As a landlord or property manager, you have your hands full. Between ongoing property maintenance, marketing, screening, and relationship management with your current tenants, it may be easy to feel overwhelmed with property management.
Many property managers have found that consolidating their marketing, screening, and CRM needs into one online platform has greatly increased their effectiveness and peace of mind.
Setting Up Rental Properties and Marketing
In today’s digital-driven world, advertising rental properties through one or two channels alone is simply ineffective, and inappropriate for a sustainable business plan. Renters can be reached through a number of different avenues; therefore, diversifying your marketing efforts is critical. TurboTenant eliminates the headache of manually listing your property on dozens of different websites. Moreover, you’ll be able to keep track of all the interest shown in your property so that you can make the best choice for your next tenant.
Receiving Rental Applications
Once you’ve successfully listed your property, and advertised across the Web, the online rental applications will start pouring in! Now the selection process begins.
There are several advantages to accepting online rental applications. First of all, Millennials and other tech-savvy prospects comprise a large proportion of the consumer base for renters. And these prospective tenants love to be online. Surveys have shown that almost 40% of adults aged 18-29, and 36% of adults aged 30-49, describe themselves as being online almost constantly. Therefore, setting up an online rental application process is becoming standard practice for landlords, and it streamlines the process for both renter and landlord, which can help you find a tenant sooner. You can use more qualitative data like social media to help aid in narrowing down candidates.
Now that you’ve received your online rental applications, it’s time to begin the tenant screening phase of the rental process for promising candidates. You will receive a screening report that you can use as your first step in the selection process. The next step is what our landlords tell us that this is the hardest part of the rental process- often leads can look very similar on paper, and choosing from a qualified pool of seemingly identical prospects is time-consuming and difficult. You can use more qualitative data like social media to help aid in narrowing down candidates.
Once your property is leased you can move into the renter management phase of the relationship. You will want to have access to basic information such as their contact information, rental application, screening report, and emergency contacts. You will also want to track their lease documents and look over any relevant notes on them, and set reminders for renewals. Make sure that throughout the length of their lease you are also taking any relevant notes regarding their stay at your rental. Notes like this can help you decide if you want to renew the lease when that time comes. It is also a great place to keep track of any maintenance requests and upgrades you may have made to the rental.