After Memorial Day, the season for swimming pools and barbecues officially begins. The community residents may be looking to plan parties and pool parties are everyone’s favorite. So here are the important 8 fundamental pool regulations every community should follow. 

For your chilly residents, that’s terrific news. They’ll arrive equipped for swimming and grilling, with plenty of kebabs and buckets of sunscreen. They could even give you some of their lunch if you’re lucky! However, if the thought of unattended residents and visitors in the pool keeps you up at night, this is likely your least preferred season.

 Naturally, you may take some common sense precautions to guarantee the security of your inhabitants and their visitors. The precautions involve displaying the following eight pool rules at the patio’s entry and around the pool. Remember to offer this vital safety advice for neighborhood pools. 

8 Fundamental Pool Regulations Every Community Must Adhere To

Do not run: The most important out of all fundamental pool regulations is to not run. It can be dangerous. Both children and adults should avoid running around the pool area. They can easily hurt themselves by slipping on wet surfaces. 

Don’t dive: Diving can be risky, even with an experienced lifeguard on duty. If the pool is excessively shallow, it could endanger other swimmers and seriously hurt the diver. Before trying to dive, know about the pool depth and the availability of a lifeguard. Also if you do not have any swimming experience, do not take risk of trying a dive in any case. It could prove fatal.

Watch over children: All the fundamental pool regulations are meant for safety. Especially when it comes to children. Whenever near the pool area, it is advisable to keep a complete watch over children. Young children should always be under adult supervision. Check with your state or municipal government for information on the relevant age restriction. Given that some 16 and 17-year-olds are trained lifeguards, some states have determined that the age limit of 18 may be stringent. 

Toddlers should wear swim diapers: You don’t need an explanation on this, but if there are many families in your community, having this guideline is a good idea.

 A maximum number of swimmers at once:  For safety purposes, most swimming pools have a capacity. Often, people forget this regulation if not told, especially on busy days. Make sure that there is no more than the maximum capacity allowed inside the pool. A crowd inside the pool is very risky and should be avoided.

 A maximum number of visitors per resident: Usually communities do not allow many visitors per resident in the pool area. On that topic, you can establish a (sensible) visiting limit if you are concerned that there will be too many people on the patio when it gets hot. Usually, 2 or 3 per inhabitant are acceptable. In case there is no limit, the pool area will always remain crowded with visitors more than residents. The more the crowd, the more unusable the pool will be and require more maintenance.

 No pets are allowed in the pool: It should be a strict rule to not allow pets in the pool. The hair from dogs in swimming pools will block the filter and can be unhygienic. If any of the inhabitants have allergies, you might also want to restrict the number of animals on the patio. But remember that you might need to create an exception for service animals. 

8. Do not allow glass bottles: People in communities often like to have drinks at pool parties. If residents are having drinks at the pool, you might not mind, but you might not want broken glass where people can go barefoot. It can be dangerous for adults, children as well as animals. You can create rules that no glass bottles are allowed near the pool area to ensure complete safety.

The above list is not comprehensive. These are just the common precautions that you can have for the pool area. The rules for swimming pools are not all included in this list. You can have various regulations based on your community’s location and who lives there. Always research local ordinances before establishing and posting rules to prevent legal complications. 

In addition to posting swimming pool restrictions, building a key-locked fence around your pool is a brilliant idea. To prevent anyone from using the pool after dark or before sunrise, you might be able to impose time restrictions on it.

Pools are, in the end, an excellent method for locals to cool off throughout the summer. However, they can also be a liability, particularly if you consider children, visitors, and pets.

If you find that people are ignoring or breaking your swimming pool rules, don’t hesitate to send a reminder via email or to tuck a notice under their doors. After all, you installed the pool so they could enjoy it—but you want to ensure they do so safely!

The pool area is common and is to be used and enjoyed by all residents. So everyone in the community should work to maintain the area clean and accessible for others also. If you are planning to buy a property where there is a common swimming pool area then these fundamental pool regulations are something that you should know beforehand. 

In recent years, new technologies have filled the real estate industry. Many companies have emerged to make it simpler to own, rent out, or manage rental properties. Who wouldn’t want that? Self-showingS of your rental properties was never easier than today. There are many techniques and technologies that can be used to show your property for promotion. Whether you are selling your property or putting it out for rent you can use the technology. The technology includes smart locks, virtual tours of properties in 3D, and robots!

Although self-showings are a fascinating technology, they might not suit all users. Let’s take a look.

What Do Self-Showings Entail?

Traditionally, the property management, landlord, or leasing agent had to arrange a physical showing anytime a potential tenant wished to see a rental, which often required a lot of communication, like scheduling a date and time for the showing.

