If you are busy turning the wheel to stay in place, then you don't have time to think of anything else. This is kind of like what a Guinea pig would do. Likewise, if you are busy constantly managing existing properties, you cannot grow your business. It is important for property managers to learn to scale your business.
Okay, you are thinking it's easier said than done. You have so many properties and countless paperwork to manage, not to mention the constant stream of tenant complaints and repairs. How can you make time? Yes, we hear you. Here are some tips to get things under control.
First, Automate what you can. In any line of work, there are repetitive tasks and then there are new tasks. Some of these in both categories can be automated, while others may need manual intervention.
Second, do what you must, outsource the rest. Start by identifying things that can be outsourced. For example, a minor light bulb change is something you can do. But do you want to take on all accounting tasks?
Automate some of the tenant screening process including background checks. While we still recommend that you meet the tenant face to face to qualify them, checking their credit score and background can be left to HomeKasa, saving you time.
When you onboard the tenant, you can upload property photos / videos and walk-through reports so that you can refer to this later when the tenant vacates.
Store your documents in one place
Instead of visiting door to door, collect rents through HomeKasa. Run reports on who has paid, and which of your properties have outstanding rents. You can decide to impose fine or trigger 'pay or quit' notice.
Automate rent collection and reminders
Produce monthly or quarterly profit and loss (P&L) statements to the landlords. Stay in periodic communication so that they know the value you bring to them.
Run it like a business. Know your income and expenses at any time
Repairs? Enter your preferred contractor's contact information into HomeKasa. Once your tenant files a complaint on the system, you can decide to route it to your contractor for repair. HomeKasa will automatically notify your contractor.
Keep a shortlist of contractors. While getting three bids for every repair can help you choose the cheapest contractor, in the long run, you will be spending a lot of time and the process is inefficient. Instead negotiate a friendly rate with a set of contractors for repeat business. Use them across all your properties. While this may be somewhat easier in a multi-unit listing, it is still useful to negotiate for many properties within the same zip code or county. This helps you to scale and also work with reliable contractors who provide quality work.
Time for taxes? Generate reports and share with your CPA using HomeKasa.
Doing these things help you to save time and reduce the stress of repetitive tasks. Imagine all the time you can save by having HomeKasa do the work for you so that you can manage more properties. Best of all, HomeKasa is free! Give it a try and improve your productivity. Scale your business!