Time is the one commodity you can’t replace or get back. As landlords, you’re likely burning the candle at multiple ends. We’ve been in your shoes and understand the struggle to manage multiple tasks.
To help you gain back control of your day-to-day, we put together our favorite timesaving tips in this post. Leverage these words of advice, and if you have more to share, send them to us. We love hearing what works for you!
Timesaving Advice to Help You Take Back Your Day
When we first started our rental business, we were so excited that we weren’t keeping track of our time. When we had the opportunity to show a house, we jumped on it. Our main concern was getting the house rented. As a result, we did everything to make that happen. What we quickly found was that not everyone is well qualified to rent your unit. People talk a bigger game they typically deliver. Our lack of process led to unqualified tenants and big headaches.
After learning our lesson, we adopted a pre-screening process that saves so much time. When applicants get in touch with us about a rental unit, we send them our pre-application packet. That process gathers information including monthly income, number of tenants, whether or not the applicant smokes, any pets, where they currently live, and what they now pay in rent.
This pre-screening process weeds out more people than you’d expect. It also provides a gauge on the tenant’s willingness to follow through and cooperate while providing you with an in-depth view of their current situation. Once we get a completed pre-application packet, we evaluate the information and schedule a showing if the applicant’s income meets our 3.5X rent threshold.
Note: It’s essential to make sure the applicant can afford your unit and that they make enough additional income to handle little bumps in the road.
Leverage Rent Collection Software
One of the absolute best decisions we made for our rental management business was creating and adopting RentMindMe. Unlike tools like Venmo and Cash App, a rent collection software provides visibility into things beyond just receiving a payment. Also, rent collection software operates on the data provided at set up, so you don’t need to worry about additional monthly maintenance.
Timesaving is a considerable benefit, but you also gain more control when it’s time to collect rent. RentMindMe helps you save time when billing rent, reconciliation and accounting. Having a rent collection software keeps you and your tenants on the same page, so you won’t have to worry about miscommunications.
Plus, if a disagreement arises, you have a system to back you up so you’ll always have the confidence to enforce late fees or billing for that utility you felt bad about charging even though it’s in your lease as the tenant’s responsibility.
Prevent Maintenance During Turnovers
When you have a tenant turnover, please take steps to address things that you recognize as concerning before it gets too out of hand. It may take a little time at the moment but think about how hard it can be to address maintenance items once a tenant moves in, has their belongings in the unit, and has a busy schedule that you need to workaround.
Addressing preventative maintenance tasks before you put another tenant in place saves both of you time and puts the tenants in a frame of mind to keep the unit as they received it — in good working order.
Bonus Tip: Adopt Standards
Standards include common paint colors, flooring material, appliances, and faucets. When you standardize these assets across all your units, you’ll realize great timesaving. By removing the guesswork out of replacement, you’ll know what you need when turnover comes around, so touching up a unit is quick and easy as opposed to reinventing the wheel each time.
We’re here to help. If you’re a landlord that needs help simplifying your business, get in touch with us today. Give us a call or sign up for a demo to see how our rental management software can work for your business.