Do you have a multi-family income property that feels like nothing but a headache at times? It is a fairly typical experience. St. Louis is blessed with a huge inventory of 2 and 4 unit buildings. But, many owners are really behind the times when it comes to managing them. Sure, you can pay a property manager 10% of your rent each month, 50% of the first month's rent when they get a new lease signed, and a markup on repairs. This formula may be easier but is also likely to take away a nice chunk of your profit each month. Due to advances in technology, there are so many great new tricks that make managing your properties your self so much easier! I personally own 3 different 4 unit buildings in the neighborhoods that surround Tower Grove Park. When I first took over the management of these properties, it was a huge pain. I knew there had to be a better way.
Over the years I have put together a system that has made managing the apartments so much easier. Key things in my system include:
- Keyless entry on front entry doors and individual apartment doors. (I have found one of the most economical keyless entry locks that is super easy to use).
- Keyless entry on basement doors with special contractor codes - no more running out to meet the AC contractor when a unit has a problem, They just let themselves in now!
- Automated, online applications and background checks that the prospective tenant pays for and you get the info instantly.
- New lease deposits paid online an directly deposited into your bank account.
- The best websites to advertise your available rentals that send the best quality tenants to you with easy tools to keep track of requests to view apartments.
- How to get prospective tenants to view apartments on your schedule, not their's. I don't do evening showings anymore!
- Free online payment of rent that is directly deposited into your bank account. I don't accept money orders anymore!
- Automatic late fees with automatic notification by email to you and the tenant.
- Automatic and instant notification of insufficient funds.
- Give tenants the ability to pay rent with a credit card at no cost to you - or any additional effort.
- Automatic notification of leases that are coming to an end.
- All leases signed electronically with you and tenant instantly getting a downloadable electronic copy of the lease.
If you just look at these items, think of the hours you will save each month just by implementing a few of them. So, instead of thinking about selling your investment property, you may decide you can actually buy another one and easily manage it.
If you are dealing with a problem property or are thinking about becoming a landlord, I'd love to have a no pressure conversation about how I can help. Feel free to call me or contact me via this website for more info. I'd be happy to share my resources with you! They will make your life easier and increase the value of your investment!