All Forum Posts by: Matthew Swanson

@Chris Seveney That's great.  I'm working on developing an automated proposal generator currently that automatically creates some property management proposals based on zip code + number of units.  Going to save me a ton of time once I get it running! 

Amazing what you can do now with relatively simple, low-cost tools 

@Timothy Howdeshell Could not have said it any better! Great post Tim. 

There's no cap on how much you can raise the tenant's rent, but depending on the time of year your tenant's lease is up, it may be more challenging to find someone at the price point you're looking for. 

Our team always tries to set up our leases to renew between May and September to give you access to the greatest number of prospects.   Raising rent to a level that makes sense is a great idea, but remember that a leased unit with lower rent is better than a vacant one. 

If you like the tenant, there could be a win-win scenario here.  Offer them 6 more months to stay at a break-even level for you,  set it up to renew in the spring/summer months.   Gives them ample time to find a new place if they can't match your desired price point, and then develop a solid marketing plan to find a tenant at your desired price point.   Get creative! 

Hi Tim, 

60-90 days is typically when we reach out to our tenants regarding renewal options.   Make sure to review your current lease or local laws as they may list a different renewal notice period. 

How you deliver the message would depend on your current relationship, I'd recommend just delivering a letter to them or their mailbox.  Here's a rough template that you could use/tweak as you see fit! 

Dear [TENANT/LANDLORD],

I’m writing to inform you that your current lease for the property located at [ADDRESS] will not be renewed for another lease term. This note should serve as my (length appropriate) notice of non-renewal. Your lease will expire on [LEASE EXPIRATION DATE], which means the property should be fully vacated by that day.

As stated in the lease agreement, the property should be returned in the same condition upon move-in (with the exception of normal wear and tear). Please provide a forwarding address prior to moving out, return all keys and key fobs, cancel your internet services, and your electricity service by the lease expiration date.

If you would like to schedule a rental property walk-through inspection to access property damage and potential cleaning charges, please let me know a time and date that works best for you.

Thank you for choosing our rental property as your home. Please let me know if you have any questions or concerns.

Best,

[YOUR NAME]

Eric, 

I share a similar passion with you and believe there's a lot of opportunity in the industry for some simple automation. 

One of the more challenging ones I've had trouble automating is prospecting and databasing for sales. Since much of the key information I need is on separate government websites, they don't make it easy to capture the information needed. For example, searching up the owner of an LLC.

@Paul De Luca Thanks Paul! Have you used Make.com or Zapier?  I've started dabbling in those connector applications the last year and they've been a game changer for Google apps. 

Hi Everyone,

I’m curious to hear about everyone’s favorite software/technology they use for real estate.

Not looking for anything specific, could be for  Sales, Prospecting, Databasing, CRM, Management, Financial, etc.

I have a passion for tech and always love hearing about new tools I can use to improve workflows.

Hi Hassan!

I hope you're doing well.  One of the most efficient things you can do is try and develop a strong rapport with some hungry brokers, they'll be one of the best sources to come across deals in the long term, although it will take some time to build rapport and trust, just like any relationship. 

If you want to find the best deals, it's going to be a time commitment, no way around that.  Pairing your outreach with some automation that you set up in advance (email drip campaigns or mailers to current property owners for example) are also good things to implement that can streamline your outreach.  

Hi Desalina! Happy to see if I can help.  What area is your building in?  I have a pretty large network of vendors I can point you to.