Getting started as a new property owner can feel a little overwhelming without the right tools. However, even seasoned investors benefit from the right tools and resources that make rental management easier (and more profitable).
If you're not sure where to start building your property management system or how to evaluate the merits of free resources, the best property management company Bradenton has to offer can help! However, while some freebies can be helpful, rental owners must be careful not to rely on tools that aren't the best resources to generate better returns. Today we'll look at some of the best no-cost resources for investors, from a move-in checklist to a written notice to vacate template, and of course, many things in between!
A Rent Ledger and Rent Receipt Templates
At the core of the business, rental property owners must keep up with the money coming in and getting information back to their renters to confirm rental payments each month. Using a free online rent ledger or rent receipt template can help you keep track of financials and communications with renters each month.
That being said, if you choose to work with the best property management company Bradenton offers, you'll have access to secure electronic rent receipts and an online portal where residents pay rent. Unfortunately, where a one-off rent receipt system might help for a while, it might not connect to your bookkeeping and accounting software to streamline processes and documentation long-term.
Free Lease Agreement Templates for Rental Properties
Looking over a free lease agreement example and researching terms and conditions you don't recognize is vital before renters sign an agreement. The lease agreement documents the rules for a property for both the landlord and renter. Rental agreements also support a property owner when enforcing the rules.
While many property owners start by using a downloaded lease agreement template to create this critical document, property managers recommend going a step further. Creating a customized rental agreement that reflects local legislation in this area and best practices in your rental market can offer better protection for your rental properties and income!
Rental Application Documents
Finding a free rental application template online helps you see the data that property owners typically collect from someone interested in moving into a rental. This data and the disclosures can help you screen prospective tenants for red flags that would make renting to them a bad experience.
Like a free lease template, starting with a free rental application template can be an excellent way to begin. However, the best management companies recommend working with experts and an attorney to ensure that your rental application collects the right information while following Fair Housing laws. Property managers can make sure you don't ask any questions that could accidentally be considered discriminatory and ensure that you have all the details you need to make a good selection for your next residents.
An Inspection or Move-In Checklist for Property Owners
Rental unit owners need an excellent checklist to prepare for new tenants or inspect properties before, during, and after a lease term. Investors can find plenty of free online checklists to start a thorough move-in or move-out inspection process or document a mid-lease inspection and any necessary maintenance.
However, as with other free templates that we've mentioned today, an online move-in checklist could leave out critical details that apply to your specific properties or residents. A property management company handles property inspections and all tasks necessary to help new renters move into a wonderful home. If free checklists cause you to miss critical details during an inspection (that lead to costly repairs), property managers can provide thorough checklists and a proven process to go with them!
A Rent Increase Letter
When landlords experience an excellent long-term renter, it's crucial to approach rent increases delicately since retaining a renter can lead to significant savings for owners—but keeping competitive rental rates is also vital. Sometimes, this requires a rental rate increase at lease renewal. The Balance shares strategies and language you can use when writing a letter to a renter that explains the increase in the rent for the following year. While this template can be a good resource, property managers can work with renters to inform them of a rate increase and encourage them to renew the rental agreement.
A Bradenton Rental Property Manager Does It All!
While free tools and templates can be a good starting point for investors, there are many situations when you may want an experienced property manager on your hand to know what to do next or provide better property management services than a free download. Their experience working with renters can help a property owner experience better returns, improve processes, connect software and systems, and reduce the potential for mistakes, incomplete lease agreements, and other common problems.
Gulf Coast Property Management delivers full-service property management to handle every task for owners! Reach out soon to learn how professional property managers are better than free resources.
Want even more information about finding a good property manager? Download our newly-updated "Guide to Finding the Best Gulf Coast Area Property Manager!"