If you are investing in rental properties, your main goal is probably to see a high ROI and maximize your income. The most effective way to do this is to take full advantage of a property management tool. While you may have many New Year's resolutions for 2020, automating your rental business should be your priority.
So how will a property management software help you improve your rental business and financial portfolio in 2020?
Check out the list of what you can do with solid property management software:
You can automate your rental business.
By automating your daily processes, you can begin to grow your rental business faster. From receiving rental applications and moving in tenants to collecting online payments and conducting rental inspections, a digital property management system is a must-have tool for DIY landlords and property managers with multiple units.
You can run background and credit checks on potential renters.
To prevent costly evictions and non-payment issues, you may want to screen your potential tenants before letting them move into your rental.
When running a background check on an applicant, make sure you’re getting the most accurate information that can help you get to know them as a prospective renter. Pay attention to their employment and criminal history, references from previous landlords or any cases of rental law violations.
A credit check will give you the overall picture of your prospect’s financial history, their monthly income, and how much rent they can really afford to pay.
You can promote rentals more effectively.
Most tenants would rather look at a digital rental listing with quality pictures and a full description, rather than a vacant apartment with blurry images listed in a local newspaper.
Advertising your rentals on your own marketing website, as well as external listing sites, will result in attracting more reliable renters. It’s even better if you use a tool that can automatically syndicate your rental listing to multiple places- that means more leads for less work.
You can get on top of your taxes.
Don’t be afraid of tax season this year. If you know which deductions apply to you as a landlord, you can take full advantage of the available tax benefits.
To get more information on the best tax deductions for landlords, follow this link.
If you’re a TenantCloud user, this year when filing your taxes, use a Tax Preparation Report with the “Schedule E” option to get accurate data and the right documents.
You can keep an eye on your finances.
Having all transactions in an accounting dashboard through your property management tool helps to keep track of your income and expenses, and then plan your budget based on that.
Also, if you accept rent via credit card or ACH, recording online transactions is a must.
You can easily connect with service professionals.
As a successful landlord or property manager, it’s your job to resolve maintenance issues like a pro. That’s why some property management systems allow you to connect with contractors in a blink of an eye and follow the progress of tenants’ maintenance requests.
A new year gives another chance to rethink your personal life and business career. It’s a good time to set business and financial goals for 2020.
What’s on your list for the upcoming year?