With the cost of buying a home increasing this past year, Americans are more frequently becoming renters. These renters are also becoming more conscientious of the properties they live in compared with the houses on the market, as 33% of renters decide to move each year. The housing market is constantly shifting, making it seem harder to manage a property or to find suitable renters.
For landlords and property owners, there are ways to stay on top of the market and better manage their properties in order to keep renters coming and content. You can download a landlord app on your phone that will help you with recurring expenses and due dates, such as Landlord Property Buddy. A market rate rent calculator can also be useful to get a sense of costs associated with your house and similar homes on the market. Let\’s take a look at how these applications and further tips can help you with your property management.
As mentioned, there are some resources that land owners can and should utilize to stay on top of their properties and their renters. Apps can be downloaded on both iOS and the Android app store to help maintain expenses, due dates, and renter details.
Landlord Property Buddy is an efficient tool for keeping track of costs and due dates, but you can also consider downloading apps such as Appfolio and Rentec. These apps will further help with renter background screenings and can assist property managers with oversight of numerous units.
Along with rental property apps, you should consider using a market rate rent calculator such as Rentometer. There are also a ton of other similar rental rate calculators that can suit your needs. The purpose of these applications are to help give you a better sense of what your house should cost when compared to its surrounding area and the appliances it comes with. These apps are useful because as renters become more aware of the market, they attempt to get the most within their budget.
Tips to Consider
Apps can be extremely beneficial to manage properties, but there are also a few other things you should keep in mind when putting a home on the market.
For one, online mediums are also great for finding potential tenants, with rental listing apps and further resources that boost the rate at which properties are seen. With that, also consider implementing renter applications and make background checks a mandatory part of the process in order to make certain your potential relationship with renters is fair and professional.
A market rate rent calculator will definitely be helpful in placing a fair price on your home, but when given the numbers, also consider the appliances you offer and whether your home is new or old — these considerations will further indicate whether you should increase or decrease the value set forth. If you\’re simply a landlord who is too busy to handle your property, do not feel discouraged to hire a property manager who can help with all the details.
The Market and Insights
Managing a property may take some dedication, but it can also be extremely rewarding. By taking advantage of the many options available for maintaining your rental space, the managing process will run smoother and more efficiently. If you don\’t feel too comfortable or don\’t have the time to manage your unit(s), working with property managers is another great option that can help landowners with heading their properties. This will make for a streamlined process.