Right out of the gate, I have to confess something. I’ve owned up to nearly 40 rental properties at one time, and I’ve easily self-managed all of them while maintaining a full-time job. So, “what’s my confession?” I don’t show properties.
It wasn’t always this way, though. When I bought my first rental property about four years ago, I went the traditional route and hired a property manager. Well, it wasn’t long after that I figured out a few things:
- To a property manager you’re just a number.
- Property managers have no incentive to save you costs on maintenance work.
- It’s not rocket science; you can easily learn to manage your own properties.
- Self-managing means you can run your real estate business much more efficiently.
The secret is automation
I promise you self-managing your rental properties is the way to go. The key to making it work is automation. I automate my tenant screenings, rent payment collection, late payment reminders, rental property marketing, and I even automate showings. I highly recommend you do the same!
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Once you start juggling multiple rental properties (as I mentioned I’ve had close to 40 at one time), showing rental property takes an enormous amount of time. Not to mention the fact that it’s not uncommon for people to not show up for their showing appointments. Big surprise.
The two products you need
There are two software products I use to automate my entire rental property business: Buildium & Rently. While Buildium and Rently are two separate products, they go together like wine and dark chocolate. Rently automates your showings, and Buildium automates the rest.
I’ll say it again. I’ve successfully managed nearly 40 rental properties at once while holding a full-time job. I also don’t have an office, and I rarely meet or interact with tenants. Trust me. Automation is the way to go.
Is self showing homes for rent a good idea?
Ok – back to the original question, “Is self showing homes for rent a good idea?” Yes. I’ve used Rently for years and never once had an issue. Rently doesn’t grant property access to just anyone. Check out the video below for more about how Rently works.
Automating the other aspects of property management
So, as I mentioned, Rently automates showings, and Buildium automates the rest. Let’s talk a bit about what makes Buildium great.
You can try Buildium risk-free (no credit card required) by activating a 15-day free trial. After the trial ends, they’ve got plans starting at $45/mo. Trust me, the $45 will more than pay for itself.
Forget manually listing your rental property on different sites one-by-one. Create your listing once in Buildium, and Buildium will push your listing out to major real estate sites within minutes. For me, that’s all the marketing I do, and I’ve had no problem keeping my properties rented.
Getting back to the topic-at-hand. Buildium’s tenant screening is fantastic. Buildium works with Transunion Smartmove to ensure you get a full credit report (with credit score), criminal history, and any prior evictions.
Online Rent Payments
Collecting rent payments online with Buildium is completely hands-off for landlords. Tenants will get their own online portal where they can log in and make payments.
Self showing homes for rent: Final thoughts
I believe with the right software and safeguards in place that self showing homes for rent is a good idea. Having self-showings as a part of an overall automated rental property business will actually make real estate investing enjoyable. Imagine that!