5 Tools That Make Residential Property Management Easier

residential property management

Residental property management has its obvious perks, but it’s not always easy. Between repairs, tenant turnover, and keeping up with taxes for your property, there can be some pain points.

Your time and energy are precious commodities. It should be your goal to simplify responsibilities whenever possible for yourself and your family. This way, you can focus on things like choosing the right real estate agent.

Imagine having all the benefits of property management while eliminating many of the pain points. Fortunately, technology makes this possible.

Here are 5 amazing tools that make residential property management a breeze:

#1. Rentec Direct

The first tool on the list, Rentec Direct is for those managing between 25-5,000 units. Key features include general ledger accounting, financial reporting, and an online portal for tenants and owners.

And with additional features like Quickbooks synchronization, they place a premium on keeping your information organized.

Unlike other solutions, Rentec direct is not free. Their additional customizations and strong line of customer support may make it worth the investment, but it’s something to know.

#2. TenantCloud

TenantCloud offers property management, tenant management, marketing functionality, and accounting all in one web-based software.

It’s an all in one system built to free you up from organizing information in multiple places. The software is free up to 75 units.

Users say that 2 huge benefits of TenantCloud are the web-based functionality and regular updates. Your information can be accessed anywhere, and the creators are constantly adding to the software to meet the needs of people working in residential property management.

#3. Cozy

With Cozy, you can create comprehensive online listings for your properties. This solution is a one-stop shop for turning potential renters into regular tenants.

The software is also web-based and allows users to create a profile. Owners can also use it to do background checks and generate credit reports directly through the interface.

Some user feedback says that the soft heavily favors the applicant over the owner. This may be true, but you still can’t beat free, so it may be worth a try.

#4. Simplifyem

For small and mid-sized residential property management, you aren’t going to find an easier solution than Simplifyem.

Another web-based solution, Simplifyem includes many of the functionalities other tools have like accounting and tenant management. It stands apart by offering additional features like vendor management and bank reconciliation as well.

One user of the software boasts, “SimplifyEm helped me manage my tenants a lot. It has made my properties and transactions much more organized and comprehensive.”

#5. 123landlord.com

Not as catchy as the others, don’t sleep on 123landlord.com. This software makes it easy to manage tenants, collect payments, and keep everything accessible.

Many of the people doing small to mid-size residential property management say that it’s a great tool that will cover your basic needs. Beyond 50 units, however, you may seek a more extensive solution.

Plans for 123landlord.com start at $7/month.

Conclusion

As someone in residential property management, your time is valuable. The perks are obviously great, but fortunately, these tools can help.

And then consider spending that extra time doing other important things, like finding the right real estate agent. We’re here to help.

Whether you are looking to collect payments, track (or attract) tenants, or market your property, these software solutions might be what you’re looking for.

The Top 5 Benefits of Property Management Services

property management services

If you own a rental property, chances are it’s been a headache at some point.

No one wants to spend precious time chasing down delinquent rent payments or dealing with repairs after a tenant has left a unit in poor condition. Uncomfortable confrontations and lengthy legal issues can seem unavoidable when you’re a landlord.

It doesn’t have to be that way.

When you hire a property management service to handle your rental units, you’re saving yourself time, hassle, and money in lost rent and legal fees.

Here are five major benefits of using property management services.

Lease Enforcement

When the need arises to enforce a particular part of a lease, it can quickly get uncomfortable.

A property management service can act as a valuable middleman in these situations. They’ll handle any issues that arise, whether a situation is best handled by sending a notice of a lease infraction or by legal action.

They will handle unpleasant phone calls, track the paper trail, and make sure you’re covered in case of needing to pursue eviction.

This benefit alone can save a landlord a huge amount of hassle and stress.

Tenant Screening

While every landlord hopes their tenant relationships will all be rosy, that’s not always realistic.

Using a property management service to screen prospective tenants can reduce the risk of having tenant issues come up at all. Experienced property managers know what questions to ask during interviews. They will have the time and resources to do a more thorough screening than a private landlord.

If any issues do arise with tenants, it’s up to the property management service to handle it. You can take a more hands-off approach with your properties, which can be a plus in uncomfortable situations with your tenants.

Shorten Vacancies

When a tenant moves out, it can sometimes be a lengthy process to get the unit filled again.

