15 Tools To Successfully Manage A Rental Property Business

If you’re thinking of getting into the rental property business, congratulations! Renting out property can be a great way to earn extra income or even make a living. But as with any business, there are certain things you need to do to be successful. In this article, we’ll share 15 essential tools you’ll need to manage a rental property business.

Rental Property Listing Service

There are many different rental property listing services available. These services can help you list your properties on various websites and in print publications. This can be a great way to reach a wider audience and attract more potential tenants. You will need to pay a fee to list your properties on most of these services.

Some property management companies with take care of everything from the listing to the day-to-day management of your property(ies).

Rental Property Management Software

There are many software programs available to help rental property owners manage their businesses. These programs can help you keep track of your properties, tenants, and finances. They can also help you stay organized and efficient. What rental property management software does is automate and keep track of the various tasks involved in managing your rental properties.

Rental Property Calculator

A rental property calculator can be a valuable tool for any rental property owner. This type of calculator can help you determine how much rent to charge, what expenses you will have, and how much profit you can expect to make. A rental property calculator can also help you compare different properties and find the one that will be the most profitable for you.

These are often used in conjunction with software programs to provide you with the most accurate and up-to-date information.

Rental Application Template

A rental application template can save you a lot of time when you are screening potential tenants. This type of template will provide you with a standard form that you can use to gather information from prospective tenants. It can also help you make sure that you are asking the right questions and getting all of the information you need.

Always make sure that your templates are in keeping with the latest legislation and that any significant changes to tenancy and rental laws are reflected in your template.

Rental Lease Agreement Template

A rental lease agreement template is another valuable tool for any rental property owner. This type of template will provide you with a standard lease agreement that you can use with all of your tenants. It is important to have a consistent lease agreement that covers all of the important points, such as the length of the lease, the rental amount, and any special conditions. If you are going to use generic templates you find online, make sure you understand a few key things before doing so.

Rental Inventory Template

A rental inventory template can be very helpful when you are preparing for a new tenant. This type of template will help you keep track of all of the furniture and other items that are in each unit. This can be very helpful if you ever need to file an insurance claim or if there is ever a problem with the unit.

Financial Software

In addition to rental property management software, there are also financial software programs available. These programs can help you track your income and expenses, as well as create and manage your budget. It’s important to have a good handle on your finances, as this can help you make sound decisions about your rental properties.

Online Rental Listings

There are many online rental listings that can be a valuable resource for any rental property owner. These listings can help you find potential tenants and compare different properties. You can also use online rental listings to advertise your own properties. If you manage a lot of properties, you might consider investing in something like a proprietary search engine that people can use to find your properties.

These work by categorizing all of your available inventory based on various tags and keywords that people select in the filters. If someone is looking for a rental property in a specific city, they might enter “city” into the filter. Your properties will then be displayed to them based on their search criteria.

Rental Property Website

If you manage a lot of rental properties, you might consider creating a website. This can be a great way to advertise your properties and attract potential tenants. You can also use your website to provide information about your company, contact information, and even online rental applications. You will need a website in order to use most of the other tools on this list.

Lead Generation Tools

Lead generation tools can be very helpful if you are looking for new tenants. These tools can help you generate leads through various channels, such as online ads, direct mail, and even door-to-door canvassing. You will need to pay a fee to use most of these lead generation tools, but they are essential if you want to find new tenants.

Tenant Screening Service

A tenant screening service can help you screen potential tenants before you allow them to move into your property. This can be very helpful if you want to make sure that you are renting to responsible and trustworthy people. You will need to pay a fee to use most tenant screening services, but it is worth it to know that you are renting to good tenants.

You also want to make sure that you are using a reputable service, as there are many scams out there. You can check online reviews to find a good tenant screening service.

A Cleaning Service

A cleaning service can be very helpful if you have a lot of rental properties. This can help you keep your properties clean and presentable, as well as save you time. You will need to pay a fee to use most cleaning services, but it is worth it to have someone else do the cleaning for you. This is especially important if you have a lot of short-term renters and require regular cleanings of multiple properties.

Skilled Labour Connections

The biggest headache of managing rental properties is the repairs and maintenance that rental properties require. Renters tend not to treat the places they are renting the same way they would treat their own homes and this causes a lot of wear and tear. As a result, it is important to have connections with skilled labourers who can help you with repairs and maintenance. This list should include plumbers, electricians, carpenters, painters, floor people and roofers.

Digital Marketing Knowledge

Digital marketing is essential for any business nowadays and that includes rental property businesses. You need to be able to market your properties online and attract potential tenants through various channels, such as social media, email marketing, and Pay-Per-Click (PPC) ads. You can learn about digital marketing online or hire a digital marketing agency to help you.

At Least One Good Accountant

Last but not least, you need a good accountant to help you with your rental property business. This is important because there are many tax implications associated with rental properties. You need to make sure that you are paying your taxes on time and in full. An accountant can help you with this and they can also help you save money on taxes. This is an essential tool for any rental property business.

Conclusion

The bigger you get, the more you will grow to depend on some of these tools more than others, but together they form the perfect toolkit for any rental property business. Learn how they work in harmony to make your business run like a well-oiled machine.