When renting out properties, there are numerous logistics to arrange. Even if a leasing agent automates scheduling with software like the showing coordinator the agent may still need to visit the rental property 15 times before finally leasing.

Neither the owner, agent, nor tenant finds the conventional lease process convenient. The design of the Showings Coordinator software helps make the leasing process easier.

Instead of physically showing the unit to potential tenants, the owner or property manager uses technology to let them take a virtual home tour.

The Process of Self-Showing

The leasing agent will place a set of keys in a lockbox and give the prospect the code, which they’ll use to tour the house at their convenience. After the tour, they will place the keys back.

Naturally, landlords have reservations about simply handing over the keys. What if someone destroys the property? What happens if they flee with the keys? What alternatives do you have? All of these reservations are legitimate.

New technology can help in this situation. Self-showings are now safer thanks to improved software and smart lockbox technology.

Tenant Turner, for example, provides scheduling software that agents can integrate with electronic lockboxes and smart keyless locks. Tenant Turner controls the equipment remotely and gives visitors a unique access code.

Built-in security measures are present. For instance, leads interested in viewing a home secured by Tenant Turner must upload a photo ID and provide personal information to prove their identity.

Tenant Turner puts each tenant lead through several fraud detection procedures to screen out Nigerian princes and people with burner phones. A tenant lead indicates when they’d like to inspect the property after successful security checks.

The owner or property manager can impose restrictions, such as scheduling showings only during specific times of the day. However, in general, self-showings allow potential buyers to see houses whenever they choose.

It is easy for the tenant to lead to enter the unit. A one-time-use, unique code that will expire after a set amount of time is texted to them when they arrive at the rental to unlock the lockbox.

When the tenant lead comes to the rental, this process immediately alerts the property management, landlord, or leasing agency. Tenant Turner records all access by tenant leads, suppliers, and team members to have a history.

The potential tenant can take a self-guided tour of the apartment once inside. After the tour, the visitor returns the key to the lockbox and offers feedback.

Benefits and Drawbacks of Self-showingS of Your Rental Properties

Self-showings are a topic on which property managers, landlords, and leasing agencies frequently disagree.

Benefits OF Self-showings of Your Rental Properties

• There is less coordination between the property manager, the landlord, the leasing agent, and the potential tenant. Instead of wasting time planning and running showings, devote that time to other duties.

• It becomes much simpler to display dispersed geographical units. No more navigating the city or putting up with no-shows.

• Self-showings speed up the lease process by allowing your tenant leads greater freedom to choose the time they want to view the rental.

• Portfolio expansion for property managers is easier. Each leasing agent can manage more units because unoccupied units require less direct supervision.

• Renters receive immediate satisfaction because they can view houses whenever they wish.

But as we’ve already established, not everybody loves the idea of self-showing. H

Drawbacks of Self-showingS of Your Rental Properties

• Property managers should do Self-showings when renting out vacant properties. The prospect should be accompanied during the showing to safeguard the interests of the current occupying tenant.

• While self-showing, potential buyers could have questions, and it might be challenging to acquire answers if they’re alone.

• Depending on your software supplier, you could have to pay monthly fees, which might add up. Property managers and landlords must calculate whether they would be better off renting or purchasing smart lockboxes, depending on the number of units they are in charge of, how many are unoccupied at any given time, and for how long.

• Not all tenants are computer savvy. Self-showing technologies may not be comfortable for older renters in particular.

• Self-showings are not entirely reliable. There is always a chance that someone will misplace the keys or destroy the unit. There is still a certain amount of risk involved, although landlords can implement safeguards.

Additional Ways to Enhance Self-showings of Your Rental Properties

Self-showings can be beneficial when used as a part of a bigger plan to provide a better rental experience. Combining self-showings and conventional in-person property visits, a hybrid strategy, can lessen coordination burdens while offering potential tenants high-quality service.

Additionally, technologies can assist property managers, landlords, and leasing agencies in coordinating rental showings without leaving potential tenants to fend for themselves.

To manage potential renters more effectively, the Showings Coordinator provides software for arranging showings. Whether you have a dozen or a thousand rentals, their powerful platform always works for you.

The software guides potential tenants through a pre-qualification procedure that complies with fair housing laws. It rates each applicant per your requirements and only permits qualified prospects to book a viewing.

It’s your choice to utilize electronic lockboxes, combo lockboxes, smart locks, and key checkout, or show them the rental yourself. But, believe it or not, self-showings of your rental properties will be a common thing in the near future due to fast advancements in technology. 

