Profit by keeping existing tenants!

Experienced property managers understand just how difficult it can be to find good tenants, which is why retaining them is so important. According to research, over 60% of residential turnover is almost inevitable.

6 Things you should consider for your Lease Renewal

Property managers often feel like they have to jump through several hoops to keep one of those tenants they like. However, if you find yourself in a similar situation, you should consider these few factors first.

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 The most important decision you will make!

Selecting tenants for a rental property is often a make-or-break decision for most landlords, property managers and owners. A qualified tenant can give you peace of mind and reliability while an un-qualified tenant can irreparably damage your business and eliminate profits. Being forced to evict a bad tenant can be costly and time consuming and collecting back rent owed after an eviction can often prove impossible. Even beyond that, tenants who damage or destroy property can create costly repairs, code violations and cascading maintenance issues that can take your business years to recover from.

In general, the purpose of tenant screening is not to determine your eligibility for a certain program, but to determine if you are likely to be a good tenant. A good tenant is one who:

• Pays the rent on time.
• Complies with the lease.
• Keeps an apartment in good condition.
• Does not disturb neighbors or damage property.
• Does not engage in criminal activity, including using illegal drugs.
• Provides information reasonably necessary to evaluate an application.
• Does not commit fraud in their application process.

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Whether you are an investor considering investing in rental properties or an established property management company, you must know the important role income and expense reports play in managing properties. Property management is a massive $99.45 billion industry with more than 326,000 registered companies operating just in the US in 2022. The only way to survive and thrive in this industry is that you continue to make gains on your investments.

Your Income and Expense Reports as Property Management Tools

A property generating rental income isn’t necessarily a great investment. You must know how much of that income is actually making it to your pocket, which can only be done with the help of income and expense reports. Without them, you’re probably basing your decisions on assumptions, which can be detrimental to your property management business.

If you look closely, you will realize that these reports tell you the ‘performance’ of your rental property. In return, you can decide whether to keep a certain property on your portfolio, get rid of it, or make certain changes to improve its performance. Here is how you can use your income and expense reports as an effective property management tool.
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Create your rental listing with iManageRent

There are plenty of listing services in the rental market place. Most are very different but they all have one thing in common: tenants looking to rent and live in their dream home.

To maximize exposure landlords and property managers should post on to multiple rental platforms (listing sites). Hence, the more sites the more visibility and the more interested prospects. However, listing on multiple sites can be very time consuming and picking one or two sites that you think will be effective is a crapshoot.

Just imagine if you decide to list on 10 different sites: Zillow, Trulia, Craigslist, Apartments.com, Livelovely, Rentpath, Apartmentlist, Rentjungle and etc… You have to signup on each service individually and get verified before you can start listing.  Then the repetitive task of inputting your rental information and uploading photos begins. And the arduous task of proof reading never ends. Thirty minutes can pass by very quickly before your done on one site.  That’s five hours for ten sites, yikes!!!  There must be a faster and more accurate way to accomplish this task.

This is where iManageRent saves the day! Using this service allows you to create a listing that works and post automatically on to more than 20 sites! With its’ comprehensive listing wizard you will be guided to enter all pertinent information to the last detail. You will have the added value and the confidence that you created your marketing campaign in a proper way because the system will help minimize mistakes. Furthermore, based on a quick analysis of the entered information our recommendation for “Best Marketing Practices”  will be suggested to you automatically.

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