All Forum Posts by: Nathan Miller

Hey @Bryan C., you've gotten some great recommendations on here and there's been other threads on BP that can help out too.  Also try googling "tenant ach" and similar terms to get a pretty complete list.  Since most of the popular ones are used on here at least by somebody, so vet them out before going forward.  Even test them out by calling them to see if they pickup the phone and would be there to help you if something goes wrong.  You don't want your rent payments lost in the ether without anybody to call in the event of an error.  Of course each solution has it's pros and cons which of course I'm not allowed to discuss, but you are! :)

Hi @Tim Wilkinson, you are not wrong at all.  First off, you don't want to accept reports that tenants can provide.  It only takes them 10 minutes to doctor fake credit reports.  Even if it seems difficult for you or me, other people find it very easy.  Plus it's easy enough for landlords to order their own reports these days, it quite literally only takes about 30 seconds.

Hi @Deb Smith, You got it right for the background screening.  Whether it's with Rentec or any other solution that lets you order the reports directly you still use your own application and collect their information (ssn, drivers license, dob, past addresses, etc).  Part of your application needs to explicitly give you permission to check their credit and criminal history (this part is important).  Then you just plug that into the order form and a few seconds later should have their credit, criminal, and eviction reports in front of you to make a decision.

As to your second question, yes there absolutely are services that do that.  Feel free to PM me if you are interested in that info specifically.

Hi @Jing Tagle, Generally, I recommend raising rent slowly as we publish on this guide on how to raise rent on your tenants however, if it's $2500 below market rent I think you may need to work on immediately increasing the rent to market rate.  I would discuss it with the tenants and give them a graceful exit if they cannot afford the new rent.  But if you think you would have no problem renting it for $4500 and making an extra $2500 per month, it's an easy decision I think.  The renters probably well know that they have been getting an amazing deal and they don't expect it forever.

Just keep in mind that this is in fact a business and the same way that Costco doesn't sell a $4500 TV for $2000, you shouldn't be selling a month of rent for $2500 too little either.  Try to keep your emotions out of the decisions.

p.s. As Sue said above, be sure to give them proper notice when/if you do decide to raise it.  It's 60 days here in Oregon, and it sounds like it may be 60 in CA as well.

Hi @Rosenly Paez,

Are you looking for owner clients or renter clients?

If you are looking for owner clients, be sure you are listed as a "property manager" for your area.  When people google "property management in <yourcity>" make sure you come up.   Then pitch them on your quality of service.  Be sure you offer an owner portal so the owners can login and see their property stats and be sure you are easy to reach.

For renter clients, make sure your listings are syndicated to every possible listing site.  This includes Zillow, Trulia, Apartments.com, Rentals.com, etc etc etc.  There's dozens of them now.  Ideally, your property management software just does this for you automatically so it doesn't take forever.

Good luck starting your business!!

Hey @Chris V. - that's awesome that you've gotten half of your tenants moved over to ACH.  We've found with our clients using ACH that their vacancy rates dropped significantly afterwards because tenants are less inclined to move when they are setup for automatic payments.  I'm curious if you see the same trend.  If you remember in about 6 months, give us an update.

Thanks for the feedback @James Wise.  Your request #1 was able to be included in some updates we pushed live this week.  We haven't even announced them yet, so you might just be the first to know. :)  I'll email you and fill you in on the details.

@Andrew B. - I was at a CEO meeting the other week and heard excellent things about Investor Carrot.  I don't use it myself, but I've run across many happy clients of theirs.

https://oncarrot.com/

Hi @Andrew Dorazio, you'll get a lot of good recommendations on these forums for the most popular products.  Fact is, all the leading software providers have their strengths and each one feels different to the user when they are in using it.  The best way to get a good feel for the software is to try out their free trials.  Take 20 minutes on each and setup a property and move in a tenant.  Just get a feel for the process and see which one feels the most efficient to you.

Second most, since most solutions are cloud-based, you'll want to ensure the support is good.  Pick your top 3 or 4 solutions and give them a call.  See who is the most knowledgeable about the product, and perhaps more importantly which is the most knowledgeable about running a property management business.

Hey @Jason Hartley, thanks as always for the recommendations!  We truly value you and appreciate your, and others, feedback on these forums! 

As to @Will F.'s question.  Will Rentec raise their prices?  Nobody can foresee the future indefinitely, but I can tell you that your pricing is stable for as far forward as I can see, and I have pretty good vision!  We run a tight ship and are a profitable company with no need to raise our prices to pay back loans, appease investors, VCs, or stockholders (as we have no outside influence affecting our pricing decisions).  Plus, while others may have dropped support for landlords to focus on property managers, we remain committed to the Rentec Pro product which is the one designed for landlords.  We built the product originally for landlords, and we will never abandon them.

As to feature-sets, I'm not going to self-promote on BP or say one solution is better than the other as that is for you to decide.  I'd just suggest to anybody looking to improve their efficiency and image with an industry specific software; go and try out the free trials of each software that fits your needs.  Call or chat with the company and see who feels the most comfortable to work with.  Decide for yourself because each software has it's strengths.  Once you choose one, it can be a chore to switch down the road, so take the time to make the right choice for your business up front.

That said, I'm here on BP and always available for questions.  PM me any time.