlords Should Know About Credit Card Chargebacks
Online rent collection has become crucial to the success of a real estate business. The benefits of online rent collection are extensive. Just some of the most notable include reduced delinquencies, recurring and automated payments, flexible payment options, and automated bookkeeping. These alone should illustrate the importance of collecting rent online. Unfortunately, online payments do come with some risk. ACH transactions can bounce, …
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How to Screen Tenants
Screening tenants is crucial in order to run a successful real estate business. Performing proper screening allows you to avoid bad tenants, find high quality renters, minimize evictions, reduce turnover… the list goes on. It can be difficult to find qualified tenants, and that’s exactly why you need to screen tenants. Just because an applicant gives off all the …
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3 Amenities to Increase Revenue on your Rental Properties
There are a number of basic amenities that tenants want at their disposal. Whether you provide those amenities or not, they will likely find a way to satisfy their need. Below, we list three amenities that your tenants already get in some way shape or form. This means they’re a great opportunity for you to monetize a captive audience while also providing your residents something they …
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