Four small operational changes to maximize property profit

Looking for easy-to-implement ways to maximize profit at your properties?

Creating efficient processes and making incremental changes to save time at the property level creates scalable impact on your bottom line. Through our close work with thousands of owner/operators across America, we’ve gotten an inside look at some of the methods they use to be more efficient in their leasing process. More importantly, we’ve seen firsthand how these methods convert to real financial impact.

We’ve compiled four steps for owner/operators to take at their properties to increase efficiency today.

Check in with your renewing residents yearly to inspect their unit

In some cases, multi-year tenants leave more cumulative damage to their unit than anticipated. Oftentimes extensive repairs could have been handled in less time and with less money if the damage was caught early. This small step to check in on the status of a unit every year can save days or even weeks of time spent repairing the unit and preparing it to be listed after a tenant has moved out.

Make your marketing materials more visual

It’s important to make sure interested renters can get the full picture of what your properties have to offer. And it may not seem like it, but the time spent answering questions from renters and applicants does add up. A small icon that represents a desired amenity can be enough to convince a renter to move in, especially if they don’t have to search through blocks of text.

Successful practices we’ve seen include using icons and photography to inform prospective renters of amenities in individual units (laundry, type of appliances, pets allowed, etc), as well as showing the amenities and features of their larger communities (parking garages, community exercise centers, etc).

Use google alerts to stay current with changing legal landscapes

Don’t worry if you’ve never used google alerts; here’s an easy guide to getting started. Housing affordability is a nationally recognized issue for lawmakers everywhere. New laws and changes are proposed on a monthly basis. Additionally, the Covid-19 pandemic has added another layer to the search for solutions.

Our partners who are able to stay up to date with the regulatory news that affects their properties and regions of operation are able to prepare much faster and avoid any interruptions to their leasing process. Some key topics to set alerts for: “[insert city/state] housing law,” “Covid housing law, “Renter’s Choice Legislation.”

Invest in cross-regional solutions

Owners with multiple regions of operation will always face the challenge of adjusting their leasing goals based on regional market differences. Lots of time is wasted when teams are forced to achieve the same goals with different methods. This highlights the undeniable value of solutions that work cross-regionally as a way to reduce time spent reinventing the wheel.

To take it a step further, cross-regional solutions that plug directly into existing leasing processes have the most instant impact on bottom line, simply because time spent setting them up is greatly reduced.

Helping owners of all sizes replace cash deposits, Rhino is a portfolio-wide solution with full integration capability through Yardi, RealPage, and RentManager that boosts leasing performance, provides a marketing advantage, increases protection from risk, and saves time for leasing teams across different markets. Some owners use Rhino in as many as 11 different states.

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Larenz Brown

Larenz Brown is a copywriter at Rhino who wants to tell stories that empower people. He once engaged in a 365-day staredown with a security deposit and emerged victorious.