Solving Rental Management Challenges for DYI Landlords & Solo Property Managers
This post is sponsored by one of our Trusted Partners, Luck Rent. To become a contributing editor, please contact our Real Estate Investor Solutions Specialist, David Maxwell at email@example.com.
As a landlord who manages your properties or a solo property manager with a growing portfolio, your ultimate goal is to maximize your income while spending as little time as possible on rental management. It may not be apparent to you, but inadequate planning and inefficient property management drain your bottom line.
Has it ever happened that you rented properties below-market rates? Have you skipped that credit check or inspection report you should have done before that bad tenant moved in? You also lose precious time chasing down rent when you could have spent it with family and friends. What is worse is when you lose documents crucial to your rental properties.
Managing a rental property can be challenging if you do not have a system to keep track of what needs to be done. The best professionals don’t rely on their memories to complete all tasks, so neither should you.
The LuckRent App Power User
There is a bespoke mobile rental management app called LuckRent that makes managing rentals more convenient and easy. This app does more than just track rental information. The app is solution-driven with many services that help solve the challenges of running a rental business. We designed it with DIY landlords and solo property managers in mind so that the entire rental process is considered.
Here’s how a power user of the LuckRent app would complete a rental management cycle.
Our power user, Alex, has a vacant rental property that he wants to rent out as quickly as possible. After entering property information into the app, his first step is to order a rent estimation report for the neighbourhood market rental rates to determine the appropriate rental price.
His next step is to use the in-app ad platform to post his rental listing and paste that information onto other popular rental websites. Through the app, tenants can request viewings and submit rental applications to Alex.
After reviewing the applications, Alex can tap on a link to the credit bureau to order credit checks at discounted rates. Upon approval of an applicant in the app, a notification is sent automatically to the tenant.
Afterwards, Alex and the new tenant electronically sign the lease. He has already set up a landlord account to collect rent automatically. All he needs to do is add the new tenant as the sender of the pre-authorized debit rent payments to receive rent automatically every month. The new tenant can also be added as a contact in the in-app chat feature to handle all rental-related communications within the app.
Using the app, Alex performs a digital inspection report with the tenant. When they are in the underground parkade, Alex forgets the parking stall number. Because the app can be accessed without an internet connection, Alex used his phone to check out the stall number and solved the problem.
During the process of renting out the suite, Alex tapped on a link within the app to be taken to insurers’ websites to purchase insurance for the rental suite.
Several weeks later, Alex received a notification on his smartphone saying the tenant had sent in a maintenance request regarding a broken toilet. So Alex forwarded the request to his plumber, who got on the job right away and invoiced him from the app.
The app allows you to track your income and expenses, and you can download or share financial reports. Documents are neatly stored in each property’s document vault. A list of the property’s inventory is also available.
Having set up automated reminders, Alex knows months ahead of time when rent can be increased again and can send out formal notices. He can simply tap on Tax Preparation during tax season and send all tax-related reports to his accountant.
For property manager users, the reports can be filtered by the owner to generate monthly statements of rental income that they can share with their clients. Property managers can also allow their clients to co-manage the property.
You can see from the above example how the LuckRent App keeps you on track when managing your rentals. The app helps you overcome challenges in rental management quickly and easily. Our app will be launching soon in June 2022; please follow us on Facebook and Instagram at @luckrentapp for the official launch date. To learn more about the LuckRent App, please visit our website at www.luckrent.com and download it for free!