Best Practices & Market Awareness – What Are You Paying Attention To?

Question

I’ve been thinking a lot about how to improve not just in day-to-day management, but also in staying aware of market trends and any new regulations that could impact operations or cash flow.

Curious what others are focusing on lately. Are there specific practices, tools, or changes you’ve made that have helped? Also, how are you staying in the loop on things that could affect your properties or management approach?

Would love to hear what’s working for you.

Garrick Oconnell · Answer

Networking with local investors

responding to market and rentals taking longer to fill by walking properties in portfolio and competition (w/ permission), calling local rentals to verify competitive offerings, talking to agents.

Testing competitive changes and opportunities like

I noticed my automated showing scheduling slowed last year with a noticeable increase in DOM for rentals. In response I dismantled it and focus on responding as fast as possible to any inquiry - Definitely takes more of my time but it has made a difference.

Patrick O'Sullivan · Answer

Nice. Getting the pre-screen done in that first reply really helps weed out the obvious mismatches before anyone even tours.

Garrick Oconnell · Answer

Pre screen on the second reply to inquiry

Garrick Oconnell · Answer

To clarify I am still doing self showings on most properties, I just do not use Show mojo or rently on the front end. At face value I thought it ONLY screened out prospective tenants that do not meet the criteria, but it screened out enough valid prospects for me to completely change my system.

Patrick O'Sullivan · Answer

Thanks for the clarification. It’s interesting to hear that those tools ended up filtering out solid prospects. Sometimes those automated systems can be a bit too rigid, especially if they don't account for context or nuances in a tenant’s application. Sounds like going back to more direct control over the process is working better for you, even if it takes a bit more time.

Are you still doing any pre-screening via phone or forms before the showing, or just handling it all in person now?

Patrick O'Sullivan · Answer

Great insights, Garrick. It’s interesting to hear how dismantling automated scheduling in favor of faster personal responses has made an impact on you. There’s definitely value in the personal touch, especially when prospects are shopping around. Appreciate you sharing your approach to walking comps and staying proactive in a slower market.

Patrick O'Sullivan · Answer

For my part, I’ve been trying a few different approaches to stay ahead, especially with long-term rentals in mind:

• City Council & Planning Agendas: I make it a point to review these at least monthly. They’re not the most exciting read, but I’ve caught early signs of zoning changes and policy shifts that could impact operations down the line.
• Market Tools (Rentometer, AirDNA): I don’t rely on any one tool, but using them in combination helps create a baseline for rent comps, particularly when weighing LTR potential against STR or MTR models.
• Local Investor Conversations: Whether it’s chats here on BP or catching up with other Phoenix-area investors over coffee, these casual conversations often surface key info—like permitting updates or changes in code enforcement—that’s not always widely published.
• Refining Internal Processes: I’ve been reviewing and tightening up our PM workflows—everything from tenant communication to maintenance tracking and lease renewals. Small improvements here have made a big difference in staying flexible when market conditions shift.

City Council & Planning Agendas: I make it a point to review these at least monthly. They’re not the most exciting read, but I’ve caught early signs of zoning changes and policy shifts that could impact operations down the line.

Market Tools (Rentometer, AirDNA): I don’t rely on any one tool, but using them in combination helps create a baseline for rent comps, particularly when weighing LTR potential against STR or MTR models.

Local Investor Conversations: Whether it’s chats here on BP or catching up with other Phoenix-area investors over coffee, these casual conversations often surface key info—like permitting updates or changes in code enforcement—that’s not always widely published.

Refining Internal Processes: I’ve been reviewing and tightening up our PM workflows—everything from tenant communication to maintenance tracking and lease renewals. Small improvements here have made a big difference in staying flexible when market conditions shift.

Curious to hear what others are using or watching lately—especially if you have go-to tools or Phoenix-specific resources that have helped you stay sharp.

Best Practices & Market Awareness – What Are You Paying Attention To?

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