Here are examples of some small improvements that we have recently made, that make a big difference:
A. When we hired our property manager he asked my why we didn’t take rental applications via the internet. We had a web site, with a link to a PDF application. He explained to me that many of our prospective tenants could fill out the application via their phone or had a computer but no printer making the PDF application useless. I wasn’t as convinced, but thought I would give him a shot. Ever since we set it up I would say 75% of our applications have come from the new online application process. I was dead wrong on that one! As part of this improvement we have also moved our Maintenance Request process to an online form (making it much easier to track which tenants have the most requests).
B. Many of our landlord friends have told us how their preferred method of collecting rent is having the tenant going directly to the bank and deposit it. We now have about 80% of our tenants pay rent this way and I must say it is great. I don’t get to see our properties as often, but I also don’t get the nagging requests every time I show up. My time is becoming more valuable and this really saves me a lot of time every month.
C. Partnering and joint venturing on deals is a great way for extra growth. This year we have bought a couple notes as joint ventures, bought a 22 unit apartment as joint venture and done two major rehabs with partners who have sourced the deal.
Every step of the way you gain more momentum and pretty soon your business will be impossible to stop.