Any business should have a set of rules that help it to stay afloat and move in the right direction. The competition in the property management industry is likely to increase over the next few years, so it makes perfect sense to come up with effective ways to improve your business model. Among all the tools that can potentially benefit your rental property business, there are a couple of features worth paying special attention to:
Marketing Website
A personalized website is a great way to attract more prospects to your vacant units. Having your own website allows renters to view the property and ask you any property-related questions directly through your website.
According to a TenantCloud Twitter poll, 38% of respondents consider a personal marketing website the most effective way to find tenants.
Make sure to include these elements to generate leads and fill vacancies faster:
- A catchy listing description.
- Rent price and fees displayed on the front page.
- High-quality images and a nice color palette.
You can read the full article here.
Tenant Screening
Another helpful feature most landlords take advantage of is tenant screening. To make sure you’re renting to reliable tenants, running a background and credit check on the prospects is a must. Potential tenants will provide employment verification and credit history in order to give you a full picture of who they are as renters.
It’s also essential for landlords to determine if an applicant is likely to maintain the terms of the lease agreement and keep the rental premises in a good condition. When reviewing rental applications, look out for the following red flags: prior evictions, low credit score, unsteady income, and too many previous residences.
Based on the data collected through a Twitter poll, about 41% of respondents screen their potential renters with the help of a tenant screening tool.
You can read the full article here.
Related: Best Real Estate CRM Software for Real Estate: Tenantcloud for Landlords
Digital Payments
Since collecting rent payments is a crucial part of the landlord’s routine, adopting digital payments seems one of the smartest decisions a landlord can make at this point. There are tons of reasons to use online payments when accepting property-related payments, including security of transactions, the ability to access payment history anytime, and keeping track of the transfers easily.
You can read the full article here.
Accounting Management
Having a reliable accounting tool allows landlords and property owners to accurately manage their finances and keep track of accounting records. The most effective way to do so is to start utilizing a solid property management software with built-in accounting that will automate most of the processes related to business finances.
Almost 40% of Twitter poll respondents find a property management software the most effective tool for managing property-related finances.
You can read the full article here.
What feature is the most effective for your rental business? We’d love to hear about your experiences?
Upgrade Your Rental Business: Top 5 Landlord Tips
