41) Stop with the Keys Already & Rent Control

House Money Weekly

In this week’s House Money Weekly segment, Lauren and Alan get together with their special guest, Dion. They discuss blog 139, 3 Outdated Property Management Things You Can Stop Doing. Number 1 is putting out a physical rent sign. These are the signs that you can buy at Home Depot or Lowe's that say For Rent with a handwritten phone number on it. These signs attract tire kickers, other investors (driving for dollars), and realtors, but NOT prospective tenants. Lauren confirms this by sharing her recent experience on one of her properties where she put a For Rent sign out front. Number 2 is having a giant ring of “landlord keys.” This is a mom and pop from the 1990s way of doing real estate. Alan shares one product he uses for all his keys which provides a lockset where every one of the units have different locks, but he holds one master key for all of it. Lauren uses an electronic keypad. The lock connects to the Wi-Fi and if the Wi-Fi goes out and comes back on, it will reconnect again. It is so easy and quick for their short-term rental properties where they also started adding these to their long-term rentals. Dion doesn’t own one key, instead he buys the Schlage coded locks where you enter the code and then it engages the mechanism so that the human has to turn the dial to engage or disengage the default. His tenants are responsible for changing the batteries. The number 3 outdated thing is tracking everything in a spreadsheet. There are many property management software options that will track your finances, rents, and other needs instead of putting it manually to an excel or Google sheet. Dion uses Hemlane.

 

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