If you are in the business of owning a rental property, you should know that there are some tips that you can follow to ensure that your profits remain high. These tips are listed below.

Find quality tenants

Finding quality tenants is an important step to the success of your rental business. A good tenant can make the property less costly to maintain, as well as lead to a better return on investment.

Before a prospective tenant moves into your rental, run a background check on them. Make sure they have a steady income, as well as a credit score that is in good shape. Also, ask them to provide proof of their employment. This can include their W-2 forms or bank statements.

Good tenants also have a good record with previous landlords. If they haven’t paid their rent on time or have an eviction on their record, it’s best to avoid them.

Landlords can work with a local real estate agent or property management company. These companies can help you reach a large number of prospective tenants.

Using social media and online sites is another great way to find tenants. When you advertise your rental on these sites, you’ll draw interest and increase the number of potential tenants who see it. You may even be able to get referrals from current or previous tenants.

Traditional print media is also a good place to look for tenants. It’s especially useful in smaller towns without a large number of online rental groups.

Landlords can also screen out prospective tenants by requiring them to pay a deposit. This way, they can filter out potential time-wasters. The process should be done in a non-discriminatory manner, as well.

Landlords must adhere to all laws pertaining to landlords and tenants. Check out the Fair Housing Act to ensure you aren’t being discriminated against based on race, religion, nationality, or housing status.

Set reasonable rents

One of the best things about owning a property is having tenants that are on the ball and in tip top shape. The best way to do this is to ape them with the proper amenities and a hefty portion of your own hard earned cash. Having said that, there are plenty of renters out there that would gladly take your money and run. Using this tactic you can turn your rental business into a gold mine. Of course, you will want to make sure you get a tenant that is willing to pay for it before you have it. This is a simple, even obvious, yet  effective tip for Apartment Property Management.

Implement a late fee

If you are a landlord, you should consider charging a late fee to your tenants. This is a tactic that will help you to retain cash flow from your rental properties and boost your income.

Before implementing a late fee, you should ask yourself whether or not you are legally allowed to do so. Different states have different laws about the amount and frequency of late fees. You can find out more by checking with your local NAA affiliate or by researching state statutes.

Generally, you should charge a flat rate of 5% of the rent due or a fixed percentage of the monthly rent. Be sure to include a grace period so that your tenant has enough time to pay the rent.

In addition to the late fee, you can offer your tenants discounts for paying their rent early. These discounts will speed up your cash flow and will reduce the number of late payments. However, make sure that the discount is not more than the late fee you are charging.

The best way to implement a late fee is to set it up in your lease agreement. Make sure to specify the exact amount and when it will apply.

Alternatively, you can allow your tenants to waive their late fee for one time only. This is a great gesture. However, you should never allow a waiver of a late fee to result in repeated bad behavior.

Some landlords are hesitant to implement a late fee because they think that it will lead to a retaliatory behavior from their tenants. While it may be a good idea to provide a one-time exception, be sure to follow up in writing and keep it short and sweet.

Simplify property management

If you want to increase the profits of your property management business, you need to simplify things. This can help you save time and avoid the common mistakes that can cost you money. But first, you need to find a quality property management software to get started.

In this article, we’ll explore some ways you can use automation and mobile technology to make property management simpler and faster. From a tenant portal to accounting software, there are plenty of options. The best part is, they don’t require tech wizardry or expensive training.

Tenant portals can be a great way to keep your property management team in contact and share information. They also make it easier for your tenants to report issues. You can even offer them benefits like a free real estate listing website or a mobile app.

Automated rent collection can be another way to simplify property management. It eliminates the need to track unpaid rent and makes it much more convenient for your tenants. Aside from that, it allows you to send automated late payments notices.

You can also take advantage of a comprehensive advertising module to keep your buildings occupied. Aside from that, social media integration can help you advertise to a broader customer base. Finally, keep track of your finances to spot areas that need improvement. That will allow you to selectively add more rentals.

Getting started is easy with SimplifyEm. You can access it from your desktop, laptop, or mobile device. Besides that, you can choose from various plans, including unlimited document storage and live phone support. Also, you can enjoy a 14-day trial period for paid plans.

Managing a property can be stressful and overwhelming, but it doesn’t have to be. By utilizing property management automation and mobile technology, you can maximize your profits and do more with less.