I love Rently lockboxes. When I decided I wanted to be a real estate investor, I hit the ground running. My business partner and I acquired 35 rental properties in about a year and a half. We were purchasing properties in the Springfield, MO area, but both of us lived in Iowa at the time.
You’ll think I’m crazy, but we successfully self-managed these properties from out-of-state. Now, we did initially hire a Springfield-based property manager, but after we acquired our second property, we quickly realized that we were just a number – not a priority – so we canned the property manager and began self-managing.
Naturally, not being local ourselves, the question arose as to how we would show these properties. Well, initially, I had my father help us out with showings since he lived near Springfield, but there came a point when we had too many properties and needed a scalable solution. What was that solution? Rently.
What Are Rently Lockboxes?
Rently is essentially a lockbox with built-in technology that allows prospective tenants to tour rental properties at their convenience without the need to interact with a property manager.
I know it sounds crazy, and in fact, I posed the question to the Rently salesman, “Don’t you have issues with people accessing the properties and vandalizing them?” He said it was very rare (big surprise coming from a salesman). However, now that we’ve used Rently lockboxes for the past several years, we’ve never once had any issues, and it has been a solution that has saved my business partner and I an incredible amount of time and money.
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How Does Rently Work?
I’m not going to layout step-by-step how Rently works, but here’s the gist of it:
- You create a property listing within your Rently account at www.rently.com.
- Rently pushes your listing out to major real estate sites like Trulia, Zillow, and many others.
- People see your listing and respond by filling out a form or calling.
- Phone calls are handled by an auto-attendant which will provide additional property information to the caller along with the option to speak with a property manager if needed.
- Should the prospect fill out a form requesting a showing, Rently will reply to the email immediately with instructions on how to access the property themselves.
- Process to access lockbox includes creating an account with Rently, and going through a verification process including putting a credit card on file.
- Once the prospect completes the process, they receive an access code to type into the lockbox to gain access to the key.
More Rently Features I love
Apart from automating the property showing process, there are a number of additional features offered by Rently that are great. Here are a few:
- Showing schedule – you can set times when you will and will not allow access to properties
- Vendor access – you can add trusted vendors like sub-contractors in Rently, so they can access the properties at their convenience to handle repairs
- Quick follow-up – Rently sends a follow-up survey to everyone who accesses their lockboxes, so you can receive feedback
- Lead recording – People who access lockboxes are recorded as leads in your Rently account to allow for easy follow-up.