Managing an owner’s assets, revenue, and expenses is a property manager’s primary responsibility, so whether you like it or not, you’re constantly dealing with accounting. So how to become a successful property accounting bookkeeper? 

Your company handles a lot of money monthly, from vendor invoices to collecting rent payments. But are you accurate and effective where it counts by using the necessary bookkeeping principles, procedures, and property management accounting software?

A senior product manager, states that “accurate figures and real-time financial data enable good decision-making within your firm and inspire trust in your property owner clients.”

She also states that accurate bookkeeping prepares you for tax season and other financial occasions like quarterly meetings with your HOA boards or monthly owner reports.

According to Brandon Hall, The Real Estate CPA, “there is a lot of liability to incorrect accounting, especially for a property management company.” “You might not be accounting for expenses and revenue per client, or you might be missing tenant payments.”

He claims that sound accounting principles help ensure that your books are balanced and that you correctly account for all the money associated with your properties.

To assist property managers in being profitable, we’ve compiled a list of ten best practices for bookkeeping.

How to Create Good Property Accounting Procedures

The first step to becoming a successful property accounting bookkeeper

#1: Create Individual Bank Accounts

You’ll require a different account for security deposits in addition to a standard company account. This will be your first step to becoming a successful property accounting bookkeeper. Many states demand that security deposits be kept by landlords and property managers in separate escrow accounts so that they are available when tenants vacate.

Hall advises keeping security deposits in a trust if your state permits it. “If you do it right, each property will have a separate P&L. You’ll be aware of your financial situation and your expenses and income per client.

Making sure you’re precise about how much you owe the customers and what your management fees are, is the whole point of trust accounting. If you don’t execute it correctly, you could face a lot of liability and possibly licensure problems.

#2: Create a Chart of Accounts

A chart of accounts lists all assets, equity, expense accounts, income, and liabilities. It aids in categorizing and organizing your financial transactions. Without mastering the chart of accounts you can never become a successful property accounting bookkeeper. 

While having these is crucial, you do have the freedom to modify your chart of accounts to suit your company’s demands. You may maintain your chart of accounts as high-level or as detailed as you wish. Everything relies on what is suitable for your business.

You can use something as simple as an Excel spreadsheet to construct a chart of accounts or invest in property management software to make the process easier. For instance, some software tailor elements for property managers that automatically generate a chart of accounts.

#3: Select a Method of Accounting

The two primary accounting techniques are accrual and cash. Cash accounting allows you to track your income and expenses as they are collected and paid. Contrarily, accrual accounting captures revenue and costs as they happen.

Most property managers use cash-basis accounting, but as they incur, be careful not to lose track of income and expenses. Accounting software is helpful in this situation. It helps you monitor every cash coming in and going out.

#4: Select a Bookkeeping Technique

Next, decide whether to use single-entry or double-entry bookkeeping. All incoming and outgoing financial transactions are entered only once under single-entry accounting, which does not imply that each could not have its column. It means everything is entered into your record only once.

Double-entry bookkeeping is more frequent in businesses. Every transaction is entered twice in this method—once as a credit and once as a debit. If you were to pay a bill from your cleaning service, for instance, you would enter the payment as a debit in one account (or less money in the bank) and as a credit in another account (or less money owed to the cleaning service).

#5: Keep Track of Receipts and Invoices

Find a productive approach to organizing all invoices and receipts. It might be a general accounting program like QuickBooks or other property management software which is more suited to the requirements of property managers in accounting for the books of their owners.

Whatever you decide, make it a habit to keep track of all financial statements for your company’s inflow and outflow.

Create a timetable for regular reporting for both you and your owners. Owners have the opportunity to create and download their reports. However, meeting them to review the numbers could be a good idea. A property accounting bookkeeper will always keep proper track of receipts and invoices. 

Tips for Maintaining Profitability

Mandatory skillset to become a property accounting bookkeeper

#6: Maintain Up-to-Date Collections

In some cases, such as during the pandemic, when tenants or owners are having difficulty, it becomes sensible to suspend payments. But, it would be best if you did not let your collections fall behind schedule because that cash can accumulate and affect your financial situation.

Note any waived costs and classify those apartments or houses correctly. Additionally, ensure your procedures are consistent and adhere to local and state regulations to avoid putting yourself, your residents, and your owners in a risky scenario.

#7: Prepare for Unexpected Costs

Even if your collections are current, there will inevitably be one expense that you weren’t expecting. Maintaining a rainy-day reserve will save you from scrambling to cover an urgent purchase or even lost revenue from an owner who left.

Look back on your expenses from the previous year, especially the unforeseen ones, and aim to save enough cash for future costs of a similar nature.

