Real Estate Broker · Ashland KY · Member since 2018 · 57 posts · 71 votes
As you scroll through fackbook or other sites you see various life hacks about cooking, landscaping, etc. I want this post to be about landlord hacks( what are some simple tricks you use to make your life easier as a landlord).
1. I only use deadbolt locks on doors ( and non locking handle) because it prevents tenants from locking themselves out.
2. I buy a years worth of air filter for a property because the tenant will forget to buy the air filters and change them.
3. I only buy 2br/1ba houses to lower the chance of hoarding and stairs.
Open a 'rent' checking account and allow tenants to deposit into it (but set up transfers so the account always has a $0 balance). This allows tenants to pay with cash or check at any of the bank locations without having them (or yourself) incur any transaction fees.
Use quarterly air filter changes as an excuse to inspect all of your properties. (best $4 investment possible)
Give tenants a standard repair cost sheet during the lease signing. This way they will not be surprised by what they get charged when they move out.
Don't get in a rush to rent out a unit... wait for the best qualified tenant.
It is cheaper, and quicker, to pay someone to leave a unit than try to evict them.
Get a few Google Voice numbers (they are free) to use for different tenant purposes.. emergency, general questions, general maintenance. That way you can block out all after hour calls/texts that are not to the emergency line and set up the numbers to forward depending on your schedule.
A lot of great advice here. I don’t have anything to contribute from experience, but I’m glad I read this. I learned a lot and got a lot of ideas on this thread so far. Thanks guys!
I’m curious on those that use self showings. Showings & setting them up waste a bunch of my time. I know there are a lot of self showing options. I have thought about this a lot.
1: how do you do it?
2: how do you know who’s looking?
3: how do you keep from getting robbed? Tenants not locking doors, windows, making copy of key, coming back later or just flat looking to steal & not rent?
4: if someone does steal or damages unit how to you prove it?
5: do you use an app or your own equipment & why?
6: how do you do online applications & lease signings? Do you ever met prospects? I find meeting them is very benificial.
You should really look into some software like Buildium or appfollio
Everything can be electronic and you can track tasks etc for maintenance. People can also easily pay online with ACH or even credit card.
Thanks. Do you know what kind of costs come with these? Are they user-friendly?
I usually don't have more than 3 dozen rentals and really don't need a CRM for driving sales growth. Unless the sales growth also refers to selling your assets. LOL
Small hack most people aren’t aware of is the text replacement feature on the iPhone. It was designed for replacing acronyms to words (if you type “btw” you can tell your phone to auto fill it to “by the way”)
I use the text replacement feature with automated responses. When I type “1*” = first automated response, etc. When someone asks about a unit available I can respond in 1 second just by typing out that response code.
I tell them thanks for their interest and provide them with an online form to schedule a showing. I don’t do anything else until that survey hits my inbox. Then I know the prospect is serious. If they don’t qualify then I have an auto response that tells them they didn’t qualify, otherwise I call them to schedule a showing.
I have found them to be pretty user friendly. If you have less than 50 units most of those platforms will give you a pretty good deal. I think Buildium has prices listed on its site. Like most software you get out what you put in. But even just using it for basic things could make it worth it for an easier time at tax time and tracking your invoices bills etc.
there are also tenant portals so tenants could request maintenance or pay online which around is a lot of people prefer and it became an amenity for rentals
You should really look into some software like Buildium or appfollio
Everything can be electronic and you can track tasks etc for maintenance. People can also easily pay online with ACH or even credit card.
Thanks. Do you know what kind of costs come with these? Are they user-friendly?
I usually don't have more than 3 dozen rentals and really don't need a CRM for driving sales growth. Unless the sales growth also refers to selling your assets. LOL
This will be the most unpopular and unacceptable answer, but one that will save a NEW landlord far more grief than they could ever imagine:
Don’t rent to protected, entitled classes of people like those with “emotional support animals” or 400 pound disabled people. As least read all of the laws on those classes first to find out that they have total control over you... And they know it... and they have the full support of all legal agencies.
This will be the most unpopular and unacceptable answer, but one that will save a NEW landlord far more grief than they could ever imagine:
Don’t rent to protected, entitled classes of people like those with “emotional support animals” or 400 pound disabled people. As least read all of the laws on those classes first to find out that they have total control over you... And they know it... and they have the full support of all legal agencies.
Maybe the best advice could be, don’t take advice from people who have 1 post on BP and blatantly tell you to violate Fair housing laws.
