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Date Archives: January 2019

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Entertainment | 4 Posts
House to Rent | 4 Posts
Property Manager | 15 Posts
Tenants | 2 Posts
Uncategorized | 3 Posts
January
24

Benefits of Technology

Almost everything can be done online today, and this type of digital technology impacts you as a rental property owner. When you're looking for professional property management, make sure you work with a company that embraces and invests in technology. It contributes to a faster, more efficient, and transparent way for us to do business with our owners, tenants, and vendors.

Technology and the Leasing Process

Property managers use technology to advertise and market your home. We take pictures and videos, and we write descriptions to put together a rental listing that reflects all the unique features of your property. Then, we post that on our website and dozens of other websites that tenants are using to find their next rental home. In addition to advertising online, property managers can use technology to help tenants schedule showings, complete and submit applications, and upload any supporting documents that are necessary.

Technology and the Screening Process

Most of the background checks property managers run can be done electronically. We can check criminal records and credit, search for prior evictions, and verify identifying information that prospective tenants submit with their application. It makes the tenant screening process a lot more efficient, and we can give applicants a decision in a matter of days. This saves you money on vacancy and ensures your tenant has been thoroughly screened with nationwide background checks.

Technology and Property Management

Property managers rely on technology with our ongoing, day-to-day management of investment properties as well. When tenants need to make a maintenance request, they can go online and submit the request in writing. This provides airtight documentation. We can track when the request was made, how we responded, and when the repair was actually completed. Tenants can use their online portals to pay rent and communicate with property managers.

As a landlord, you'll get your rent deposited quickly and electronically. There's no need to wait for a check in the mail. Owners can access online accounting statements and follow all of the income and expenses associated with rental properties. We can run reports and identify trends with our property management software.

Technology saves time and money, and everyone can benefit from it. If you have any questions about how to put technology to work for you, or you'd like to hear more about our online property management platform, please contact us at Pikus Real Estate & Property Management.

January
10

Keep Vacancy Rates Low

Nothing will halt your cash flow and drain your ROI like a vacant rental property. It's important to keep rent coming in, and that means finding and keeping good tenants. Before you start working with a property manager, ask about their vacancy rate. A low vacancy rate helps you earn more on your rental property.

High Quality Properties Attract High Quality Tenants

The first tip to avoiding vacancies is to provide a high quality property. If your home is clean, well-maintained, and appealing, you won't have any trouble finding good tenants. Make an effort to prepare your property for the rental market before you show it. Make sure the curb appeal is on point, it's been professionally cleaned, and you have new paint, clean floors, and modern lighting. Make a few inexpensive upgrades and updates to keep the best tenants interested in your home. If your rental property stands out from the competition, you'll keep it rented.

Strategic Marketing and Advertising

When you market your rental home properly, you'll have a shorter vacancy period. The goal is to reach as many qualified tenants as possible, so take good photographs that will get their attention. Post your listing on all the popular rental sites, including Trulia, Zillow, and HotPads. Be responsive when prospective tenants call and ask to see the property. Make sure it's priced competitively for the market. If you price your home too high, good tenants won't be willing to pay that rent. And, you'll lose more money on your vacancy time than you'd lose if you lowered the price to reflect the market rents.

Excellent Tenant Screening

Screen for tenants who are interested in long term rentals. When you're checking landlord references and rental history, consider how long they have stayed in previous homes. If they move every year, there's a good chance they'll move after your lease ends, too. Be selective about who you approve.

Focus on Tenant Retention

Once you have a good tenant in place, keep that tenant there. The best and easiest way to reduce your vacancy rate is with excellent tenant retention. Good tenants will stay where they are if landlords are responsive to their needs. Fix maintenance issues right away, answer any questions that they have, and provide tips and advice about how to lower energy bills, what to do in the neighborhood for fun, and how to prepare for winter. At lease renewal time, be reasonable with rental increases. You don't want to chase away a good tenant by implementing a 10 percent rental increase.

Minimize Turnover Time

Minimize Turnover TimeFinally, minimize your turnover time. When your tenant does give notice to move out, you can immediately begin preparing for your next tenant. Get your painters, cleaners, and other maintenance personnel scheduled, and start thinking about marketing. Then, you won't have to lose a full month of rent.

If you have any questions about how we keep our vacancy rates so low, please contact us at Pikus Real Estate & Property Management. We'd be happy to tell you more.