5 Ways to Improve Your Landlord Toolbox
This article is a guest blog from Tanya Johnson at Accuplan.
No one ever said being a landlord is easy, but there are many steps you can take to protect yourself from risk, improve the success of your business, and even make your day-to-day tasks easier. Here are some of the most important tools you will need to be a successful landlord:
Choose an Efficient Way to Collect Rent
In the past, landlords needed to actually trek around to physically collect rent payments from tenants. This is no longer necessary, nor is it safe or efficient. There are many ways to collect rent that are also convenient for tenants. The best way is to collect rent online. That way, payments are secure, you can use automatic late fees, tenants can set up auto pay, and it’s transparent for both you and your tenants.
Enlist Help with Online Tools
Utilizing property management software increases your efficiency. When you use an online platform, such as Rentalutions, you’ll be able to create a listing for a rental unit or home, screen tenants with a credit and background report from TransUnion, sign a digital lease, manage maintenance, and more. , and more. When you’re managing multiple rental properties, it can be nearly impossible to keep up with the day-to-day work without help.
Upgrade your life today with software.
Collect a Security Deposit or Move-in Fee
The security deposit is your financial backup if the tenant damages your property or does not pay rent. A security deposit is always a good idea, but make sure you know the rules in your state. Most states have a dollar limit, such as two months’ rent, that you can collect as a deposit. You will also be required to return the deposit by a deadline after the tenant moves out with an itemization of deductions you make for repairs or unpaid rent. Some states also require that you keep security deposits in a separate, interest-bearing account.
Have Legal Forms Ready
You will have many occasions to use legal forms as a landlord and it’s a good idea to have them ready. You may even want to have an attorney prepare some stock forms that give you sufficient legal protection. Some of the many rental and legal forms you should have include:
- Acceptance of Rental Unit
Invest in Smart Home Technology
Smart home tech isn’t just a selling point for tenants; it can also make your job easier as a landlord and help you protect your investment.
Some smart appliances can inform you when they need to be serviced without waiting for a tenant to report an issue. Smart irrigation systems can help you keep landscaping looking its best without relying on a lawn care professional or the associated cost. Moisture sensors are also a smart investment as they can detect excessive moisture and send you an alert when you need to manage problems like broken pipes, plumbing problems, or damp basements.
With landlord software, you can manage your entire rental property online, in clicks rather than hours. To gain access to an arsenal of landlord tools, sign up for Rentalutions today.
This article was brought to you by Accuplan Benefits Services. Contact Accuplan today to find out how you can get your IRA out of the stock market, and into real estate.
Also published on Medium.