When you own a rental property, whether it’s for long-term tenants or for those looking to get away for the weekend, you’ll probably want to make managing your properties easier. This means not only keeping it clean and full of desirable features but also running efficiently, even when you’re away.
Today, RentRedi shares a post that we hope will enhance the property management experience for both you and your tenants or guests.
The people staying in your property want to enjoy a safe and secure rental experience. This is especially important if your property is in a high crime or tourist area. Spend a few hours evaluating how secure the home, condo, cabin, or apartment really is. For freestanding properties, bring any landscaping professional that can trim any overgrown bushes that might serve as a hiding spot for someone to break through a low window. You can also install a smart home security system, which can integrate with your outdoor cameras, path lights, and video-enabled doorbell.
Convenience Is Key
In addition to feeling secure, vacationers and long-term tenants alike will appreciate convenience in all of its forms. The RentRedi app is one example.
Directly from the mobile app, tenants can pay rent, sign the lease, and even connect with local moving companies when it’s time to go. Something else to consider here is making sure your guests have access to someone 24/7.
RentRedi offers maintenance coordination—which means you can even be more hands-off in your property management by not having to field repair calls from tenants 24/7.
If you have yet to purchase your rental, know that affordability is subjective and does not mean the same thing from one area to the next. A $1000 per month rental in the city will likely be considered a better value than the same price 30 minutes outside of town.
When you are buying your first property, Rocket Mortgage explains that understanding your costs is part of the process. You’ll be required to pay everything from property taxes and utilities to the mortgage and maintenance expenses.
Since you’ll have to factor these into your nightly or monthly rental fee, speak with your mortgage broker to confirm that you can afford the mortgage and then look at similar properties to see if the rent will cover everything you are out of pocket.
Hands-Off Property Management
Do you envision your property but it having it generate completely passive income? If so, one way to make managing your properties easier is to look into hiring a property manager or property management software.
A property manager is an excellent partner to have as you grow your real estate portfolio. They can handle service requests, tenant screening, and advertising.
Similarly, property management software like RentRedi can help you do everything and costs less than the 10-12% a property manager will cost you. This can be a key factor in streamlining your rental management while saving money. Property management software can help you collect rent, screen tenants, sign leases, and manage maintenance.
The other two most compelling reasons to use a property management software is that you will have less stress and you can use a standardized application & tenant screening that can help you comply with the Fair Housing Act and the Americans With Disabilities Act, both of which may be difficult to understand for a novice investor.
Make Managing Your Properties Easier
It takes time to get to know all of the subtle nuances involved in owning real estate. Fortunately, there are ways you can make managing your properties easier than it might initially seem.
Whether you’re managing a long or short-term rental, investing in security systems, looking for conveniences & affordability, and using a property management software like RentRedi can make managing your properties easier than ever!