Specific Systems & Processes for Management

[Satyam Mistry]

📝 Below are specific systems & processes I have used for managing my long term rental portfolio in the Omaha, Nebraska market:

• Zillow & Apartments.com to list properties for rent & receive applications
• Pre screening prospects with a few baseline questions before scheduling showings to weed out non qualified parties & tire kickers
• Apartments.com (previously Cozy) for management platform, receiving rental payments, & accounting
• Inputting expenses for each property each month
• Separate bank account for holding tenant deposits
• Escrowing insurance & property taxes in monthly payment
• Lockbox to allow contractors access during rehab
• HVAC maintenance contract for service twice a year
• Gutter cleaning company scheduled once a year
• Leave on agreements with utility companies for all properties
• Automatic late fees applied after rent due date
• Informing tenants to email all non emergency repair requests & include images if possible
• Contacting contractor about a needed repair & having them get in touch with the tenant directly for scheduling
• Paying contractors promptly and thanking them for their good service
• Mailing 2 tenant tip letters a year incorporating visuals for various items such as winter preventative maintenance, what not to flush down the toilet, reminder to clean lint trap from dryer, etc.
• Continuous punch lists to be aware of for non emergency related items that can be addressed at turnover
• Informing tenants 30-45 days before their lease expires about upcoming renewal status
• Google Sheets for managing portfolio with separate tabs tracking purchases, loan information, equity, rent roll, cash flow, & insurance policy details

What are some other resources you have used for your portfolio?