Small hack most people aren’t aware of is the text replacement feature on the iPhone. It was designed for replacing acronyms to words (if you type “btw” you can tell your phone to auto fill it to “by the way”)
I use the text replacement feature with automated responses. When I type “1*” = first automated response, etc. When someone asks about a unit available I can respond in 1 second just by typing out that response code.
I tell them thanks for their interest and provide them with an online form to schedule a showing. I don’t do anything else until that survey hits my inbox. Then I know the prospect is serious. If they don’t qualify then I have an auto response that tells them they didn’t qualify, otherwise I call them to schedule a showing.
Are you $*%#@ kidding me! When people text me regarding available rental property, I've probably typed "Thank you for your interest. Best to call me at xxx-xxx-xxxx' a thousand times over the past 10 years. If you are ever in Concord, NC, Timothy, I'll buy you a cheap lunch. Best, Terrell
@Shane Craig install IP cameras to monitor remotely (multi unit properties) use the internet service to provide WiFi to Tennant’s at cost for extra income and pay for your internet service. Will only work if you offer a competitor price per month compared to the local internet service provider. You also need to use wireless access points with the ability to broadcast multiple isolated networks that you can manage remotely and at high enough speeds that will provide tenants with at least 100mps each. Yeah, it’s a bit techy, hire a professional if it’s over your head.
@Mary Mitchell @Michael Ablan I hope you don't mind me asking, would you mind sharing some tips on how did you automate self managing properties? Like tenant screening or maintenance issues.
I'm currently debating whether to hire a PM or do it myself. Heads up, I'm about to close on a 4plex. That's why I'm considering managing it myself, for now.
Landlord Locks, now I have 1 master key and it opens all the doors. Rekeying is super easy as well, just use the control key and swap out the tumbler. Only a deadbolt lock so no chance of a lockout.
I also use a Google voice number and 1 paint color for everything.
After reading through this I will be adding a tenant guide book, that's a great idea!
@Karl B. Wouldn’t the “all toilets and drains are responsibility of tenant” can possibly screw you if tenant just not fix any possible clogs and cause overflow to happen?
That never happened and is quite unlikely; a tenant isn't going to run a clogged sink and walk away, causing it to overflow. And regarding a clogged toilet: it's not going to overflow if it's clogged. They would simply have a non-working toilet and have to call a plumber to snake it.
The fact is they're much more unlikely to clog anything when they have to pay the plumber to remove the clog....
@Mary Mitchell @Michael Ablan I hope you don't mind me asking, would you mind sharing some tips on how did you automate self managing properties? Like tenant screening or maintenance issues.
I'm currently debating whether to hire a PM or do it myself. Heads up, I'm about to close on a 4plex. That's why I'm considering managing it myself, for now.
Any advice would be much appreciated! Thank you.
Unfortunately I haven't figured out a way to automate the process other than allowing tenants to self show apartments. The property management software takes away a lot of the heavy lifting though. I can send a prospect a link and they can fill out their application from their phone. I can then run my credit/screening right from the software. If everything comes back good, then I can send my pre-autofilled lease to them (from the software) and they can sign right from their phone. It comes back to me and its done.
For maintenance requests I have my tenants take pictures and use our app to submit work orders. I then assign these to the appropriate person, who goes and finishes the job. They update it, I check it and if everything is good then I close it out.
@Michael Ablan what PM software do you recommend and why over the others?
I started out with Buildium. It was perfect for us. It had all the really nice features like mobile lease signing, epay, mass text, mass email, mass USPS mail, work order management, screening, ect.
However, we're outgrowing their platform, so I'm in the process of switching to Appfolio as we speak. I can report back on that down the road.
I also tried Rent Manager before Buildium, but it was too much program for me. I needed a more modern, easy to understand interface. I don't enjoy learning how to use software
@Shane Craig I don’t ever hear Avail mentioned on these forums, but we’ve switched from Cozy to Avail and it’s great. They have a feature where they report rent payments to the credit bureaus, so it incentivizes your tenants to pay on time. It’s doubly effective because a late payment gets reported as well. We have tenants who are trying to repair their credit and I think this has been a big motivator and makes my life much easier.
Syed H - Yeah, because nearly 30 years of experience as a landlord/property owner doesn’t mean anything if someone has only posted one time on bigger pockets. I would never ever recommend that someone violate fair housing laws! But that opens up another tip… sometimes landlords make last minute decisions to take a property off the market and remodel it and the temporary loss of income is ok.