Did you know that in 2017, there were over 43 million rental households in the United States? With so many people renting it is important to become familiar with the different property management tools available to ensure that you are not losing money.
Keep reading to learn the top tools for property management that every landlord should have and use.
1. Rent Calculator
Sometimes figuring out how much to charge for rent is a challenge many property managers face. Most new property managers just guess a price that they feel is right and they do not do any further research. This is why you want to definitely have this landlord tool in your toolbox.
If you charge too much, you will end up losing a ton of money because the property might sit empty for months. Or if you charge too little you will lose a ton of profit after some time. A rental calculator will help you see what is a fair price in the area you are renting in, to help you find the perfect amount to charge.
2. Property Inspections Applications
Even though you more than likely had the property inspected when you first purchased it, you will have to do move in and move out inspections. An app can come in handy when doing these inspections in between renters and it can save you a ton of money on unexpected repairs after a new tenant moves in.
These applications will walk you through a checklist and will allow you to save pictures for the inspection. Once you are done walking through the unit you can create the inspection report and save it digitally.
3. Document Manager
You really want to make sure that you are following the Fair Housing laws to avoid any legal issues in the future. This is why it is crucial to do time stamping and have files of every single rental.
Using property management software that offers digital archiving can really help you avoid losing any files. If you are not comfortable using new tools or software then finding the best property management company might be a better option for you. There are plenty of companies out there that specialize in making sure every law in your state is being followed.
They also save you time because they will deal with showing the rental to potential renters and will deal directly with all of their questions.
Ready to Use These Property Management Tools?
We hope that now that you have the best property management tools for landlords you can feel better equipped before you rent your next home. If you are still feeling unsure or you do not have the time then it might be best to call in a professional property management company to help you.
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