In recent years, property rental companies took off as homeownership turned more of a scarce commodity. For a plethora of reasons, the plenty have chosen to live in rental properties for temporary or long-term lodging over buying their very own home — making property lease business some of the highly effective companies to run in mid-scale industries. This is the kind of enterprise where property owners can lease out or lease their property to someone else to generate wealth or keep repairs. The renters usually include working professionals, tourists, and students who’re in have to a short-term or long-term residence.

There are many alternative advantages of this kind of enterprise for property owners. Some of which include a passive revenue stream, ongoing cash flow, tax advantages, not to point out that owning and renting out a property is like investing and instantly producing an earnings that may evenly offer you a constructive ROI. While every thing sounds optimum on paper, the fact of the scenario is not as easy because it sounds. In reality, rental management could be extraordinarily difficult if it isn’t management properly.

What type of challenges are you able to face in rental management?

a. Property Advertisement.

With rentals, vacancies are inevitable. Consistently guaranteeing that your rental unit or property is being rented out is a time-consuming job. In order to combat vacancies, marketing must be a high priority. This includes highlighting all the images and features of the rental property, where it’s situated, what are its amenities, what’s included, and so much more.

Not only does the ad should be attractive, nevertheless it additionally have to be accurate. After every renter, things could change throughout the property. Any and all modifications have to be famous within the advert, each single time an advert is posted. This can get repetitive, and tedious, and particularly overwhelming if you have multiple rental properties under your belt.

b. Exhausting job of Rent and Bill Collection.

It is always nice when a tenant pays on time and the complete amount. Unfortunately, that is a perfect situation. There are situations, more common than not, when a tenant is unable to pay on time. Or, maybe, they can’t pay in full. Even your dependable renters could have setbacks which might lead to delayed payments. Worst case, a tenant refuses to pay — for whatever purpose. This would force you to chase tenants down for the lease or go to court to retrieve the lease owed. Not only is this process tiresome, however it may also be fairly expensive — relying on where your rental property is.

c. Improper Document Management.

Renting a property out is one thing however managing documentation surrounding it’s one other. From the papers you obtained while you bought your property, to the leases you created when renting it out, to the invoices generated through-out the method, to the lease receipts and every little thing in between; all of it have to be managed and documented correctly. As the enterprise grows, or as you lease out extra property, the papers that may must be managed will develop too. This means you’ll have information upon information to take care of, and failing to manage them accurately could, and sure would, lead to authorized consequences.

d. Property Maintenance.

Regular property maintenance is necessary for Rental Properties. At any time, issues with plumbing, electrical connections, and structural bearings can happen. These points have to be resolved instantly to keep away from tenant inconvenience, and to maintain everybody safe. Again, you probably have a number of properties, comparable issues might come up at different times at different locations. Even when you have one property, different issues can come up at one location. Looking for expert professionals every time there’s a problem, or there’s a different drawback to solve, could be overwhelming in addition to a expensive endeavor.

e. Lead Generation and Improper Assistance.

When operating an enterprise, lead generation and retention are the primary and most crucial steps. The major problem is getting the best lead, that may flip into a profitable customer (or on this case, a renter). It is imperative to get an ideal renter from the get-go, as making a mistake at this stage can reap expensive consequences down the road. Some of which embody a non-paying tenant, a damaging tenant, or somebody who bothers your different tenants.

On the flip side, not tending to your best renter could trigger you to lose that individual. Some ways you could do this include offering improper help, not listening to their woes, or offering a subpar rental property.

How can Apagen’s odoo property management system help you?

While the rental business is lucrative, it’s also quite simple to mismanage it. If that happens, there are numerous other challenges, beyond the ones mentioned above, that property owners can face when renting out their property. That is why Apagen Solutions is there that will help you handle and run your property or rental business efficiently with the help of odoo property management system

Author's Bio: 

Business solution-centric Odoo Consultant and IT professional with about 11+ years of experience spanning Odoo delivery, Sales, pre-sales, Odoo product development, Odoo business consulting, outsourcing & ADM services in leadership positions.

• Has headed Practices for Enterprise Solutions ( SAP, Baan & Odoo )

• Experience across domains likeSales and Marketing, Logistics, Manufacturing, Retail, Chemical, Automotive maped to Odoo

• Extensive experience in large program delivery & business process transformation consulting (Odoo Consultant) for multiple programs

• Demonstrated experience in designing new product & service offerings and executing global Go-To-Market strategies for new offerings for new market penetration

• Proven leadership skills with balanced focus on people, processes & technology

• Pioneered the use of ERP systems in various Processing Industry

• Worked as Process Heads of Marketing, Sales, Purchase, HR, ERP Project deliveries and also worked as Business Heads for many companies like IBM, JKT, Denave India, FCS and presently at Apagen