How to manage your rental property without breaking your brain
Acquiring rental properties is a good thing. But managing them effectively can be frustrating.
You have to find the right tenants, send them a lease agreement, and track their rent payments when due. Beyond that, you have to maintain your properties and track the maintenance costs.
Now, imagine you have to do this for multiple apartments in multiple rental properties. It can get overwhelming really fast.
That’s why you need a tool to help you manage your properties. You want a tool that helps you manage the whole tenancy cycle. From finding suitable tenants, having efficient payment systems, and ensuring tenants live comfortably in your properties.
Today, I want to review a tool that helps landlords manage their properties.
Efficient tenant lifecycle management by TenantCloud
If you’ve done a little bit of research before landing on this page, you’ve probably seen a few property management tools. But most of them only help with a few tasks.
However, TenantCloud has incorporated a lot of features to be an all-in-one tool for landlords or property managers. Once you create and log in to your account, you’ll see your dashboard where you can take quick actions.
For instance, you can add a new property, tenant, or reminder. Furthermore, you can see the number of properties you’re managing on TenantCloud and the number of vacant properties.
Scrolling down, you’ll see your to-do list, contacts, maintenance, rental applications, and more. One lovely advantage of this dashboard is that you can take all the vital actions while on this page.
You also have the option to rearrange these metrics according to your preferences.
To dive deeper into each task, you’ll see various options on the sidebar. Below the dashboard, you can access your properties.
To obtain more details about a property, click on “view” below it. This will take you to the next page, where you’ll see all the important information about the property.
In the profile section, there’s a financial record of the property over the past 6 months. Below that, there’s general information about the building such as its name, the year it was built, the number of bedrooms and bathrooms, rent, and more. Furthermore, there’s a list of the property features and amenities.
In the other sections, you can add more information about specs, financials, and utilities. At the top right corner of the page, there are options to edit, archive, or delete the property. Likewise, you can assign a team member to this property.
Apart from the properties in your account, you can add more as you acquire them. All you have to do is click on “+ Add property” at the top right corner of your properties page. Then, on the next page, you can fill in details about it.
After entering the necessary details, click on “Create” at the bottom of the page. In your properties, you can also check the number of units and keys and locks. This is vital as some properties have many units in them.
If you’re running your rental properties to make profits, which I believe you are, you need to track the cash flow. Naturally, accounting goes beyond just rent. It considers both incoming and outgoing money.
To obtain this information, click on “Accounting” on the left sidebar. First, you’ll see your transactions. These include rent, maintenance, and others during a specified period.
If you want to add a transaction to this page, click the “money in” or “money out” dropdown and select an option. For instance, I’ve selected deposit among the “money in” options.
Apart from your transactions, you can view balances and recurring payments. Just click on “Balances” at the sidebar.
Here, there’s a balance of $1,000, which is negative when you consider the red color. When you click on the green dollar icon, it will show you the details.
In this case, that’s the rent Greg Test should have paid. If I want to remind him, I can click on the “Send notice” button.
In the recurring payments, there’s one entry for Greg Test’s rent, and it’s still active. If you’ve been using Quickbooks to manage your invoices and payments, you can synchronize your account to TenantCloud. Note that this feature is only available on the growth plan.
Furthermore, you can take online payments right in the tool. This can be done through TenantCloud Payments or Stripe.
This tool also makes provision for partial payments. Moreso, the autopay feature makes it easy for tenants to pay their rents when it’s due.
While running a rental property, you have to communicate with many people to achieve effective management. In TenantCloud, your contacts are divided into tenants and service pros.
Here, you can also group your tenants based on their tenancy status. This includes tenants that have moved in, those with no lease, and archived tenants.
Beyond that, you can import or filter tenants according to lease status, lease type, or connection. Furthermore, there’s an option to add a new tenant by clicking on “+ Add tenant” at the top right corner.
Doing so will launch a long-form where you can fill in details like names up to their pets. You can also upload their photo to easily identify them in your tenants’ section.
Apart from that, you can take some quick actions for each tenant. When you click on the 3 dotted lines at the top right corner of each tenant card, you’ll find those options.
For example, if I want to check this tenant’s lease, I’ll just click on “View Lease.” Doing this will open the “Leases” section of the tenant’s profile.
When you scroll down, you’ll see the details of the lease and transactions. Below that, you can upload necessary documents to the shared and private attachments. The private attachments are visible to you alone while your tenants can see the shared attachments too.
Apart from leases, you can also see the accounting details of the client. This helps you analyze a tenant’s financial records since they moved into your property.
From time to time, you may need to communicate with your tenants. With the chatbox, you don’t need to place a call or send an email.
All you have to do is click on the chat icon by a tenant’s photo.
Here, you’ll see all your tenants. Then, you can send personal messages to each. Beyond that, there are property boards where you can send messages to all the tenants in a property. However, this feature is only available in the Growth plan.
