Today, rental listing sites are the primary hunting ground for renters searching for their next home. But as more renters move their hunt to the web, the market continues to become more competitive for landlords. In order to lock down applicants and fill vacancies, landlords must create listings that stand out amongst the crowd. Even …
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10 Ways Signing Leases Online Will Benefit Your Rental Business
It’s no secret that leases are important. In order to keep all of your ducks in a row, you must create a detailed lease, get signatures from your tenant, provide them with a copy, and store the document in a safe place. If you aren’t sure what your lease should include, review our article on 10 essential lease …
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How to Minimize Vacancy Time on Rental Properties
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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