#8: Balance Your Accounts Often

You can identify typos, duplicates, missing entries, and bank problems by doing a monthly reconciliation. It is the initial phase of proper bookkeeping. To make sure there isn’t any money missing or overpayments, do your reconciliations at the end of each month.

It’s tempting to put it off because it can take a lot of time, but choosing the appropriate tool to makes it easier and can save you a lot of money.

Many software enables users to begin reconciliations and preserve their work for later. Therefore, with time, you can continue. When you’re finishing up your bank reconciliations at the end of each month, this can save you hours.

#9: Maintain a Positive Cash Flow

Even though your cash flow is positive, you may not be profitable. Not all monetary outlays qualify as expenses in property management bookkeeping. For instance, in property accounting, repayment of the security deposit uses a liability account but shifts the money. You might purchase a large, pricey piece of equipment, a computer, or a vehicle with corporate funds and record it as a fixed asset.

You’ll typically have a positive cash flow with cash basis accounting as long as you maintain your business’ profitability. This number will undoubtedly fluctuate, so it’s essential to keep an eye on it if you run your company’s books on an accrual basis.

#10: Find Ways to Deduct Cash

You can review your accounts to find areas where you might save money if you keep precise, current books. Utilizing tax deductions is one approach to achieve this. Saving is earning and therefore any successful property accounting bookkeeper will focus on this aspect. 

For instance, you can write off mileage, bookkeeping services, and education and training expenses. However, a lot has changed during the pandemic and will probably continue to do so to boost the economy. Keep up with any tax regulation changes that may affect what you can and should write off.

Also, remember to integrate your business strategy with your tax approach. Your best resource is a qualified CPA and advisor, but you may also keep up to speed by reading the tax guide for property managers available online. 

In addition to keeping you in the black, good accounting keeps your company compliant and lowers the risk of losses. However, knowledge is only one component of the puzzle; you must also ensure that the data you gather is high quality. Spending a few minutes each day verifying any new transactions that have come through is always helpful.

You can ensure that your accounting gives an actual image of your company and doesn’t obstruct your growth strategy by having a firm grasp of the principles, the accompanying technology, and the necessary discipline. If you have any more tip to become a successful property accounting bookkeeper then please let us know in comments. 

Internet listing services (ILS) providers, including the Zillow Group, Zumper, and Apartments.com owner CoStar, had a crazy year in 2022. Tenant Turner examined inbound lead data from 2022 and discovered seven web sources accounted for the many leads received nationwide. Many websites will automatically post your advertising for you if you use a syndication feed from Tenant Turner, requiring no additional work. Based on where your potential tenants are looking for residential rentals, we’ve included some of the top free and paid rental listing sites below.

On the Tenant Turner leasing automation platform, Zumper unexpectedly overtook Zillow Group in 2019 as the ILS that produced the most tenant leads. Later, in 2020, Zillow Group reclaimed the top spot and maintained it through 2021. The Zillow Group is the undisputed leader for the year and is expanding its market share. However, it isn’t relatively as high as in 2017 and preceding years, when they accounted for about 78% of tenant leads.

A careful inspection of tenant lead source by month reveals a competitive race between Zumper and Zillow Group for most of 2021, with Zillow Group taking a clear lead towards the end of the year.

What led to this? In September, Facebook Marketplace stopped allowing Zumper to post rental feeds, a major source of their tenant lead traffic. A short time after Facebook made that choice, Zumper began charging for listings, which decreased the number of listings on their site and, consequently, the number of tenant leads they produced. Before October 1st, all single-family rental postings on Zumper were free. They now only permit a maximum of five free listings per month.

This change benefited not only the Zillow Group but also Apartment List, CoStar, and Realtor.com, in 2021. RedFin just acquired RentPath and intends to breathe fresh life into Apartment Guide, Rent.com, and Rentals.com after they had been dormant for some time.

With its recent purchases, CoStar has made the most significant stride forward and now controls many websites, including Apartments.com, Homes.com, HomeSnap, Houses.com, and ForRent.com. Although it has continued to develop steadily, less than 7% of tenant leads come from Realtor.com. Without a purchase, their growth will probably continue at a slow pace.

Both Zumper and Apartment List currently account for roughly 5% of tenant leads after raising over $150M in VC capital, closing on their Series D in 2020. We’ll watch how they make more investments to increase their market share. Although RentPath still has a lot of catching up to do, they have a chance to have a bigger impact in 2022 after being acquired by RedFin for $608 million in April 2021.

