Having Systems in Place

2 Replies

So, I have seen a lot of posts referencing the development and implementation of systems to make owning and managing their rentals either on a smaller or larger scale. I was just wondering what specific systems people have developed that have worked well for them and how they ended up developing those systems? I think it would be interesting to get multiple points of view on what works in specific markets. Thank you in advance for any and all comments.

2 big ticket items;  tenant advertising, apps, credit check, written requiremnts (put at bottom of the ad) AND your private punch list / tenant scoring check list.  This set of tools, steps and system is biggest.  

I use a small fry org for on line (cell compatible) apps and credit check with eviction and criminal check optional.   rentmarketplace.com.   There's many including cozy.co that also does rent collection, NTN tenant screening.

2) rent collection.  This is huge too.  A small number of houses and you can take mailed checks.  After so many this is impractical plus you don't realize the value of reports and historical payments search value.  I use erentpayments.com , they have great reports. They also do applications and credit check on line and works great.

In this camp is rent roll management.  If you use a system like erentpayments.com then a spreadsheet is ok.  You need reporting and search.  At times you need to search how much a tenant paid and what day of the month!!!!  Don't under estimate the importance of knowing day of month 6 mo ago they paid.

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Written requirements are important for Fair Housing compliance AND signalling to weak tenants to not bother to apply if they don't have 3x rent from long term jobs, are planning on long term stay (I require multi-year stays and get it), a bank account with 3x rent balance today (they have to send me a screen shot).  I fully screen before I ever see them.  They don't fill out an app but I've gone over all the details, the app is just for documentatoin for me.

3) duplicates of contractors for repairs you text when the AC breaks, dripping faucet etc.  My job is just texting from tenants to contractors to go out and fix stuff....

So its not like software systems.  Its more a case of "steps" to follow every time.  This is MOST important for screening steps.  Create a screening step by step guide AND a score sheet you fill out per applicant.  This is private.   

Google;  apartment complex written requirements.  The apartments are experts at following Fair Housing and screening.  Some of your screening is to keep weak applicants from even contacting you but putting all requirements in your ad.  "we check credit" "you need a bank account with $NNNN balance"  etc.   Every one who texts me, contacts me, I have go back to the ad and read the requiremetns.  Thankfully many never return.  GOOD!!!!   :)   A great advertising system will reduce the number of applicants you have to talk to.  :)    My goal is just ONE applicant contacts me for an opening,,,, the perfect applicant.  Saves a ton of time and mistakes.   LOL   Right?

Originally posted by @Curt Smith :

2 big ticket items;  tenant advertising, apps, credit check, written requiremnts (put at bottom of the ad) AND your private punch list / tenant scoring check list.  This set of tools, steps and system is biggest.  

I use a small fry org for on line (cell compatible) apps and credit check with eviction and criminal check optional.   rentmarketplace.com.   There's many including cozy.co that also does rent collection, NTN tenant screening.

2) rent collection.  This is huge too.  A small number of houses and you can take mailed checks.  After so many this is impractical plus you don't realize the value of reports and historical payments search value.  I use erentpayments.com , they have great reports. They also do applications and credit check on line and works great.

In this camp is rent roll management.  If you use a system like erentpayments.com then a spreadsheet is ok.  You need reporting and search.  At times you need to search how much a tenant paid and what day of the month!!!!  Don't under estimate the importance of knowing day of month 6 mo ago they paid.

====

Written requirements are important for Fair Housing compliance AND signalling to weak tenants to not bother to apply if they don't have 3x rent from long term jobs, are planning on long term stay (I require multi-year stays and get it), a bank account with 3x rent balance today (they have to send me a screen shot).  I fully screen before I ever see them.  They don't fill out an app but I've gone over all the details, the app is just for documentatoin for me.

3) duplicates of contractors for repairs you text when the AC breaks, dripping faucet etc.  My job is just texting from tenants to contractors to go out and fix stuff....

So its not like software systems.  Its more a case of "steps" to follow every time.  This is MOST important for screening steps.  Create a screening step by step guide AND a score sheet you fill out per applicant.  This is private.   

Google;  apartment complex written requirements.  The apartments are experts at following Fair Housing and screening.  Some of your screening is to keep weak applicants from even contacting you but putting all requirements in your ad.  "we check credit" "you need a bank account with $NNNN balance"  etc.   Every one who texts me, contacts me, I have go back to the ad and read the requiremetns.  Thankfully many never return.  GOOD!!!!   :)   A great advertising system will reduce the number of applicants you have to talk to.  :)    My goal is just ONE applicant contacts me for an opening,,,, the perfect applicant.  Saves a ton of time and mistakes.   LOL   Right?

 Thanks for the detailed response, I've vetted some of these resources and researched them to find one that works well for me. I like the idea of searching for apartment screening criteria as a guide. I appreciate all the feedback!

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