Tag: tenants

Efficiency: Lease Renewals

https://secureservercdn.net/45.40.149.34/2hd.8e9.myftpupload.com/wp-content/uploads/2019/12/Renew-Today.mp4?time=1596456807 Welcome to Part Three of the Efficiency series. Today we are going to discuss lease renewals and how to make this process as efficient as possible. First, how many of you are scattered in terms of when you renew your leases? Meaning are you doing this every month with a new tenant, several in the same month? If you answered yes to the above question, please, keep reading. Lease renewals can be a stressful part of your rental business, particularly if it is not a streamlined process. Trying to coordinate the signing with the tenants, driving all over your city, performing the walkthrough to note the wear and tear and needed repairs, and finally sitting down to sign the lease can drain you. Let’s get into how you can streamline this process. Draft and send a letter to all of your tenants letting them know the change in this process. Address the why as clearly as you can. I recommend that you speak to maintaining professionalism and to ease the process for the tenant as well by giving them earlier notice of the renewal. As mentioned in Part One, you can use Acuity to set up 1 or 2

QuickBooks for Property Management – Security Deposits

Security deposits are paid by the tenant to the landlord. It is meant to cover any damages done to the property by the tenant beyond normal wear and tear. As landlords, I am sure this is not news to you. What may be news to you is how to handle these payments in QuickBooks. I am going to share the method I recommend because of its ease of use. When receiving a security deposit from a tenant, I treat it as a credit to the tenant. I do this because it allows me to see, at any given time, how much their deposit is and it makes it easier to discern how much of it needs to be returned to the tenant after any charges have been accessed. To use this method, Tenant CANNOT be set up as jobs under a property address. They MUST be set up as a customer. Under these conditions, tenant security deposits are handled with the following steps: Receive the payment – There should be no invoice to apply it to. Deposit the payment – Tenant Security Deposits SHOULD have their own bank accounts. Some states require this. I think it is just good practice