For us in Memphis, it is the one your list is missing, Leo: one rent payment method, written into the lease, the same for all 236 doors. Before that, rent arrived by check, cash, apps, and drop-offs, and the first week of every month went to reconciling who paid what, and how. Now there is exactly one way to pay and one place to check. Late conversations get simpler too, because nobody can claim the payment went somewhere else. Your number three is our close second — same written screening criteria for everyone, focused on whether the story matches the paperwork. Systems beat memory, every time.
Rosina, one written payment method is a good addition, and I agree it takes the "where did the payment go" argument off the table. Having one place to check also makes the monthly reconciliation much quicker. When you moved everyone onto a single method, did you phase it in at renewal or switch every house at once?
@Leo Stein good list. I'd add one: reconcile the ledger every month, not just when something looks off. Rent credits, partial payments, and auto-pay delays add up fast across multiple units, and a small mismatch is a lot easier to clear up than a six-month one. Having contractors lined up before a tenant moves out helps a lot too. Hope we cross paths sometime.
@Leo Stein good list. I'd add one: reconcile the ledger every month, not just when something looks off. Rent credits, partial payments, and auto-pay delays add up fast across multiple units, and a small mismatch is a lot easier to clear up than a six-month one. Having contractors lined up before a tenant moves out helps a lot too. Hope we cross paths sometime.
Thanks, Matthew. Reconciling the ledger every month is a good habit, since a small mismatch is far easier to clear up than a six-month one, and lining contractors up before a move-out saves a lot of scrambling. Do you reconcile on a fixed day each month, or when the bank statements land?
For me it was the one repair channel. Early on I had tenants calling, texting, leaving notes in the mailbox, and things slipped. Once everything went through one number and I had a plumber, electrician and handyman lined up ahead of time, a leak at 2am turned into a 10 minute phone call instead of a whole night.
Close second is the clean file. Dated photos at move in and move out have saved me more than once on security deposit disputes, and at tax time I'm not digging through a shoebox of receipts.
For me it was the one repair channel. Early on I had tenants calling, texting, leaving notes in the mailbox, and things slipped. Once everything went through one number and I had a plumber, electrician and handyman lined up ahead of time, a leak at 2am turned into a 10 minute phone call instead of a whole night.
Close second is the clean file. Dated photos at move in and move out have saved me more than once on security deposit disputes, and at tax time I'm not digging through a shoebox of receipts.
Jimmy, a 2am leak turning into a 10 minute phone call is a great example of why one repair channel is worth setting up early. Dated photos at move-in and move-out are also a solid record when a security deposit comes up. Did you line up the plumber and electrician before you needed them, or build that list after a bad night?
Leo, honestly the list came after a bad night. Had a hot water heater let go on a Saturday and I was calling five plumbers off Google at 11pm. After that I made a point of using the same plumber and electrician on small stuff first, paying them fast, so when something real happens they actually pick up. Now I keep two names for every trade in case one is booked.
Jimmy, a water heater letting go on a Saturday night is a rough way to learn that lesson. Using the same plumber and electrician on small jobs and paying them quickly is a smart way to earn a callback when something big happens, and keeping two names per trade covers the booked-up days. How did you find your first two trades, through referrals or from trying a few small jobs?
Mostly referrals at first. I asked other landlords and a couple of agents in my office who they actually call, not who has the best reviews online. Then I'd give each one a small job like a leaky faucet or a bad outlet and see if they showed up when they said and what the bill looked like. The ones that passed that test got the bigger stuff.