It’s a fact that building wealth in the rental property game is a marathon, not a sprint. If you want to be a sprinter, we recommend looking into a career flipping houses. For the rest of us interested in building a portfolio of revenue generating rental properties, this article is designed for you. What we are going to speak about here is the benefit of improving the quality of your rental properties and how that translates into long-term growth and financial reward!
Here are a few tips to help you improve the quality of your rentals:
- Track property amenities in property management software like VerticalRent® — allowing you to keep tabs on the exact service dates of air conditioners, furnaces, dishwashers, fridges, etc. Knowing the last service date can help you predict when something is going to break on average. Keep everything neatly organized and setup alerts.
- Store all your photos and scanned docs in the cloud. Why? Well, this helps you keep tabs on the quality of your rental property from anywhere! Anytime a handyman heads over to your rental property to fix something, ask him to take a quick snapshot on his phone and text it over to you. Upload that photo to VerticalRent® and hold onto it forever. Then you can analyze year-by-year the photos to determine whether it’s time to upgrade, fix, or get rid of it!
Anyone can buy a rental property with a little bit of cash. The hard part is actually finding the time to keep the quality of these rentals up to snuff. Your tenants will undoubtedly complain if you turn into the stereotypical “slum lord” that we hear about on the news channels. To combat this stereotype and yield long-term financial rewards, you should take these two small steps immediately with every rental property that you own. Tracking the make, model, and creation date of appliances also helps you make more informed purchasing decisions next time around. You can even take clips from the web of consumer reports and attach them to the property amenities that you track in VerticalRent®.
The importance of storing photos and scanned docs speaks for itself. Get into the habit of snapping photos of everything that you work on at a rental property, especially if you are a do-it-yourself landlord. If you outsource any of the work to a property management company, demand that they take photos of everything. Not only does this help to review the quality of work, but it also could help in a landlord-tenant law issue that arises at your rental property. Having photos with time and date stamps can help you prove where the liability falls for something that went wrong.
We live in the digital age that brings a lot of benefits and complications. In order to grow your rental property empire, we suggest that you take the time to follow the two steps outlined in this article. It’s a little bit of work for a long-term payoff!