From finding the right tenants to handling maintenance requests, self-managing rental properties can feel like a full-time job. While there’s lucrative benefits to self-managing (like keeping the 10% you’d typically give a property manager), the list of responsibilities can be overwhelming.
But it doesn’t have to be overwhelming. Not when you use landlord software to streamline, professionalize, and optimize your rental business. Using online tools saves you time AND money, so you can keep your passive income, passive.
So how do you get started?
Market Your Rental to Top Listing Sites
Over 50% of renters find their next rental through platforms like Apartments.com, TurboTenant, Craigslist, and Redfin, according to TurboTenant’s most recent State of the Rental Industry Report, so you want to make sure your listing is published to these sites. But don’t waste your time creating dozens of listings and manually posting them to each site. Instead, use a free software like TurboTenant to create one listing and automatically publish it to all the top listing sites.
Not only can landlord software publish your listing, but it can also help you create an attractive, compliant, and professional listing unique to your property so you can bring in only the most qualified leads. TurboTenant has an awesome AI tool that generates a listing description in under five seconds. The AI tool not only helps you when you have writer’s block, but it has built in FHA parameters, so you can rest assured that your listing will be compliant with the Fair
Housing Act.
Pre-Screen Every Applicant and Simplify Collecting Applications
Once you move your rental marketing online, you’ll need a way to weed through all the leads interested in your rental. We recommend using an automatic pre-screener so you don’t have to waste your time with unqualified leads. What should a pre-screener ask? You’ll want to make sure you gather information about a lead’s employment status, credit score, desired move-in date, monthly income, pet ownership, and any other important information that’s necessary to
your specific property (just make sure you aren’t violating any FHA regulations). TurboTenant is a great option because every lead will receive an automatic pre-screener that you can view from anytime in your landlord dashboard.
Once you’ve narrowed down your applicant pool, send interested renters your unique calendar booking link to streamline the showing scheduling process. Using an online calendar allows for you to set your availability once and for tenants to pick a time that works best for them. TurboTenant allows you to create a booking link and will send both you and your tenant reminders before the appointment. This way you’re not going back on forth trying to find a time
that works for both of your busy schedules.
Found the perfect tenant? Don’t forget to send them a rental application. No matter how awesome they might seem, every applicant should be thoroughly screened before move-in so
you can ensure your rental is protected and rent will be paid on-time every month. TurboTenant’s rental application includes a background, credit, eviction, and criminal check is 100% free for landlords.
Lease Agreements & Condition Reports
Found your perfect tenant? Congratulations! It’s time to initiate the move-in process. You’ll want to have an airtight, state-specific lease agreement. It’s best to create one online so you can send it to renters for e-signature and save time. No need to spend money on a lawyer either. TurboTenant offers online state-specific lease agreements for $59 per lease – and includes e-sign. The finished document will be stored forever in your account and addendums can be added at any time.
Now that you have a secure lease agreement, you’ll also want to proactively protect your property with a move-in inspection. You can easily automate this with digital condition reports. TurboTenant allows you to create a custom report through your dashboard and send it off to tenants. Tenants can add notes, upload images, and sign off once they’re down conducting their inspection. The report can be easily referenced upon move-out so you can know what needs to
come out of the security deposit and what was an existing issue in the rental. Avoid the he-said, she-said!
Collect Rent On Time, Every Month
Don’t waste your time hunting down tenants for the monthly rent check. Not when you can automate rent collection virtually and have it deposited directly into your bank account.
Already using a peer-to-peer payment processor like Zelle or Venmo? You’re running a business, not splitting the bill with your friends. Try a more professional rent collection solution like TurboTenant. Unlike Zelle or Venmo, TurboTenant allows you to set up automatic late fees, autopay, rent reminders, and send rent receipts (which is legally required in 18 states). Not only do payment processors lack automation features, they also have high fees and withdrawal limits
on businesses.
You also want to make sure you’re keeping track of every rent payment so if there’s ever a dispute, you know who paid what on what date. Online platforms like TurboTenant will store all
this information for you and even help you keep track of your monthly cash flow, optimize tax deductions, and download your Schedule E.
Tenant Communication and Maintenance
Maintenance and tenant management is one of the top challenges for landlords across the country. However, a healthy and respectful landlord-tenant relationship is one of the keys to a successful rental business. So how can you make this process smoother for both you and your tenant?
We recommend using an online platform to manage communications and allow your tenants to submit a maintenance request. By keeping communications in one platform, you can easily keep track of new messages and reference any past conversations with tenants if needed. Tenants can submit a maintenance request online and you can easily update them on the status.
TurboTenant takes landlord-tenant relationships one step further by automating tenant check-ins each rent payment cycle so any potential issues can be identified and addressed proactively. They also have a surplus of education on how to navigate challenging conversations with tenants and tips to retain great tenants.
Conclusion
Ditch the spreadsheets and cash rent payments so you can save time and professionalize your rental business. With all the tools at your disposal to make managing your investment property as easy as possible, you’ll have more time to find your next deal and scale your portfolio.