Particularly if there’s been damage, it can take some time to complete the repairs and cleaning of a newly vacant unit. A property management service comes with their own maintenance team and can get the unit cleaned up in a streamlined process.

When it’s ready, the management team will handle advertising your vacancy, and cut down on the time any given unit spends not making a profit.

Handling Tenant Concerns

When a tenant’s pipes burst in the middle of the night, do you want to be the one receiving the phone call?

If you’d prefer to outsource the nitty-gritty of landlord life, property management services can help. Whether a unit needs a minor repair or a complete replacement of a major appliance, the management team will take care of it.

They will help facilitate resolutions to inter-tenant conflicts, and you can wash your hands of any potential drama

You won’t have to field inconvenient phone calls when something inevitably goes wrong. Your property management service will be on the job quickly and efficiently.

Taking Care of Legal Issues

It’s a landlord’s nightmare, but legal issues are often an unpleasant reality of owning rental properties.

The rental housing industry is a legal minefield due to its especially stringent regulations. It’s easy to be overwhelmed when faced with potential legal action of any kind.

Whether you’re suing a tenant for eviction or find yourself on the other side of a lawsuit, a property management team will have your back. It’s their job to be up to speed on your state’s rental laws, and using a property management service can be a legal security measure to ease your mind.

Final Thoughts on Property Management Services

When you use a property management service, you can take the right steps to achieve the ultimate goal of streamlining the rental process.

Ready to shop around? Contact us to see how we can help with your real estate needs.

When Is The Right Time To Hire Professional Property Management?

Are you trying to decide whether now is the right time to hire a property manager?

According to Business Wire, 50 percent of investors handle all property management themselves. But 22 percent use third parties for some part of property management. Another 28 percent hire professional to do all the work.

The average cost of a property manager can be 10% of the monthly rent you charge. This makes hiring a property management company an investment decision worth your consideration.

Read on to learn when is the right time to hire professional property management.

You Own Property in Many Geographic Areas

You should hire professional property management if you own property in different locations.

When you manage all property yourself, it limits you to ownership in a narrow geographic area. This can keep you from investing in good ownership opportunities in areas outside of where you live.

An experienced property manager who is close to a property can help you to invest in a wider geographic area.

Leverage Vendor Relationships

A professional property manager may have relationships with other professionals that you don’t.

This can range from relationships with maintenance workers and plumbers to contractors. These connections can help you find reputable workers that do good work. A property can also track their work status and ensure they stick to their deadlines.

You may also benefit by getting price discounts you would not get if you managed a property yourself.

These relationships can be even more valuable if you are buying a property outside of where you live — especially if you do not have an established professional network in that area.

Your Free Time is Valuable

You may get to the point that you cannot afford to devote the time it takes to manage your own property. You also may be in a situation where have the time but have found you don’t enjoy handling property management.

Professional property management helps ease the day-to-day operations of your real estate. They handle things like past due rent payments, fixing property damage and more.

This gives you more free time to do other things like research the real estate market and find good deals. It may be exactly what you are looking for right now.

Wrapping Up: Hire Professional Property Management

Hiring a professional property manager can be a great way to help you run your investment properties in a more efficient way.

It can also allow you to get rid of some of the headaches that come with managing your own property. This is because your property manager will handle direct contact with tenants. This includes emergency repairs and dealing with bad tenants.

But perhaps you own property now and do not want to rent it to someone else anymore. Instead, you are ready to sell it and realize your profit.

At eFind Agent, we help property owners find the real estate agent that fits their unique needs. Contact us today to learn more about how our service can help you find the right agent for your transaction.

Which Property Upgrades Yield the Most Value?

property upgrades

Upgrading a property can be an expensive experience if you’re not careful.

Therefore, you’ll want to make sure you’re getting the most for your money by investing in upgrades that will yield actual results.

Looking to sell a house or just improve a property’s value? Read on to find out which property upgrades will yield you and your family the most value.

Cook Up Some Property Upgrades

Everyone loves a gorgeous, spacious kitchen. One of the best ways to increase property value is by investing in property upgrades for the kitchen.

When it comes to purchasing a home, many say that the kitchen is the most important consideration. The right kitchen can do wonders to set a home’s atmosphere, so make sure to spare no expense.

And while that may sound daunting, you can expect to recoup most of the cost back. Kitchens have a notoriously high ROI rate, so expect a pretty decent profit.