List of the top 7 rental listing sites

#1: Your Website for Property Management

Nothing can be better than your own website when it comes to rental listing sites. There are two benefits to posting your current listings on your site. One, you showcase all your vacant rentals in one location, along with descriptions and full-color photos. Users may view all your listings in one place.

Two, adding listings to your website enhances SEO. If you’ve used the appropriate keywords, your listing will show up higher in the search results if someone is looking for a home in your area on Google.

There are a few things to remember:

• To prevent your site from loading slowly, resize and compress your photos.

• Listings and images should be mobile-friendly. Most consumers use their mobiles to do online searches.

#2: Zillow Group

Out of all the rental listing sites, Zillow tops the list.

The Zillow Group consists of HotPads, Trulia, and Zillow. Although there are many other free options, using Zillow has advantages. Designating your ads as “Verified Listings” displayed at the top of search results will set them apart from the competition. Additionally, Zillow provides premium assistance and nightly listing updates to paying customers.

#3: CoStar Group

With sites like Apartments.com, Homes.com, HomeSnap, Houses.com, ForRent.com, and many others, CoStar Group offers the most extensive and rapidly expanding network of listing websites. There is no additional work required on your part to increase the reach of your listing because the sites also accept syndication feeds. CoStar provides an exemption from payment for single-family rentals and structures with fewer than five units.

#4: Realtor.Com

This website has been around since 1996 and is well-respected. While property managers use Realtor.com for rent and sale listings, it also runs DoorSteps, a different rental listing website. But according to Tenant Turner, in 2021, only 7% of tenant leads originated from Realtor.com.

#5: Zumper

When you list with Zumper, your properties also display on the US and Canadian website Padmapper, which allows users to enter a location and price and view a map of nearby listings.

#6: Apartment List

Apartment List offers a white-glove apartment search experience individualized to your target lead’s tastes. Renters can easily find apartments close to universities using the search functionality, or they can use keywords like “luxury” or “affordable” to narrow their search. Although Tenant Turner technically offers a free listing service, they also provide a more comprehensive pay-per-lease program.

#7: Social Media

Don’t underrate the influence of your social media channels. You can post your listings as per availability. You can schedule posts and post concurrently on various websites using tools like Hootsuite.

Be unique with your posts. Advertise in local groups on Facebook. You can use IGTV on Instagram to stream walkthroughs.

Remember to post there as well if you use Nextdoor. Users of Nextdoor can join their area on this hyperlocal social networking platform. An estimated 27 million people use it each month.

Last, don’t undervalue the potential of creating a personal online identity. Please include a photo of yourself, describe your ideal rental, and explain how people may get in touch with you. As internet rental listing sites evolve, these channels might become more crucial.

We advise against posting to Facebook Marketplace and Craigslist. Fake listings made by con artists are present on both platforms. Use a watermark to protect your images and keep them away from these sites.

There was a time when tenants could only find resident benefits programs in high-end rental properties and flats. But now, occupants of all rental houses can take advantage of the resident benefits package.

You can find many property management companies that provide resident benefits packages by searching “resident benefits packages” online. Tenants can enjoy advantages throughout the entire rental process. They now offer everything, from 24-hour concierge services and emergency repairs to insurance choices, delivery, and replacement services for air and water filters.

Packages also allow property managers to increase value for owners while reducing costs and adding new revenue streams.

This post will cover why it makes sense to provide a resident benefits package, the kinds of perks you can include, and how to put one into effect for your residents.

Why Provide a Resident Benefits Package?

Benefit packages are undoubtedly advantageous to locals. They offer services that residents would otherwise need to find and manage themselves for a relatively small charge. A resident benefits package is also beneficial to property managers.

The following three advantages will help property managers:

More Income

Property managers have the chance to earn more money by charging for resident benefits packages that accurately reflect the value of particular services. Even better, property managers can pay a monthly fee to a third-party service provider and then tack on an additional fee to residents to cover the expense of the service while still making more money.

Reduced Staff and Workload

Offering some benefits may result in less work for your team. For instance, online resident portals centralize all interactions and maintenance needs. Your workforce will spend less time sorting through emails, taking calls, and your maintenance team will spend less time doing paperwork.

Lower Vacancy Rates and Higher Resident Retention

Benefits packages can offer everything from basic comforts to services that safeguard their financial security. Residents are more likely to stay if you provide services they value, like changing the HVAC filter or managing the utilities.

Make sure to include the advantages you provide in your listings and marketing materials. An appealing benefits package can draw in more applicants, expanding your pool of potential tenants and decreasing the length of time your property is vacant.

What Benefits Should You Include in Your Package?

You can be creative with resident benefit packages as long as you stay within the constraints of your company and what residents value. But there are some essential benefits you notice more frequently than others.