Another message board here is the maintenance requests. This makes it easy to communicate with service pros when there’s maintenance work on your property.
Beyond tenants, you also have to communicate with service pros. After all, they help to ensure that your property is in the best shape for tenants. There are many categories of service pros such as general providers, handyman and repair, plumbing, and more.
To access their profiles, click on “Service Pro” below the tenant option.
Before and during a tenancy, there are vital documents and reports you have to share with different people. For instance, you can create screening reports of everyone you’re considering for tenancy.
You can also create a tenant statement that shows all income from your tenants. This is vital if you’re a property manager and need to report to your landlord.
There’s also the contacts information report that displays details of your tenants and service pros. Here, you’ll find 19 templates for various uses such as financial, rental, and calculators.
Another report I want to give a special mention to is the property marketing report. This report provides market trend data about properties in your area.
Moreso, you get insight into property investment analysis. For instance, you can know the average rent for similar properties in your county. This ensures you don’t undercharge your tenants.
This report is powered by RentRange. To use a report, you can click on “View” to see it.
With these reports, it’s easy to create necessary documents while managing your properties.
In this section, you’ll find details about maintenance activities in your properties. For instance, you’ll see maintenance requests, request boards, and reminders.
When you click on “Requests” on the left sidebar, you’ll see all your current requests. The requests are in categories such as new, in progress, in review, resolved, and more.
For tasks that are in progress, you’ll find the service pro’s details further down on the page. This includes the priority, date initiated, date due, labor time, and more.
For this particular request, there’s no assigned service pro yet. Fortunately, TenantCloud helps you find the right professional for your work.
To find a pro using the platform, click on “Find a Service Pro.” Clicking on that will trigger a popup where you can fill in details about the request.
Below these, there are details about the tenant that initiated the request. In this section, it’s easy to manage requests from the initiation stage until the task is completed.
Managing your properties efficiently is vital. But how can you make profits if your property is empty?
That’s why getting tenants into your rental properties is half the battle. Naturally, you need to list your properties when trying to get tenants into them.
Well, TenantCloud helps with this too. To access your listings, click on “Listings” at the left sidebar.
Here, you’ll see your listings, leads, and applications. For example, there are two properties in this listing, one is listed while the other is unlisted.
When you click on “Details,” you can view more information about the property.
The pieces of information here include the number of bedrooms, the number of bathrooms, air conditioning, pet policy, features, amenities, location of the property on the map, and more.
Another feature you’ll love here is the ability to have a marketing website for your properties. Once you click on “My website,” TenantCloud will launch your marketing website, hosted by the platform.
To add a new property listing, click on “+ Add listing” at the top right corner of the listing section. On the next page, you can select where you want your listing to appear.
Once you verify your identity, you can publish your listing on Internet Listing Services (ILS) such as Rentler, Apartments.com, realtor.com, and more. Rentler, a sister company to TenantCloud, has a unique approach to listing properties.
Its service helps to link the right tenants to landlords. When potential tenants create an account with Rentler, they’ll specify their preferences in a dream property.
In turn, Rentler will link them with suitable properties they can apply to. For instance, a potential tenant who wants an apartment with two bedrooms and bathrooms in a particular location will find properties that fit that preference.
With the listing features available here, you can easily reach your dream tenant.
After listing your properties, your expectation is to receive applications. With TenantCloud, you can manage these applications.
To access them, click on “Applications” on the left sidebar. This will display your current applications.
Click on “View application” to see details of the prospect. On this page, you’ll find details such as income, preferred move-in date, rental history, pets, and more.
You also have the option to request a screening report. There are three types of checks you can create at different prices.
Apart from this, you can create screening questions in your settings for each applicant. TenantCloud also allows you to add up to 40 of your own questions. Also, you can upload documents for applicants to fill out and request their e-signature before application.
Beyond this, you can add applications and invite people to apply to your properties. In this section, you can determine ideal prospects for your properties.
TenantCloud affiliate program
If you’ve solved problems using this tool, then recommending it to other people wouldn’t harm anyone. Luckily, TenantCloud has an affiliate program that ensures you’ll be rewarded for every paid user you refer.
How is the TenantCloud affiliate program structured? You get a $9 participation bonus and a one-time commission that’s equal to your referral’s monthly subscription.
TenantCloud customer support
TenantCloud offers customer support through the help center and by submitting a ticket. In addition they have phone support and each week they have a webinar for new users.
How much does TenantCloud cost? Well, that depends on your needs. Here are the 4 pricing plans available on TenantCloud:
- Starter, which costs $12 monthly on an annual plan
- Growth, which costs $40 monthly
- Business, which requires a quote
Since there’s a free plan, you can create this to test run the tool before committing to a paid plan (and each of the paid plans has a free trial so you can test and see which one suits your needs the best).
Finding tenants and managing your rental properties is a complicated process. But having a tool that can help manage the process is good news. This is where TennantCloud comes in and is definitely worth trying out if you’re a landlord or property manager.