All Forum Posts by: John K.

Nick Baldo - how do you handle emails? With Podio don't you have to CC a specific address to attach the record?

I am in a large market where about 50% of the population rent.  When we post a rental, we can get 50+ applications in a matter of a week.  (I should note that while we originally through we were priced too low getting so many applications - we found that we just get lower quality applicants with a higher rent amount, but the same number.)  I have an account to run legit credit checks for $6 each, and use another system to have people apply online.   We base a lot of our screening criteria on excellent credit and only about 10% of applicants pass my screening criteria.

Our issue isn't getting the data or research, it's organization.  I currently use classification folders (file folder with a middle section, all colored), and each tenant is assigned a number.  I just print every bit of info I find/collect and staple it all to various tabs in the folder.  I can end up going through a few 500 sheet reams of paper trying to fill a single rental, and it's a mess of folders, post it notes hanging out of folders, etc.  

Then trying to schedule / keep track of who has seen which properties (did I mention some people try to apply for multiple properties?) is another mess.   We do open house style showings for a half hour time slot, and can get 10 different applicants all showing up at once to see a specific unit - and it's a struggle to keep track and follow up with potential applicants through the process with so many applying.  

What workflow software do people use not for collecting data, but for the management of screening?  I have tried to customize some CRM's... but I feel like the workflow just isn't correct?  I feel like the issue is you start out with multiple people (since you have to do research for people individually and not collectively).  Then combine the individual people to see if applicants with co-applicants collectively qualify.

Things like the Bigger Pockets Guide to Tenant Screening are awesome to show the workflow.  I keep hearing great things about building custom workflows in software like Podio - but wondering how others keep track of high volume applicants coming in.  

I would never use a master key, way too much liability.  It's too easy for someone to leave their keys behind.

I rented commercial office space years ago, and one of the long term tenants found a set of keys in the parking lot one day way back when - just happened to be a maintenance set of keys that had the master.  He kept it made a copies for other people in his office - and would always open the janitors closets for supplies, the roof door a few levels up for a breeze, etc.  Management company had no clue this tenant held a master for 10+ years.  It was always unsettling knowing that if he really wanted to he could get into our office space. 

Labeling / storing keys: If you are a small landlord, I'd suggest keeping a few sets of keys for each unit, keep your original in a keybox at home, labeled with the address.  Then have a copy of each one that is labeled an abbreviation - never carry all keys together.  For abbrivations, if the address was "1293 George Bush Jr. Lane" - label the keys you take with you as "GB-93" - to you it's obvious to you it's your "George Bush Jr. Lane" property, and then the address of the unit is the one ending in 93.  If you drop it in the grocery store parking lot, whoever picks it up will be clueless as to what it's for. 

@Jason Mak - great point!  I'd also suggest any serious landlord with a good number of units have a key duplicator, you can pick them up used on eBay for $100 and instead of paying $2 -$3 a copy and spending time at a hardware store you can just make copies yourself as needed.

Pam Haff - I actually did find something I liked! I used rentapplication.net last summer for a few units and was very satisfied. Was easy to customize and let me collect the SSN # of applicants.

Everything relating to your rental property should be the LLC. All revenue and expenses. We still have tenants write checks and we have pre-printed envelopes with our address on them to make it easy for tenants to pay.

I'm not in CA, but when water is free I can tell you tenants use 10 times as much.  We use to pay all water and had a tenant go get one of those cheap frame pools that are 12' or 14' around.  Every few days they were just dumping the whole thing and refilling it instead of cleaning...

Sub metering is the way to go if you can, or in WI we can even just define in the lease that water will be split equally among all tenants - which can help some tenants keep other tenants using excessive water in check since they know they are all splitting the bill.

I would suggest avoiding cloud stuff, it seems to come, go and change all the time - and having your accounting data locally on your computer is a lot safer for the long run.

Quickbooks I personally think is the best using classes to separate each property for reports. Quickbooks is also easy to use and almost any accountant will work with it come tax season.

I'd suggest everyone who does not understand the numbers/accounting side seek out an accounting class at a local community college.  Understanding how to read P&L and Balance Sheets, and Statement of Cash Flow will empower you to talk more intelligently.  Not just reading the reports but actually understand what goes into the reports you are reading goes a long way.