Benefits Packages Frequently Offered

Some of the benefits packages frequently offered by property managers include:

• HVAC Filter Installation and Delivery: Sign up for a service that will install HVAC filters for tenants and deliver them regularly. By charging a small fee to residents, you can cover the expense of the service and generate some extra income.

• Refrigerator Filter Delivery: Similar to HVAC filters, some companies offer services that automatically deliver filters for refrigerator water systems. Please include them in your package, and when determining fees, consider the residents’ needs.

• Virtual Concierge: A virtual concierge can provide residents with various services, such as keyless entry, package receipts, reservations for restaurants and events, and on-site amenities like gyms and swimming pools.

• Resident Site: Through a single portal, residents may access community information, make payments, send messages, and save their documents.

• 24/7 Maintenance Requests: Provide residents access to a maintenance request website to submit requests whenever and wherever they choose.

• Utility Management and Payment: A single service will activate all utilities in the new resident’s name upon moving in. The property manager pays all utility companies by including only a single payment in the resident’s rent or package charge.

• Renters Insurance: Renters insurance in a benefits package protects occupants against liability and harm and shields property managers from liability for damage caused by uninsured residents.

Which Benefits to Add?

Benefits packages come in a wide variety. Your package deal can be simple and merely include insurance and HVAC services, or it can be complex and include extras like dog walking or dry-cleaning services.

Your resident population will have the sole influence on the benefits you select. Do your study before deciding which benefits will best meet the needs of your residents.

Examine the deals provided by property management companies with comparable properties and resident demographics. Additionally, survey your current residents to learn about the most benefits they would value. Use services like SurveyMonkey to simplify the setup and advertise the survey through a resident portal to make it simple for people to give comments.

Make a cost-benefit analysis of your listed benefits to decide which will bring in the most money. Consider your present service offerings and determine which you could incorporate into a benefits package.

How to Create a Resident Benefits Package

Communication and time management are essential whether you’re putting in place a whole new resident benefits package or adding new elements to an already-existing one. During every phase of implementation, current residents should be kept informed.

Don’t go silent until you have finalized your package after asking them about the perks they would like. Inform them of the services you’re thinking about and your implementation schedule through regular communication.

Inform the residents when those services will be accessible, how much they will cost, and whether or not they are required.

Identify whether or not current residents will be eligible for the benefits package at the time of their lease renewal or after a specific number of days, then notify them by SMS or email.

As part of the onboarding process and your rental advertising, let prospective tenants know the services included in your benefits package.

Property Managers make these common mistakes with Resident Benefits Packages

It’s time to think about what not to do with your resident benefits package, as you now have a better idea of what to give and how to deliver it.

Pricing

The tenants don’t want to spend too much on services, regardless of what you deliver. Latchel, a provider of maintenance services, claims that benefits packages are typically no more expensive than $50 per month.

However, it would be best if you watched out that your benefits package doesn’t include more than you can reasonably charge.

Not Providing the Right Services

Residents won’t see the value in a package they won’t utilize and won’t want to pay for it either. Knowing what services tenants might find valuable is crucial.

Not only do unused services cost you and your resident’s money, but they also decrease resident satisfaction, which may lead to a turnover increase.

Talk to Residents About the Package

It’s critical to explain the advantages and disadvantages of new benefits packages to residents, especially as you implement them. Please provide them with tutorials that walk them through each service, or use your portal to communicate with them.

Ensure new tenants get documents outlining their benefits package and its cost when signing their lease.

Lastly, be sure that residents understand your opt-out policy. If you plan to charge for the package, you should inform residents whether they’ll use it or not. 

How Can Property Management Software Help?

A powerful property management software solution can be helpful if you’re seriously considering a resident benefits package or if you need to find a better approach to handle the one you already have.

Property management software might already include many things you’re contemplating including in your bundle. For instance, many software has something like a Resident Center and offers 24/7 tracking, maintenance, and requests. Property managers can also provide Renters insurance as a service through the software. 

An open API is another element of software platforms like Propertyware that enables property managers to incorporate other software services. For instance, you can link a virtual concierge or credit reporting service with your property management software.

Adding a services package may free up resources for your team while generating a new source of income. Providing convenient services can also help you keep your tenants happy and your owners pleased by lowering turnover and vacancy rates.

Benefits packages may be an easy win-win situation with software that makes adding services simple, boosting value for your residents, and creating new revenue streams for your company.

