If you rent out your properties, you know it’s not a short-term source of income. They’re a long-term investment that can make you money now, in the form of tenants, and in the future if you sell at the right time. But to make the most money from your investment, you have to keep track of your tenants.
Managing renters and properties is about more than just remembering who has paid their rent and who hasn’t; it is also about managing invoices and contracts and maintenance and so on. All the numbers must be tracked to ensure your investments yields its full potential.
There are three conventional ways to keep track of your tenants. One is the most traditional, one is very expensive, and one is more modern. but as we’re going to see, all three have major drawbacks to consider.
The Cons of Doing it the Manual Way
The most traditional way to manage tenants is to write everything down yourself on paper or in a spreadsheet.
There are notebooks and ledgers you can buy for this purpose. You could also use a spreadsheet, an on-the-wall calendar, or a number of other manual ways to track your tenants.
The problem? The more properties you have, the more likely you’ll make mistakes. Misfile or lose a contract, or forget about a rent payment, and you could lose thousands!
Plus, tenants could take advantages of any disorganization. If you can’t track or process rent payments in a timely way, they could become irritated in your out-of-date methods and lose trust in you.
The Cons of Property Managers
When paper becomes too much, that’s when a property manager starts to sound like a better option. Some managers and firms are advertised as full-service, meaning they take care of everything for you, as long as you’re okay with paying the price tag.
Yes, a good property manager can remove a lot of headache from owning property. However, many property owners end up spending as much money as they make. It’s as if the property manager is the owner and the rent is going straight to them!
The Cons of Tenant Management Apps
The most modern approach to keeping track of tenants is to use a property management software or an app.
These seem very convenient. You get the control of manual tracking while the program points out errors that slip through. For instance, you can get automatic notifications to let you know when you need to pay attention to something. Sounds great, right?
but what happens when the app’s support falls through? What if the app malfunctions? You could lose all those records in the blink of an eye. And what if your property situation changes in a way that the app cannot handle?
Now, instead of a convenience, that app becomes a liability?
The Pros of My Legal Valet
The best approach would be to combine the reliability of a property manager with the ease and low expense of a property management app. With the monthly subscription services offered by My Legal Valet, you can get professional management help with your properties and tenants. Plus, we offer other things none of the above options can.
For one thing, we offer the help of real legal professionals, ready to help with your rental agreements, notices and applications. Most property management companies don’t have legal professionals on staff. With us, you can rest easy, knowing your documents are legally sound and airtight.
Second, if any disagreement or event requires legal help, you’ll already have access to the legal help you need. Instead of having to search for representation and catching them up on your situation, you’ll have us available, always abreast of what’s happening with your properties.
Finally, when you can’t be sure if an app or manager is doing everything according to the letter of the law, the legal help at My Legal Valet guarantees everything is done correctly from the get go!
Give My Legal Valet a try today. You’ll breathe much better when you’ve parked your legal worries with us.