In the past, managing your own properties has meant you were responsible for tracking everything. For this reason, it was easy to go the route of a property manager. But property managers have come a long way, and so have the resources and tools available to landlords. In fact, there are a number of processes that landlords can easily automate with the right kind of property management software. By introducing automation into your life in the six ways below, you’ll save time, money, and headache.
1. Sending Rental Reminders
Great property management often comes down to great communication. If you use rental software to manage your rentals, that software likely includes automated reminders of rent, leases expiring, maintenance ticket updates, and a whole host of other items.
By making it easier for your tenants to remember to pay rent, your tenants will have no excuse for forgetting their rental payment. You won’t have to worry about making phone calls, sending texts, emails, or leaving a notice on your renter’s door just to get your rental payment collected.
2. Collecting Rent
Speaking of making it easy to collect rent, allowing your tenants to pay online automates one of the most frequent (and important) tasks you do as a landlord. If you enable your tenants to pay online, the funds will likely hit your account directly with no effort on your end. Your tenants can also likely sign up for automated payments, meaning they’ll never miss a payment and you’ll never have to worry about it.
3. Enforcing Late Fees
No landlord wants their tenant to pay late and that’s why late fees have become so common in leases. But unfortunately, without the right automation and process in place, a late fee’s bark can be worse than its bite.
Software can automatically apply late fees if a tenant hasn’t paid within a certain timeframe. If you’re using that software for rent collection, your renter will likely be unable to pay their next month’s rent until all late fees have been paid. What’s more, they will probably receive automated notifications and reminders that the late fees are stacking up, creating quick and obvious incentive for the renter to pay on time.
4. Tracking Payments
If you permit your tenants to pay online, your software will likely track and properly attribute that payment for you. The entire collection and bookkeeping process can be automated. Your only job will be to check in periodically and make sure your cash flow looks as healthy as you expect.
5. Screening Tenants
Screening tenants effectively is the foundation of your rental business. A few bad tenants will consume more time than all of your many good tenants, so it’s important to avoid them at all cost. Unfortunately, screening tenants can take time. You need to collect information from your tenants, often in the form of an application, run that collected information through a screening service, make phone calls to verify information, and discuss the application with your tenants. Often, your screening service takes time to setup and qualify for depending on the method of screening you choose and managing all of your applicants and properly disposing of their sensitive information can be a headache in itself.
Fortunately, software can easily automate all of this. Many new software platforms allow you to quickly and seamlessly collect application info and will also provide you with screening info instantly after the application is submitted. They will also manage the data properly and allow you to accept, reject, and make notes on applicants.
6. Providing Tenant’s Documents
One thing is inevitable when managing renters – your tenants will lose their lease agreement and ask you for a new copy. They may also ask for other documentation, or you may need some record that you provided them (like lead-based paint disclosures). If you provide your tenants access to an online platform, you will likely also be able to store and share documents online. You may even be able to sign documents online! If you are a real estate agent and listed your business on Houzz, you can try to get houzz reviews with highest ratings.
In order to grow your rental business, you need to find more efficient ways to manage your time. Automating various processes, especially those that happen most frequently, can have a huge positive impact on your business. A little bit of leg work towards automation can go a long way and save you significant time in the long run!