Whenever an appliance is outdated and inefficient the biggest question that comes to the landlord’s mind is – should I repair or replace appliances for my rental property? However, appliances frequently break before they should, making the choice between repair and replacement more difficult. Additionally, you might reconsider given the replacement cost. If you don’t have enough money, you might have to try and fix the item yourself. However, if you have the money, you could be better off replacing it with a brand-new, energy-efficient one.

Your rental property will likely come equipped with standard appliances like a stove/oven, refrigerator, microwave, and dishwasher. Some might even have an air conditioner, a washer, and a dryer. Even though many apartments should have some of these appliances, landlords are not obligated by law to do so. The choice of whether to offer them to the tenant is entirely up to the landlord.

So should you repair or replace the appliance?

Who provides the appliances?

Before you decide to repair or replace the appliance, you should first understand who provides the appliances. As there is no legal requirement for appliances, you must first review the lease. The provision of specific equipment by the landlord may be stated in your rental agreement. In this case, it is more likely that the landlord will be liable for any repairs or replacements.

The following question is if the landlord truly provided the appliances. If your landlord does give you an appliance, they normally take on the burden of maintaining and running that device. The appliance will likely still be present when you leave out if it was there when you moved in. While routine maintenance and cleaning of the item would often fall under your purview, significant repairs or replacements will typically be handled by the landlord.

Tenant Accountability

If your landlord does give you an appliance, they normally take on the burden of maintaining and running that device. Of course, they might transfer the duty to the tenant, you. However, your lease agreement needs to make sure of that in detail. The terms and level of duty will be outlined in the lease.

Additionally, you are responsible if you break an appliance that was provided by the landlord in particular circumstances. Your best course of action in such a situation is to inform the landlord and ascertain their preferred course of action. If the tenant is accountable then there won’t be any confusion about whether you should repair or replace appliances.

There might be challenges to decide whether to repair or replace appliances. Here are some recommendations to aid with your decision.

• Maintain Control Over Appliances

Amazing features like appliances may set your rental property apart from the competition when it comes to luring in top-notch tenants.

However, managing the appliances in your rental homes can cause you much too much worry and effort without some sort of systematic approach to tracking purchase, maintenance, and condition. Create a system for appliance inventory that works for you to safeguard you, your renter, and your bank account.

• Is it damaged?

We become so upset when appliances go down that we fail to see the obvious. Before panicking, confirm:

• The device is plugged in.
• Not a single circuit breaker has tripped. There is no uneven flooring, which can prevent some appliances from turning on.
• There aren’t any dust and lint clogs in the vents or filters.
• What’s the appliance’s age?

The normal lifespan after which a machine is operating on borrowed time is the average useful life of an appliance. The more prudent it is to replace rather than repair your equipment, the closer it is to its potential past-due date.

• Tips for Applying the 50% Rule

Appliance repairs cost between $100 and $300 in 2021. Do you want to pay for it?

You should replace an appliance rather than fix it if it is more than 50% of the way through its lifespan and the cost of one repair is more than 50% of the price of buying a new one.

You must obtain a repair estimate and be aware of the typical lifespan (see above) to perform the math. The majority of service providers charge a “trip fee” to identify the issue. When making the appointment, make sure to inquire about these fees because they can vary greatly. The travel fee is typically not charged if the company fixes the device.

• Is the warranty still in effect?

If you want to know if the broken equipment is still covered by warranty, check your owner’s manual or records. The majority of appliances are covered by a manufacturer’s warranty, which usually lasts one to three years from the date of purchase and covers the cost of repairs. Make a service call if it is still covered.

• Do you require a device that consumes less energy?

Every appliance must have an Energy Guide label, which should be black and yellow. It could be time to think about replacing the outdated appliance if it uses a lot of energy to save money in the long term. If tenants are responsible for paying the utility costs, they will appreciate it.

An Energy Star label can be found on several appliances. These labels attest to the appliance’s energy efficiency, which results in a 20% reduction in energy consumption compared to standard versions.

Bottom line

Whenever some rental home appliance breaks down, it can be a serious expense to take care of. The more difficult decision is to get rid of it or get it repaired. It needs a lot of thinking to decide on it and there are many questions to answer to reach the final answer. Sometimes it may seem better to repair the appliance than spend more money to get a new one. But in some cases, repair may be costly and may not last long. In such cases, it is better to get a new appliance. The above points will help you to decide if you need to repair or replace your rental property appliance.

 

 

Although managing properties is hardly rocket science, becoming a good landlord requires you to know the most common mistakes landlords make and how to avoid them. The most prosperous real estate investors have a variety of tools in their toolkits for landlords.

Using qualified property managers to handle the grunt work is one of the most crucial of all. Because of this, investors need to buy properties strategically and hold them for a long time to generate big wealth. This entails refraining from stupid errors that may have been easily avoided with the appropriate advice and education.

