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5 Old School Rental Property Management Strategies to Avoid

Rental property management

When you own and manage properties, you need to be up to date on the latest in the rental property management field. Even if you just own one property with stable tenants, it’s best to update your systems to avoid the problems that can occur when you are overly ‘old school.’ Modernize your business by building on the processes and policies that you’ve already established, and don’t fall behind by forgetting to update the way you manage your rental properties.

Rental property management1. Rent Checks Are The Only Payment Option

How do your tenants pay the rent? The Bigger Pockets blog says, “Are you still trekking around the city collecting rents from your tenants physically? Stop!” If a hand-delivered rent check or a check that comes in the mail is your only option, you could get lucky and find tenants who are always prompt with the rent. However, it’s much easier to provide tenants with online payment options as well. Give tenants the option of an e-transfer or another online payment system, and they’ll find it easier to pay the rent on time.

2. You Rely on a Handshake

If you rely on a handshake to seal a tenancy deal, you could be pleasantly old-fashioned, but that trustful behavior could lead to problems. Implementing tenant screening policies such as record checks, financial records, and references will help you determine whether a tenant is the right fit for your property. Let tenants know about your rental policies as well. For example, if you have a strict no pets policy or if you charge late fees beginning the day after the rent is due, your tenants need to know this, and they need to have it in writing. Shake your tenants’ hands, but go further than that and establish clear, written communication about your expectations.

3. You Just Work It Out

Where do you file your rent checks? If you’re relying on informal processes to conduct rental property management, you can get into trouble even if you’re only managing a single property. For example, on a busy day you might forget that your tenant paid that overdue check, or you could forget where you put it. Without proper systems in place to track finances and correspondence, you’re not able to run an efficient business.

You also need to account for systems such as tenant law. How are you ensuring that you abide by local laws? Are you aware of regulations regarding how much you can change the rent, and how often? You must make sure that you abide by the law, or your lack of organization could come back to you in the form of a lawsuit from a displeased tenant.

4. You Don’t Use the Digital World to Assist You

Tell the truth: are you still using Excel to organize your business finances? Are you placing your communications with colleagues on sticky notes on their desks? Not only do you need updated processes and systems, it could truly benefit your property management if you moved at least some of your data online. Using an online rental property management system could help you manage all of your legal, financial, and communication obligations in a timely and ethical manner. Digital property management tools are available. Integrate them into your business, and you’ll modernize your business processes.

5. You Have a Hard Time Delegating

The classic landlord is one who’s available at all hours of the day and night to come out and fix a leaky faucet. However, you may not want to be that landlord. You could have a family of your own, or perhaps you just don’t live close enough to deal with all of the details properly. You want to be hands-on, but delegating tasks could be a better approach for your rental property management. You can delegate everything from move-in tasks and move-out cleaning to plumbing to tenant screening.

Are you ready to move into the future of rental property management? Contact Lori Gill and Associates. We’re ready to partner with you to help your experience as a landlord be satisfying, productive, and efficient.  

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