Now more than ever, rental property business owners are carefully examining their books to see how they optimize their business and increase efficiency.
However, self-managing landlords and property managers find themselves with no time to effectively optimize their business, just by running the day-to-day tasks that come with rental properties. Adopting a property management software like RentRedi can benefit rental property managers and landlords by significantly reducing maintenance friction, tenant turnover, and the cost of vacancies.
When it comes to optimizing your rental property business, there are key areas in which you can eliminate excessive fees or spending. In this article, we’ll show you how to run your rental property business more efficiently and optimize for more positive cash flow.
Stay on Top of Maintenance & Repair Requests
Maintenance frustrations are the #1 reason tenants leave a rental property. Staying on top of the health of your unit by performing property inspections and being responsive to repair requests is an easy way to keep your tenants happy and your unit in tip-top shape.
RentRedi makes it easy to store and share any inspection documentation and checklists. And, even better, RentRedi also integrates directly with Latchel, so tenants can easily submit repair requests and receive a 60-second response from Latchel’s troubleshooting experts.
Reduce Resident Turnover & Increase Retention
A big hit to your rental reserves can be tenant turnover and unit vacancies. Not only do you have to make repairs, clean, and change locks when a tenant leaves, but you also have to quickly get a new resident in the building. Every day your unit stands empty is a lost day of revenue.
Even more expensive are cases of an eviction, which can very quickly escalate costs, depending on your state and eviction moratoriums.
Using a product like RentRedi can help you retain renters by providing them with an easy-to-use mobile app they can use to pay rent, schedule rent reminders, submit maintenance requests to Latchel, and access any documents (like their lease) that you share with them.
Eliminate Multiple Management Platforms
If you’re paying for listing sites, e-signature sites, and screening software, it might be time to go in on a rental property management software like RentRedi, which has all your bases covered in those departments—for free.
RentRedi lists to Realtor.com and Doorsteps which are free for landlords. You also receive a free RentRedi listings page to use for marketing, which you can share on Facebook Marketplace, Craigslist, your website, or your network.
RentRedi also has inclusive e-signatures for leases. Simply upload your lease and send it to your tenant to sign—all from your RentRedi app. There are no limits on signatures or tenants, so you don’t have to pay more for getting vacancies filled!
RentRedi’s tenant screening provides you with a 3-step process: prescreening, application, and full background checks. None of these are at-cost to the landlord. Background checks are run through TransUnion and affordably priced for applicants at $35. The reports included criminal, credit, and eviction reports, as well as a customized leasing recommendation.
How RentRedi Can Help You Optimize Rental Property Business
There are easy ways you can reduce operational costs for your rental property business. By staying on top of maintenance, reducing turnover costs by increasing resident retention, and eliminated extraneous management costs (like listing and e-signing sites), you can bring efficiency to your rental management, while also optimizing your rental business.