Consider investing in smart or green appliances, as well as finished wooden shelves.

Curb Appeal

While kitchens and bathrooms tend to yield the highest returns, curb appeal is a quick and fairly cost-effective way to boost value.

But what exactly goes into creating the all-important curb appeal?

Landscaping, for one. Properties need to be well-maintained if they’re going to attract buyers. Professional landscaping can do wonders to improve the aesthetics of a property, particularly during the summer and fall seasons.

However, that entails more than just a well-maintained lawn. Add a beautiful walkway to the front door or re-do the parking lot if you’re managing an apartment complex.

Finally, consider adding some lighting along the walkway. This is one of the biggest trends among curb appeal enthusiasts and for good reason. It makes an average home look stunning when it’s lit up.

When it comes to curb appeal and property upgrades, have fun and get creative! Think big, it may pay off.

Finishing Touches

Ever wish you could get more space out of a home? Try the basement. Finishing a basement is among the most worthwhile upgrades a property manager can invest in, as it doubles as storage and an extra room.

We’re currently living in the era of “Man Caves” and “She-Sheds- areas that people rely on to get rest and relaxation. A finished basement is the perfect selling point for buyers looking for a little space of their own.

Install carpeting, include heating and AC, and implement brand new lighting fixtures. You can expect a 69% ROI for your efforts.

Just be sure to check for any leaks before calling it a day. Moisture is a huge concern, so keep buyers happy and healthy by fixing any leaky pipes or mold.

Closing Thoughts

Finding an agent in your area doesn’t need to be a hassle. Let us help! We’re dedicated to putting you in touch with the best and brightest agents in your area.

Get in touch today and see how we can help you find the home of your dreams.

5 Tips to Get Started in Rental Property Management

rental property management

Property management has no advanced education requirements and an expected 11% growth rate over the next decade. That makes it an appealing career option for many.

You get the benefits of a mostly white-collar job, like working in an office most of the time. Your non-office work typically consists of showing properties. Plus, you get to take a pass on the anchor of student loan debt.

The part that most people struggle with is getting started in rental property management.

Keep reading for some tips to get you started.

Get Familiar with Fair Housing Laws

The federal government has passed a number of fair housing laws. The goal is to make sure everyone can get access to the same housing. A few better-known guidelines include not discriminating based on:

  • race
  • religion
  • sex
  • family status
  • color
  • disability

In addition, you may also be subject to state and city-specific fair housing laws. You need to familiarize yourself with these laws and what they prohibit.

Get a Certification

It’s not a requirement for employment, but there are property management certifications available. Getting a certification offers some benefits.

Studying will help you organize the knowledge you already possess on the subject. It will also show you your weak spots.

For example, you might do fine preparing paperwork but struggle with the financial side of the job. Knowing that lets you brush on the core finance skills.

The certification also helps to polish your resume. It makes you look like someone who takes the job seriously.

Embrace Time Management

It’s common for people new to rental property management to end up managing a number of small properties. This can prove a recipe for working 60-hour weeks and still feeling overwhelmed.

It’s easy for small tasks to distract you from important tasks. Good time management is really about setting priorities and blocking out time to deal with them. That means building a schedule and sticking to it.

You can’t manage your time if you don’t know when and where you’ll spend it.

Target Your Rental Property Management Work

It’s also common for new property managers to take any work anyone offers, just to get some money coming in the door. This impulse is understandable, but also impractical in the long run.

Six properties spread out across a decent sized city will kill you with commuting. Your preferred lawn care service, handyman, or plumber might only work in certain parts of the city. That means juggling different service providers and remembering who works where.

Working in a targeted area limits those problems.

Take Advantage of Technology

Technology is, to borrow a military term, a force multiplier. It lets you accomplish more using the same amount of time and energy. Yet, most people only use a fraction of what most technology offers.

Dig deep into the software and apps you already use and see what they can really do. You’ll probably discover that they’ll let you manage more properties and still get home in time for dinner.

Being tech-savvy also makes you more attractive as a property manager.

Parting Thoughts

You can get started in rental property management.

You need to get familiar with fair housing laws because no one wants to get sued. Certifications and being tech-savvy make you look more professional. Time management and targeting your work to an area are basic survival skills for the job.

eFind Agent specializes in pairing property managers with property owners. If you’re a rental property owner and don’t feel ready to manage it yourself, contact us today.