What are your best "hacks" as a landlord?

[Keith N.]

I've owned rental property for over a decade, and have learned some tips and tricks from experience, forums, books, and friends.  I no longer manage my own properties.  I've hired a property management company, and just review their reports every month. I figured I would share some of the lessons I've learned here, and see what kind of "tricks" or "hacks" other people want to share.

• Tenants pay their rent at the bank - they can deposit it 24 hrs a day in person, either at the teller or through the night depository, or they can mail it to the bank.  This isn't available at every bank, but I made it one of my qualifying questions when I was shopping for a bank years ago.  
  • If I'm out of town, the rent is still deposited. 
  • Tenants don't ask me to come get it because they don't have stamps, or tell me they stopped by and put it in my mailbox.
  • I can see when they paid their rent, and can use my bank statements as legal proof if needed.
• I have a google number that I give to tenants
  • It rings to my cellphone, so I get the call wherever I am
  • It's free
  • I can set it up to go straight to voicemail during non-business hours
• I schedule inspections every 9 months
  • I see the condition of the property every year
  • Each year, I'm viewing it in a different season
• Every property is within a short drive (5-10 minutes for me) - when I started buying properties, I wanted to learn my market well before expanding.
  
  • When I was managing my own properties, I didn't want a long drive to deter me from responding to a maintenance call.
  • I drive by every property at least once a month to see the condition from the outside.
  • I really know the market rents, the neighbors, building codes and laws without a lot of effort.
• I automate whenever possible.
  • When I managed my own properties, I setup google forms so tenant information was pulled from their application into the lease, it asked me a few questions, and I could print the lease with the tenant information filled in instead of filling in blanks by hand.
  • I can forward the google phone number to my handman when I go on vacation.
  • Quickbooks pulled the information from my bank so I was just verifying rent income and expenses, rather than having to manually enter it.
  • I have accounts setup at the hardware store and other supply vendors, and have them send copies of receipts with their monthly statements. No more lost receipts!
• I read every word of the lease to the tenant when we're signing the lease, and walk them through and show them the smoke detectors, water shutoffs, breaker panel, gas valves, window locks, how to use the washer and dryer, how to clean a lint trap, etc.
  • They can't say "I didn't know that was in the lease" - I read it to them!
  • I think that showing them these things helps them to better take care of the property, and helps to reduce potential damage if a pipe breaks
• I schedule showings 15 minutes apart
  • I waste less time driving to and from the property, and between applicants
  • They see other applicants arriving or leaving, so they know there are others interested
• I ask them to call to confirm at a specific time a few hours before their appointment
  • I don't have as many no-shows (believe it or not, there are still no-shows even when they called 1/2 hour earlier to confirm)
• I print our standards on the application (600 min credit score, 3x rent as income, no smokers, we do background checks, etc)
  • Allows applicants to decide if they want to weed themselves out
• I encourage applicants to take the application home to fill it out
  • I offer to pick it up at their home so I can see how they live
  • It requires them to follow up and return it if they're interested, so I don't have to screen through people who apply everywhere with the shotgun approach
  • If they insist on filling it out on the spot, I call to confirm a fact from their application before further screening to make sure they're still interested
• When they turn in their application, I tell them I'll be conducting background checks and ask if they have any surprises I'll hear about that they want to discuss.
  • They've often told me about things that didn't appear on the report
  • They've asked for the application back, said they wouldn't qualify if I'm going to do a background check
• All of my units have pass-through knobs and deadbolts
  • The tenant has to actively lock the door behind them
  • They can't lock themselves out by pulling the door shut behind themselves
• All of my units have been changed over to a master key system
  
  • I have one key that unlocks every door that I own, including padlocks
  • Instead of replacing the whole deadbolt, I can swap out the core in 30 seconds
  • No more softball of keys
  • I have a lock core in a different color that I can put on vacant units that are being worked on so I can give contractors a key
• I have a standard set of 4 colors that I paint every unit
  • It makes it feel more like home if the walls aren't stark white
  • It doesn't cost anything extra to paint rooms different colors
  • They're all earth tone colors that go with any furniture
  • When tenants ask if they can paint their unit, I tell them yes, but here are my standard colors
• I've eliminated carpet - I use tile, snap-together vinyl laminate, concrete, hardwood (if it's existing) or linoleum (rarely)
  • Tenant can bring their own throw rugs if they want
  • Reduces allergens
  • Easier to clean
  • I don't use the old snap-together pressboard laminate that would curl up with moisture
• I pay contractors as soon as I receive an invoice and I know the work is done to my satisfaction
  • Contractors don't want to chase down customers any more than we want to chase down tenants
  • I get a quick response in an emergency because they know I'm going to pay right away
• I never say "no" - I always give them an option of how to get it done
  • Pets are okay, but there's a monthly fee
  • If a pet is sneaked in, there's a fine plus the monthly fee
  • If a pet is deemed dangerous to the property or neighbors, they can get rid of the pet or move out
  • If you're caught smoking, there's a large cleanup fee
  • If they want to paint, I let them choose from my colors
  • If they're going to be late, the late fees are clearly defined
  • If they want to move in another roommate, that person has to apply and be qualified
  • If they want to move because they need more space, they can move into one of my larger units without breaking the lease
  • If they don't mow the lawn or clear the snow, we can arrange to have a service take care of it at an additional charge

I'm sure there are other things I've added to my toolbox over the years, but this is a good list to start.  I'd be interested to hear other ways people have found to make life easier for ourselves and our tenants.  What are some of your best tricks?