You’ve been sitting at home, doing your part in the fight against the spread of the Coronavirus. Hopefully, you’ve already taken care of the important things like stocking up on enough food, water, and of course, toilet paper.
But now, after a couple of weeks of self-quarantined life which included setting up your home office to be just like the real thing, doing your 2019 taxes to perfection, and completely wearing out your Netflix account, you find yourself staring in the mirror trying to come up with ways to entertain the human staring back. So, what’s next?
Well, you could try the Coronavirus challenge, or, If you are a DIY landlord, you may find that now is a perfect time to organize your rentals.
Here are some things that you could do with a bit of time now that will save you a lot of time in the future and enable you to manage your rental properties from anywhere.
Going to the Bank Isn’t a Good Idea, so Start Collecting Rent Online
If the benefits of avoiding trips to the bank were not obvious to you before Corona, hopefully the added benefit of not risking infection helps you see the light.
Wasting time traveling to the bank and standing in line simply to deal with depositing rent checks, when you can securely collect rent online, did not even make sense a month ago and it certainly makes much less sense now.
A secure property management software not only allows you to sit back and watch the money flow into your bank account, but it also keeps you organized by centralizing rent payments and can even do things like create automatic late fees so that you can collect rent on time.
Ditch the Pen and Paper, Screen Tenants Online
The importance of screening tenants should be apparent to all landlords, as the risks of a bad tenant include unpaid rent, damage to property, and even refusal to evict.
But while you may clearly understand the benefits of screening in general, you might not be aware of the added perks of taking this process online:
- Easy as a click of a button – forget about meeting applicants to hand deliver or mailing paper applications. It is much easier to enter your applicant’s email and instantly deliver an online application.
- Avoid collecting sensitive applicant information – its a good idea to not have applicants’ personal information such as social security numbers and dates of birth laying around. Even if an applicant doesn’t become a renter, you still need to safeguard their identity. Online applications gather the information needed to run screening reports without exposing the sensitive details.
- Align with renter expectations – renters these days are tech savvy and expect you to be the same, or to at least try. Give them what they want, which is the ability to do things digitally.
- Easily generate multiple checks – once you use a legitimate online application tool, you can generate a variety of reports including background, credit, and eviction checks at the click of button.
Take Care of Maintenance Issues Fast
Properly maintaining your properties goes far beyond keeping your renters happy. It is one the most important things you can do to maintain the attractiveness of your rentals and prevent costly repairs down the line.
Having the ability to order local maintenance professionals at your fingertips means that you can perform routine inspections and maintenance without much planning effort. Such maintenance is key for keeping your costs low and your rents high.
Equally important, you can take care of one-off issues as they come up without having to spend a lot of your time finding qualified pros. Your renters will surely appreciate a quick response, and happy renters tend to renew.
Create Your Own Rental Lease Agreements
Even the happiest of renters leave from time to time, and a new renter means a new lease. Take legal power into your own hands with the ability to create lawyer-backed, state-specific leases yourself.
Zuby has teamed up with LawDepot, giving all of our landlords the ability to create any kind of legal document with the ease of simply answering questions. By using LawDepot’s vetted library of documents, our landlords have the peace of mind knowing that their legal documents are always valid.
Require Renters Insurance
Large scale landlords and property managers all require their tenants to purchase renters insurance, but many DIY landlords are not yet aware of the benefits that renters insurance could provide them.
Renters insurance benefits your tenants by covering costs associated with damage to property, injury, temporary living expenses, theft, and accidents. As a DIY landlord, you should consider requiring it. Not only is it affordable (average national annual premium of $125-$150), but it also provides added protection for landlords:
- Reduces your responsibility – covers your tenants’ temporary housing expenses so that you won’t have to help them find a solution or cover the cost.
- Deductible coverage – if you have to make a claim on your own insurance policy due to tenant-caused property damage.
- Minimizes your legal exposure – in case of injury at your property.
- Additional screening – of renters refusing to purchase it, given the low cost and clear benefits to them.
- Greater overall peace of mind
Zuby not only makes it easy for renters to purchase renters insurance right from our app, but we also give our landlords the ability to require it.
So hopefully you can take this unfortunate situation caused by the Coronavirus and make something positive out of it. With a bit of free time on your hands and a landlord-friendly app, this is a perfect time to organize your rental properties.