10 Things You NEED as a DIY Landlord (Self-Managing Rentals)
Summary
This article from BiggerPockets discusses 10 essential tools for DIY landlords, emphasizing the importance of property management software, vendor lists, and project management systems. Hosts should consider adopting these tools to streamline operations, improve guest communication, and scale their businesses, while also highlighting the importance of avoiding the common mistake of thinking managing a rental is simply collecting rent.
Key Insights
- •Building a reliable vendor list, including contact information and service details, helps in efficient property maintenance and avoiding unnecessary delays.
- •Property management software can be used for guest communication, vendor management, and managing calendars across different booking platforms.
Action Items
- ✓Hosts should integrate project management software with vendor lists to improve coordination.Effort: mediumImpact: medium
Tools & Resources
- →Buildium: The article mentions Buildium.
- →Guesty: The article mentions Guesty.
- →Breezeway: The article mentions Breezeway as a tool for maintenance.
- →TurboTenant: The article mentions TurboTenant.
- →RentRedi: The article mentions RentRedi.
- →AppFolio: The article mentions several property management software options, including AppFolio, Buildium, RentRedi, TurboTenant, Hospitable, and Guesty.
- →Hospitable: The article mentions Hospitable.
Common Mistakes
- ⚠Rookies often assume managing a rental is just collecting rent and mowing the lawn, failing to account for the need for systems, tools, and backup plans to handle issues and scale efficiently.
More from Hosting Operations
MakeMyTrip and Ixigo are partnering with OpenAI to integrate AI across their platforms. This collaboration aims to revolutionize the travel experience, supporting features like trip planning and booking. The integration is designed to personalize and convert inspiration into confirmed bookings, offering personalized outcomes at scale.
An Airbnb host faced an unusual guest request, uncovering a potential 'big problem' impacting their operations. Details of the odd request and the subsequent realization about its negative consequences for the host's business model are presented. Further investigation revealed a significant issue that hosts should be aware of.
This article from WDSU focuses on identifying potential scams related to spring break travel. It highlights red flags travelers should be aware of when booking accommodations, such as unrealistic prices or demands for unconventional payment methods. Knowing these potential pitfalls will help hosts and guests alike prevent fraud and ensure a safe and positive booking experience.
Curated by Learn STR by GoStudioM