Owning a rental property can be an excellent investment. Like any real estate purchase, a rental property can increase in value over time, allowing you to increase your wealth or your business’ value. On top of that, rental properties generate income in the form of rent, allowing you to profit off of your property in the near term as well as the far. With more Americans renting than have done so in decades, a rental property can be a fantastic way to make some cash.
Of course, this doesn’t mean that running a rental property is easy. Landlords have lots of jobs to do, and they have to deal with plenty of risks. Owning a real estate property means maintaining it and keeping it in good repair, something that landlords need to take great care with because of the high cost of deferred maintenance. Landlords should seek trustworthy tenants to minimize the many risks of having bad ones. Advertising, screening tenants, and other tasks can clutter up a landlord’s schedule and cost him or her time and money. Therefore, landlords should consider using online tools and software solutions to lighten their loads. Here are three reasons to use landlord software.
Making Listing Rental Properties Easy: Put Your Rental Property Where Renters Are Looking
You need tenants in order to generate income from your property. No matter how wonderful your rental property may be, you can’t get tenants unless potential renters know that your wonderful rental property exists in the first place. So it stands to reason that you’ll need to advertise the property. This can be a bit of a headache for landlords who aren’t familiar with the various ways in which a rental property can be brought to the attention of renters.
Fortunately, there’s one increasingly effective way that is endorsed by none other than the renters themselves. Potential renters are more and more often looking for rental properties online. Savvy landlords should meet them there: in an era in which Americans spend an average of 24 hours online per week, it would be crazy not to make sure that your property is online — especially with a tech-savvy new generation just getting ready to enter the rental market.
Invite Online Applications for Your Rental Property
Finding a property online is convenient for renters. Even more convenient is being able to apply to rent that property, right there on the same website. As a landlord, you can make that happen by working with reliable landlord websites. Good sites will offer you all the tools you need to set up a rental application online. Having that option as an effective call to action will encourage potential renters who see your listing to make the jump and apply for the property.
Make Background and Credit Checks a Breeze
Few things can be as disastrous for a landlord as having a bad tenant. It’s absolutely vital that you rent to a trustworthy individual or group who will keep the property clean, will help you stay on top of maintenance, and will always pay their rent. Fortunately, landlord software can help you here, too. With online landlord tools, it’s easy to perform a renter credit check or a background check based on the applications that you’ve received for your property. That way, you can be confident that you’re renting to the right person!
Being a landlord isn’t always easy, but it can be a whole lot easier if you’re smart about which services and products you use to support your business. So work smart, not hard, and get more out of your rental property!