Landlords and property owners don’t like to spend money unnecessarily, though as new technology becomes available you will want to look into updating any of your methods, processes, or programs that can save money in the long run. Here are four areas landlords may want to consider updating to improve management and the bottom line.
1. Maintenance System and Processes
If your maintenance request process consists of receiving a phone call from the tenant, writing up a maintenance request, and handing it over to the individual that takes care of the repairs for you, it may be time to update your process. Keeping a record of maintenance is essential to ensure you’re deducting all possible expenses and maintaining your properties as well as needed.
Modern maintenance programs allow you to do much of your communication through email, text messages, or even through an application. You can set up preventative or routine maintenance tasks according to a schedule and check them off once they’re completed.
2. Application and Review
If you don’t have an online application, you may be missing out on potential tenants. Worse yet, if you don’t use an application at all, and rely on an informal meeting with interested applicants, you are setting yourself up for trouble. Tenant applications ask standard questions that you need to know about prospective tenants.
When you use an automated system, you can ensure you’re following a standardized program. You can use an online company to process credit checks and do background checks, ensuring all applicants receive the same treatment. It also alerts you to potential problems rather than you relying on a “gut feeling” for good or bad information about someone.
3. Accounting Programs and Companies
Even if you are a small company or single owner and can’t afford to hire a full-time accountant, you can benefit from using a formal accounting program or hiring an outside company. If you like to work with numbers and have only a few rentals, you may want to do your own bookkeeping.
Modern software programs make it easy to keep track of expenses and income. They can input the data into spreadsheets and reports, allowing you to see at a glance how your rental business is operating.
If you have a larger rental company or don’t like to do the bookkeeping, you can hire an outside accounting company to manage payments, pay vendors and track expenses. With a good accounting system in place, you can keep track of expenses and get all of the deductions you qualify for.
There are dozens of tasks involved in managing your rental business, from sending out renewal notices to lease signings to regular inspections. You can’t be expected to remember everything, but the fallout can be big if you forget an important task. That’s why landlord management programs are so beneficial. Even if you have only a few units, you can find an affordable program that will help you be more efficient. Programs can range in price from just a few dollars to hundreds of dollars. Compare prices and benefits to find the one that best meets your needs.
If you’ve been operating your rental business old-school, it’s time to update and make your company more efficient and productive. You’ll spend less time playing catch-up on tasks and more time managing the most important aspects of your business and increase your bottom line.
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