Venturing into the rental business, especially when renting out extra bedrooms in your house, can be a fruitful endeavor. However, success doesn’t come to those who wait on things to happen. Instead, it’s reserved for the proactive, those who believe that organization and optimization aren’t just buzzwords, but the very foundation of a growing business.
Imagine this: It’s a sunny afternoon, and you’ve just finished a meeting with a potential tenant for one of your rooms. You’re feeling good about the conversation, and it seems they’ll move in next week.
But then, you’re suddenly overcome with panic…
Did you double-book the room?
When is the next rent payment due for the tenant in room number three?
Where did you write down the new wifi password for the house on College Ave?
Which parking spot did I assign to the new tenant in room number five?
This is where organization comes into play. When every detail, no matter how small, has a place and a system, managing a multi-room rental business becomes not just possible, but enjoyable.
When I say everything goes in my calendar, I mean everything.
I work a full time job, write a ton including self publishing 7 books, and manage a lot of tenants—I won’t say the exact amount of renters, but you don’t become Fort Worth’s #1 furnished room rental business with only 4 bedrooms.
I usually finish working my day job at 6pm. This leaves 6pm to 10pm available to deal with any rental payments, issues, and renting out rooms after someone moves out.
Some days get extremely busy. The first day of the month is especially busy since many people prefer to pay on this day.
If I wasn’t super organized and have a process for everything, an 8 hour day job, 7 rent payments, trying to rent an empty room, and settling housemate drama over why someone didn’t clean the stove after cooking has the potential to become overwhelming.
Being organized and leveraging technology will allow you to maintain your sanity and grow faster than you ever thought possible.
The Power of Digital Tools
In the age of technology, our smartphones, particularly for many the iPhone, have evolved into indispensable tools for managing our lives.
When used efficiently, they can become the ultimate weapon in the rental business arsenal.
Let’s take the calendar, for example. By incorporating every little detail of your life and business into it, you’re not only ensuring that tasks get done, but you’re also creating a seamless overview of your day-to-day operations.
When managing multiple tenants, every rent payment, maintenance schedule, and tenant meetup goes into the calendar.
If it isn’t on there, it doesn’t get done. This ensures not only that you never double-book a room or miss a rent collection, but also that you have dedicated time for yourself and your loved ones.
On particularly busy days, even time for lunch, dinner, and going to the bathroom or taking a shower goes in.
A Note on Notes
Documentation is another pillar of an efficient rental business. A simple yet effective method is creating dedicated notes for each property.
A note can include room numbers, tenant deposits, parking spot assignments, utilities, and wifi information.
This not only makes information easily accessible but also aids in communication with your tenants.
Imagine having a new tenant and being able to provide them with a single document that has every vital piece of information they’d need.
It not only saves you time but also instills confidence in your tenants about your professionalism.
Why Optimization Matters
As the business grows, so does the complexity. New rooms, more tenants, new challenges.
This is where optimization comes in. It’s about looking at your processes and asking, “How can I make this better?”.
Perhaps it’s realizing that pre written qualifying questions that get copied and sent to every potential renter saved a ton of time when you receive 40-80 messages for each room. Even 1 minute saved per message saves me up to 80 minutes. Every minute matters some days.
Or maybe it’s leveraging home automation for better energy management. By regularly reviewing and refining your systems, you ensure your business remains scalable, efficient, and profitable.
I never imagined I could manage this many tenants, while working a full time career, and even write a new book at the same time.
These “Room Rental Revolution” articles are being written with a purpose. Not only do they take my five years of experience renting out bedrooms in my houses, they will also become chapters in my new book:
Room Rental Revolution: A Practical Guide To Transform Empty Rooms Into Monthly Rent For Life
Inspiration in Action
For a moment, visualize the following scenario:
You wake up in the morning, and your phone buzzes with reminders for the day – not frantic alerts but organized prompts.
There’s a rent payment due from the tenant in room four, a scheduled maintenance check in house two, and a room showing for room one in College Ave house in the evening.
All spaced out perfectly, allowing you time for a leisurely breakfast and even a walk in the park. For me it’s my Denny’s breakfast at noon on Saturdays, followed by my weekly trip to the store to buy household and cleaning supplies for all the houses.
Your notes app provides you with all the information you need. With a few taps, you’ve sent out the wifi details to a new tenant and confirmed the parking spot for another. You’re not just managing; you’re thriving.
This could be you. With the perfect blend of organization and optimization, the once-daunting task of managing multiple rooms and many tenants becomes an orchestrated symphony.
Your business grows, your tenants are happy, and you find a work-life balance many only dream of while you make progress towards financial freedom.
The journey of renting out extra rooms in your home can be challenging, but with the right tools and mindset, it’s a journey of growth, learning, and success.
Embrace organization and optimization, and watch as your rental business flourishes beyond your wildest dreams.
Want to learn how to get started?
Email me at firstname.lastname@example.org or text me 310.774.7992 and I will show you step by step how to turn your empty rooms into monthly rent for life. I’ll answer any one question for free. Onward!