Even if you believe you know everything there is always the opportunity for improvement. Without prior experience, it can be simple to make these common new landlord blunders and quickly lose money, time, and sleep.

This post will be extremely helpful if you are one of those people who prefer to learn from other people’s errors. Let’s look at the most common mistakes landlords make and how you can prevent them.

 

Disregarding vacancy rates – The most common mistake landlords make!

Regardless of whether you are purchasing or already owning a property in a specific location, ignoring vacancy rates is never a good idea. A surplus of supply, shown by high vacancy rates, will reduce overall rents and returns, often for years. Avoiding this mistake is a sure sign of a great landlord.

Not conducting site inspections

Finding out how properly or poorly a renter is caring for a landlord’s property is the goal of an inspection. Why wouldn’t a landlord who is investing $100k or more in a home take 20 minutes out of their day, once every three months, to check on the condition of their investment? It appears to be very little work.

Unwillingness to do studies

Use a letting agent only if they are within ten meters of your front door. There is always someone offering a better service at a lower price in this cutthroat market, so look about. Never utilize a service without first searching for it on Google. You can count on someone complaining about them on a forum someplace if they have a reputation for providing subpar service.

Treating like own home

Too many landlords spend money on pricey art, artwork, and scatter cushions while treating a rental like it’s their own house. In addition to eating into your revenues, this can discourage tenants because—no matter how fabulous—your taste is unlikely to align with theirs. This is business, not private.

Neglecting the significance of marketing

Regardless of how great your property is, you still need to do an excellent job of selling it. If you want a property listing to be seen, you should become an expert in it. You are strongly urged to familiarize yourself with the guidelines for a successful property listing because numerous listings are competing for viewers.

Although you could believe that high-quality images are more significant than the title and property description, every single element matters. Think of a memorable title that emphasizes the benefits of your property, write a property description, give correct property information, and don’t forget to include some high-quality images.

Always maintaining a certain price

Overall, there is nothing wrong with keeping your property’s price unchanged. However, if you lack flexibility in a subdued rental market, you risk losing money or experiencing higher vacancy rates. You should broaden your views as a foresighted and wise landlord and adapt to any significant developments in the rental industry.

It is strongly encouraged, for instance, to accept cheaper offers in a slow rental market and to raise prices a little bit during the hot season. By taking these actions, you will maximize the use of your property and avoid the most common mistakes landlords make.

Discounting the cost of maintenance

You must remember maintenance costs because you are legally required to keep your properties in livable and secure shape. You should always have some extra cash on hand to pay for them because they are an unavoidable component of any leasing process. Remember that most things break unexpectedly, and you usually have a short window of time in which to fix them.

Choosing the wrong insurance policy

Insurance is crucial, and choosing the wrong insurance plan could leave you bitterly disappointed. It is one of the most common mistakes landlords make. Comparable to not having automobile insurance, everything must be paid for out of pocket and, as we all know, property repairs are expensive.

Your home’s unforeseen losses and damages will be covered by insurance. If you don’t have premium insurance, you may have to pay a high deductible or your insurance plan may not cover certain things. Make sure you are aware of the various plans and the coverage provided by your insurance.

Lacking knowledge of demography – Another of the most common mistakes landlords make

The demographics of the tenants (as well as the owner occupiers) in the region are one of the elements that investors must comprehend before purchasing in a particular area. To put it another way, avoid purchasing a one-bedroom home in a neighborhood where many families prefer to rent three-bedroom homes. This is another common mistake landlords make and pay heavily for it.

Depended on a handshake

Promises are useless in business. Your tenants must sign a lease agreement to occupy the property, and you must make sure they are aware of its provisions, for your legal protection. If you have issues with your tenant, the judge won’t be able to decide without written, legally-binding evidence (such as a lease). Make sure you use the right form for your state by being aware of the lease-related legislation in your state.

Bottomline

If you are a new rental property owner, there are good chances that you will make some mistakes. Do not panic, it is normal for most people. You may be the owner of many properties but giving them out on rent is completely new ground. It takes a lot to be a successful landlord.

You need to master some skills, get knowledge related to current rental trends and property rental laws and also have good experience to manage your property as well as tenants.

If you too have plans to own and manage income property or if you are already managing one or a few, it is important to know some of the most common mistakes landlords make. Knowing about them beforehand will help you avoid making them.

Make a strategy as you work and tweak it on the way to suit your management style. Do not stress over small things but make a note to keep a track of them for the future. Avoid the above most common mistakes landlords make to make better use of your rental income and property.