The rapid rise of Airbnb and similar businesses are attracting a lot of homeowners to enter the rental property market. If you want to join the rush, you should first learn how to manage a leased property to increase your chances of success. You can use also use modern tools like rental property management software for more efficient management.
Entrepreneurs in both short- and long-term rental markets in the U.S. are gaining huge profits due to the country’s continuous economic growth. According to Statista, the vacation rentals segment registered revenues totaling $507 million in 2019.
The sector will continue to grow at a compound annual growth rate of 2.6% to reach $19,432 million by 2023. The country’s long-term rental market is also performing well.
Benefits of Rental Property Management Software for Home Rentals
As a first-time landlord, using new technologies will help you in your transition as a property manager. Here are some of the benefits of using rental property management software in your new endeavor:
- Facilitates tracking of bank deposits with undeposited fund support
- Online file management of tenants and properties
- Easy implementation of renters insurance requirements for tenants
- Complete property inspection using a dedicated mobile inspection apps
- Faster monitoring of work orders and recurring maintenance
- Automated creation of backup data
- Maintains stats and graphs of the current and historical performance of your properties
- Improves the tenant screening process
- Enables online rent payments
Tips on Managing Your Property Effectively
Right property management strategies center around hard work, excellent communication skills, and transparency. As a neophyte landlord, you can hire the services of property management experts to help you manage your business the right way. Here are also some tips to serve as your guide:
- Be familiar with the features of your home – Familiarize yourself with your home systems to maintain them properly and provide excellent service to your tenants. It would help if you also reinvest in your property to improve its features and amenities to attract more renters.
- Develop a financial plan – Create a strategy on how you can maximize the revenue from your home. You should conduct diligent research to know the prevailing rates for better planning.
- Create a preventive maintenance plan – Ensure proper maintenance of your home by diligently executing your plan. Properly maintained properties result in satisfied guests and more revenues.
- Adopt a dynamic pricing and revenue management model – By using a dynamic model, you can adjust your pricing based on supply and demand in the market.
- Establish a solid marketing plan – Develop a strategy to market your home as a vacation rental in various channels to maximize your revenue. It would be useful if you learned how to optimize your listing. You can use tools like the rental property management software to create beautiful rental listings for your vacancies. These tools will also list your properties in leading rental listing sites like Apartments.com and Zillow.
- Maintain a good housekeeping team – As your business expands, you should also hire additional staff to help maintain your facilities. You can also use your ultimate house cleaning checklist to ensure nothing is missed. Make sure to employ competent and friendly workers to avoid complaints and bad reviews.
Managing a rental property business can be overwhelming for first-timers. But with the right tools and determination, you can overcome the challenges you may face and gain the profits you have envisioned.