The majority of property managers search for ways to make their business more cost effective by smoothing out every corner of their rental property. They do so by not only benefiting their property owners but also by delighting their tenants.
You’re no different. A great place to start examining your leasing cycles is by revising the tenant’s move-in process. In doing so, you can inspire healthy and long-term relationships with potential tenants while solidifying retention rates.
Individually coordinating each detail of your move-ins tends to make you vulnerable to wasting precious time and resources. To get started, here are a few tips to reduce your costs and increase efficiency in your move-in process:
1. Automate Payments and Monitor Them
Buildium published a report signifying that a majority of rental property owners prefer that their property managers handle payments digitally. In fact, according to their research, 73% of all single-family property owners prefer to receive their payments electronically.
You might have found yourself in situations where your team wastes too much time collecting physical checks or rental payments. Allowing more options for renters will not only make their life easier but also centralize and automate payments.
Generally speaking, property management software allow users to accept rental payments in 3 basic ways: credit cards, ACH (also known as an electronic check), and cash payments via payment centers. By adding these payment options to your rental business, you might even be able to reduce late and missing payments, especially when it comes to recurring payments.
2. Consider Mobile Inspections
If you have multiple inspections for move-ins and move-outs happening simultaneously, you might find it difficult to synchronize all the information. Between damage logs, tenants reports, and repair tickets, there are quite a few moving parts to balance.
Consider using mobile apps to conduct or record inspections while creating reports and attending to repairs tickets simultaneously. All this app needs to have is a camera mode and inspectors will be able to capture pictures of damages, tag it based on the type of damage, and finally log it in their reporting system.
3. Handle Turnover Repairs and Maintenance Efficiently
Before move-ins occur, you will want to manage all the maintenance expenses during this period. On the one hand, you are trying to dodge extended vacancies, and on the other, you will want to make sure that routine maintenance is transitioned in a manner that you save some money.
To do so, you’ll have to pause all unnecessary maintenance tasks. For instance, this may include pool or lawn maintenance services. Next, you will have to make sure that you make arrangements for any special agreements that may have been outlined in the impending tenancy.
Property managers can just as easily manage their vendors for maintenance, repairs, landscaping, or other services. Ideally, they should look for a way to standardize their costs, make generating work orders easier, and automate recurring maintenance tasks across their properties.
When it comes to establishing a successful property management business, you always look for ways to make your move-in processes a lot more efficient. In doing so, you will be able to improve your services for renters and property owners. In turn, you might even be able to establish more revenue streams that will help maximize your bottom line.
If you’re looking forward to trying out any of these strategies in your rental property, you can always delegate these tasks to your property manager or hire the right professionals for the task at hand.
If you haven’t hired a property manager already, click here to learn more about our services and how an experienced property manager can share some of your burdens.