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Automated Rent Collection:
The most dramatic change I've made with regard to managing investment properties has been to automate the rent collection process. I can't stress enough how much time and energy this has saved me, not to mention the impact on my monthly cash-flow. I have not had a single late payment or excuse since implementing the system. The rent automatically comes out of the tenant's checking account on the 1st of the month and is deposited into mine by the 5th.
I've employed the services of Rentmatic to handle my rent collection. In addition to setting up the direct deposit, the company offers additional features like online applications, electronic leases and monthly rent rolls to help make the landlording process as streamlined as possible. I can't speak highly enough about the company and I would recommend them to anyone that is looking for an autonomous solution to collecting rent. Rentmatic charge less than $4/mth per unit.
My approach to marketing vacancies has always depended on the location of the property. Personally, I have never had any luck with putting ads in the Sunday paper. One of my properties is located in a college town and I've had success posting ... more
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