If you run a rental business, you’re probably all too familiar with how difficult it can be sometimes. When things break or don’t go according to plan, it can be easy to get stressed out and discouraged. If you’re feeling like there is way too much on your plate and your business is more work than it should be, keep reading for some helpful tips on how to improve your rental business.
1. Hire a Property Manager
A property manager might not be an appropriate addition to every rental business but if you own a large enough complex or set of apartments, it might be a good idea to hire one. If you don’t already have a manager, your phone is likely ringing off the hook with minor and frivolous tenant problems. Not only will a professional property manager handle all of the minor issues that arise with tenants but they can also take care of maintenance and filling in vacancies.
2. Use Online Services
Are you sick of having to send notices and track down tenants who aren’t paying their rent on time? Incorporate a rent payment service into your business so that you have one less thing to worry about. These services can send out late payment notices and handle the bulk of responsibilities that come with collecting rent. Considering most millennials pay their bills online and almost half of the more senior population has switched over as well, your tenants might appreciate the ability to pay online.
3. Renters History
If you aren’t thoroughly checking your renter’s backgrounds, you could be letting tenants in that will only cause headaches. Don’t skip over the important step of checking out your applicant’s backgrounds. Have your property manager call previous landlords and tell them to ask questions like:
- Were there any major damages to the apartment after the tenant left?
- Was the tenant ever late on rent?
- Would you let the tenant come back?
Keep in mind that there is information that a previous landlords can’t provide without the explicit permission of the tenant.
4. Allow Pets
It might appear counter-intuitive but allowing pets in your units will actually make your life as a rental property owner significantly easier, as 68% of Americans own pets—that’s about 85 million families. If your apartments are experiencing a great deal of turnover, allowing for pets in your rental will give you the opportunity to tap into a market of people your competitors are sleeping on. If you’re worried about potential damage to your property, don’t stress. Your new pet-owning tenant is already expecting to have to put down a pet deposit. As a property owner, you can expect to get anywhere from $350-$1,000 depending on the number, size, and type(s) of pets.
5. Keep the Front of Your Property in Good Condition
You only get one chance to make a first impression, so make sure the first thing a potential tenant sees is nothing short of perfection. Give your property manager all of the tools they need to fix any damages that accrue in addition to what they need for general maintenance.
6. Sell Units with Maintenance Problems
Keep track of all of your maintenance expenses with software or a spreadsheet. When a unit starts to accumulate too many needed repairs from age, wear, and tear—sell it. Any unit with 10% or more in repair expenses as a percentage of the annual revenue it produces isn’t likely worth the hassle. If you have maintenance staff, have them take a look at the unit and assess if problems are going to persist.
7. Look for ways to Expand
If your rental business is doing well, you should be looking for ways to expand. One way to approach expansion is to look for older homes that are selling for a lower price in a nice neighborhood. Fixing and flipping aren’t just for the darling couples on HGTV; you could be raking in the same kind of cash by doing the same thing. If you don’t want to deal with the hassle of renovating a home, you can always work with an experienced flipper and arrange to be the buyer before renovations are made.
Don’t let your rental business drive you crazy! Use these helpful tips to make your properties a stress free endeavor.
Your Business Needs These 13 Digital Security Solutions – Here’s How To Get The Most Out Of Each
How would you characterize your organization’s digital security posture? If you’re not sure how to answer this question, or perhaps would prefer not to answer it at all, you’re not alone. Countless decision-makers, from uber-competent CTOs and CISOs to CEOs and COOs who couldn’t code…
Louisiana And Oklahoma Introduce Digital Identification To Prevent Fake ID Use
Digital ID in Louisiana Utilizing digital IDs has been a commonly broached topic for a while now. Although most states are only either deliberating their helpfulness or in the utmost initial stages, Louisiana has moved forward. The primary introduction of this technology was done back…
ScanGuard Review – Here is What You Should Know
Doesn’t it sound good and satisfying to have a goop-performing antivirus that is reliable enough? Yes, it is. For that reason, you need to be extra careful when you are in search of a good antivirus. Put all the necessary factors into consideration so that…
The Emerging Need for Social Media Security
By the time you’ve finished reading this sentence, nearly 700 passwords have been stolen from social media accounts across the world. Social media security breaches have the potential to cause up to $6 trillion in cybercrime damages by 2021, up from $3 billion in costs…
Which New Lorex Security Camera Is Right for Your Home?
Keeping your family and your possessions safe requires a proactive approach, and one way to protect what you care about is with a security camera system. Lorex Technology is well known for their security camera solutions, and their two newest products will change the way…
- 3D Printing
- App Dev
- Artificial Intelligence
- Arts and Entertainment
- Big Data
- Blockchain Tech
- Business Technology
- Car Technology
- Cloud Computing
- Cloud Storage
- Computer and Technology
- Conference Calling
- Coupons and Deals
- Cyber Security
- Dark Left 1
- Data Center
- Data Recovery
- Digital Arena
- Digital Marketing
- Edu Tech
- Email Marketing
- Google Glass
- Guides and Tutorials
- Health and Fitness
- Home Improvement
- Home Security
- Internet and Businesses Online
- Internet Marketing
- IT Careers
- Mobile Apps
- Mobile Security
- New Tech
- Online Shopping
- Project Management
- Reference and Education
- Reputation Management
- Sales & Marketing
- Shopping and Product reviews
- Small Business
- Social Media
- Tech Trends
- Technical Support
- Technology in Education
- Tips & Tricks
- Tips And Tricks
- Video Conferencing
- Virtual Reality
- Wearable Technology
- Web Design
- Web Development
- Web Hosting
Mathieu Chantelois, VP At The Canada Media Fund, Discusses Leadership Communications, Proudest Accomplishments
Mathieu Chantelois is something of a Renaissance man. At various points in his career, he’s worked as a magazine editor, a professor, a television presenter, a highly regarded journalist, and as a communications and marketing executive. Chantelois’ engagement in various social causes led him to…
Why You Should Start Playing CS: GO Right Now
Counter-Strike: Global Offensive – a game that’s been around for so many years that almost anyone and their grandma have heard about it. Despite going on for quite a while, the popularity has barely diminished. On the contrary, it had a boost thanks to the…
How To Become A Cyber Security Analyst
What is Cyber Security? Cyber security is the practice of protecting a system or network from digital attacks. These attacks are generally aimed to retrieve or destroy sensitive information and it is a serious threat to all the organizations. Who is A Cyber Security Analyst…
Internet Security Tips For The Modern Age
The internet is no longer new. It’s been in most peoples homes for twenty years or more now, and we’ve all come to accept it as part and parcel of modern life. When it first began, it was something that we only had on our…
How to Immediately Improve Your Online Security
While the internet might seem paradisiacal, danger lurks in the obscurity of it. Apart from outsourcing your IT needs to specialists like IT support companies in London, there are immediate measures you can take to ensure your online world is as secure as the home…
Everything You Need To Know About Cybersecurity In 2019
With long workdays and jam-packed weekends, it’s a godsend that we can do most of our shopping, social interaction, and many other day-to-day tasks from the convenience of our computers and mobile devices. The internet has been making our lives so much easier for the…