Our Property Management Insights

As a rental property owner, you might find yourself wondering whether you should hire a property manager. At first, it might seem like outsourcing your residential property management will just eat into profits, as you’ll need to start paying a property manager salary. But when a property manager is equipped with the right tools, you’ll not only save yourself tons of time, you might actually be able to increase your rental income.

When you get a lot of poor quality tenant leads, you’re not just giving yourself more work in having to sift through them all to find a good one. You’re also opening the door of opportunity for your competitors to get to the high quality tenant leads before you can. That’s a risk that a property manager can’t afford to take in today’s tight rental market.

Rental turnover costs are a serious challenge for property managers and brokers, especially when the turnover rate is high. According to the National Apartment Association, the average tenant turnover rate is around 40%. So that means if you’re managing 200 units, then 80 units will turnover each year. Those add up, meaning you’ll be turning 6-7 units every month. And the cost of each of those 80 turnovers chips away at the bottom line of your rental income.

When you add up your tenant vacancy costs, you’re likely thinking of lost rental income, which is easy to quantify -- you know exactly how much potential revenue you’re missing. You probably also automatically count in any mortgage payments or HOA fees that you’ll need to continue to pay even though the property isn’t earning any income. Those are hard costs that are easy to see.

WASHINGTON, March 23, 2020 – In a resounding win for the property management industry, the United States Court of Appeals for the Federal Circuit upheld the district court’s decision to dismiss the patent lawsuit between Consumer 2.0, Inc. (dba “Rently”) and Tenant Turner, Inc.

"Our business is now more effective, more efficient, and more pleasant. Quality of life is so important."

How does the old saying go? A picture is worth a thousand words, but a virtual 3D tour…is worth your time and investment. In Tenant Turner, currently 12% of active listings have a link to a video or virtual tour, the majority of which are links to YouTube video tours. But many people are dipping their toes in. Interestingly enough, 33% of customers have at least one video or virtual tour which is also on the upswing.