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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Information you need to know!

It goes without saying that collecting security deposits when leasing rental property is a must, but as a Real-estate professional working in the age of Covid19 collecting security deposits online is really the best option. 

Of course, before you start collecting security deposits, it is prudent to check your state’s local landlord-tenant law. Some states set specific limits on the size of security deposits and other states do not (see state limits). Other factors to consider is how to hold and account for a security deposit. State laws vary throughout the country on how you can hold security deposits and you may or may not be required to keep the deposit in an interest-bearing account and provide the tenant any accrued interest upon return of their deposit in part or in whole (use our calculator). Many savvy Real-estate professionals also set up separate bank accounts specifically for security deposits to help with accounting. 

A security deposit and first month’s rent are usually the first payments tenants make during the leasing process. The amount of the deposit and rental price should be clearly stated on any advertising for a vacancy and included in the application and lease agreement. The security deposit and first month’s rent should be collected after signing the lease but before allowing tenants to take possession of the property. It is always best to collect these amounts separately (ie: separate checks, payments or receipts) as opposed to one lump sum to further distinguish the accounting for both payments. It is also a good practice to ensure that the funds are available in your bank account before turning over any keys and allowing the tenant to take occupancy of the property. 

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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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