Managing Rentals

Todo List

[ ] Set up Google Voice to be contacted only in the case of an emergency or leak. Enable call recording for any potential legal issues.
[ ] Create a separate email address and inform them that most communication should be done through email, with a response expected within two days.
[ ] Set up a separate bank account; Chase is a great option, but it's also a good opportunity to build a relationship with a local small lender.
[ ] When it comes to getting paid rent, avoid cash. Onboard tenants, contractors, and inspectors to your Software.
[ ] When interacting with tenants, contractors, and inspectors, make it clear that you are the property manager, not the owner. This makes it easier to blame an imaginary rich uncle for rent increases.

Getting New Tenants

<aside> 💡 Automation Tip!

Have your tenants show the units themselves:

Put a Smart Locks on the unit
Quiz interested tenants on if they financially/credit wise qualify for your unit
Ask them to take and send a photo of their driver’s license + a selfie of them with your rental in the background
Send them the lockbox code so they can see the unit themselves
Follow up with an application

</aside>

Smart locks
General requirements
Applicants
Rejections (avoid discrimination lawsuit)
Hide lockboxes so they don't know your building is vacant
Batch showings

Screening Questions

ToDo:

Phone Screen questions
1. Pre-question, how did you find the listing? (You might not need to ask everyone this if you know it already).
2. When are you available to move into the property?
3. How many people will be living in the property?
  1. Echo that all adults must qualify with credit, but you can pool income to meet requirements
4. Do you have any pets?
  1. Go over pet policy if needed. Remind them that any new pets will need to be reported.
5. Are all adults employed? How long have they been at their jobs?
6. What is your gross take home annual pay?
7. "As the ad says, with every application, we will end up running a credit and background check. Do you know an estimate of your credit score? The owner is requiring a 650, and we do not want to waste your application fee"

Photography

Before you post anywhere make sure that you have nice photos. Aside from price, quality photos and description makes a HUGE difference with bringing people in. Remember its all about marketing, you want to showcase

It’s honestly worth hiring a professional photographer for quality photos if it means that you can rent faster

Families

Suck but less likely to skip out
Try to get kids channeled somewhere, better schools are important
Craigslist

Young Couples

Renters of one- or two-bedroom homes often vacate when they start a family or end a relationship.
Facebook Marketplace is one way to find such tenants.

Other ways to find tenants

<aside> 💡 Don’t cheap out on photographers. Good photos are the biggest bang for your buck marketing you could do.

</aside>

A postcard campaign to people in similar buildings could be problematic
Reach out to HR of major employers in the area.
Develop a tenant referral program.
Offer discounts to military, police, and first responders.
Hang for lease banners.
Conduct corporate outreach.
Design and place fliers at local establishments with foot traffic.
Place ads in local newspapers.
List properties online.
Partner with agents for listings.
Utilize Facebook Ads.
Reach out to nearby colleges, military bases, and corporations.
Provide excellent customer service.
Ask the residents why they're leaving.
Create marketing packages or gift baskets to send to surrounding employers.
Follow up on old leads (more than 90 days).

Move in checklist

Acceptance. Congrats on approval!
Move in Condition Report
Make your own keys

Pet Policy

No other animals

They will smell worse
Owner is likely to have many of them

Fish

Limit aquariums to 20 gallons if you're going to allow them

Dogs/Cats

Smaller than 20 lbs and no aggressive breeds
Which ones are aggressive?

Managing Annoying Tenants

Noise issues
Tenant disputes
The tenant wants an upgrade
Unapproved pets or people
"What if I just break the lease and let the landlord keep security deposit"
Late Rent
Involve cosigners when sending notices (parents of college students
You can always not renew their lease

Move-out checklist (send at notice and 1 week prior to move out)

Have one, you must give line items for taking money out of the security deposit.
Notice of receipt to vacate and synopsis of what to expect + referral fee
Moveout instructions and price list of most frequently charged items
Set up a payment plan if they still owe money
When to have leases
Example price list

🦵Removing a tenant

Casually bring up leaving
Paying them to leave (attorney cost is 3000). Cash for keys is often better for protecting your property from tenant anger and avoiding legal fees associated with
Month to Month tenant.

Contributions by

@Gena Dao