All of my properties are A/B locations with responsible tenants who make their payments through an online payment system.

I use a scoring system where applicants gain and lose points and their total either meets or falls short of my established line in the sand.

Investing in energy-efficient appliances, insulation, and solar energy systems can increase your property’s appeal and reduce long-term operating costs.By paying attention to these economic factors, you can make informed decisions about property acquisition, pricing, and tenant targeting, ensuring a more robust rental strategy.

Assets identified in this study include:Appliances: Dishwashers, laundry machines and refrigeratorsElectrical and communication systems: Specialized equipmentCabinetry, Countertops and shelvingInterior Finishes: Laminate flooring, carpet, and decorative elements.Security and communication systems: computer connections, alarm systems and telephone connections60.8% of the total depreciable basis was classified as 39-year class life.

You should ask a host of questions about how they handle situations and the systems in place - rent collections, maintenance, evictions, vacancies, etc.

Have your systems and processes in place to have the business become increasingly more autonomous (cleaning, pricing, property management software, automation, etc).

Ideally, you would want one that would share systems with you (spreadsheets, budget tracking, walkthrough checklists, etc) this would save you a ton in time and duplicated effort. 

Insurance company is making me get a UL certified central fire alarm system for this 4 unit I bought in PA. 

Often times there are bedroom size requirements, residential sprinkler system requirements, among others.You'll want to then check the state regulation agency and review their requirements and licensing process. 

What are your favorite property management software systems of 2024?