Introduction
In the realm of property management, the digital revolution has ushered in a new era. Traditional methods are being replaced by innovative software solutions, offering efficiency, accuracy, and convenience. Here’s a deeper look into why software for property management is not just a trend, but a necessity for the modern landlord.
In today’s fast-paced digital age, property management has evolved beyond traditional methods. With the rise of technology, software solutions tailored for property management have emerged, revolutionizing the way landlords and property managers operate. Let’s delve into why software for property management is becoming an indispensable tool for modern real estate professionals.
Streamlined Tenant Pre-Qualification
In today’s fast-paced digital age, property management has evolved beyond traditional methods. With the rise of technology, software solutions tailored for property management have emerged, revolutionizing the way landlords and property managers operate. Let’s delve into why software for property management is becoming an indispensable tool for modern real estate professionals.
The Challenge: In the past, landlords often found themselves overwhelmed with stacks of tenant applications, making the screening process tedious and time-consuming.
The Solution: Software platforms, such as RentRedi, have transformed this process. With automated pre-qualification features, landlords can swiftly sift through potential tenants, ensuring they select individuals who align with their property’s criteria. This not only saves time but also ensures a higher quality tenant pool, reducing potential risks in the future.
Efficient Maintenance Coordination
Maintenance is an integral part of property management. Software solutions now offer features that not only allow landlords to manage maintenance requests but also to delegate them efficiently. Whether you choose to handle requests personally, assign them to team members, or even outsource them to third-party services, software makes the process seamless.
The Challenge: Maintenance issues can arise unexpectedly, and coordinating repairs can be a logistical nightmare, especially for landlords managing multiple properties.
The Solution: Modern property management software offers intuitive features for maintenance coordination. Whether it’s tracking requests, assigning tasks, or even integrating with third-party maintenance services, these platforms ensure that property upkeep is handled promptly and efficiently.
Centralized Dashboard: A One-Stop Solution
A centralized dashboard, as seen in the RentRedi platform, provides landlords with a comprehensive overview of their properties. From pending tasks, tenant pre-qualifications, applications to screenings, everything is available at a glance. This centralized approach ensures that property managers stay on top of their responsibilities.
The Challenge: Juggling multiple properties, tenants, and tasks can be daunting, often leading to overlooked responsibilities or missed opportunities.
The Solution: Software solutions now offer centralized dashboards, providing a holistic view of all property-related activities. From rent collection, lease renewals, to tenant communications, everything is consolidated in one place, ensuring that landlords never miss a beat.
Overcoming Challenges with Ease
Every landlord faces challenges, be it unexpected property issues or tenant disputes. Software for property management equips landlords with the tools to tackle these challenges head-on. By viewing obstacles as opportunities and leveraging software solutions, landlords can navigate the complex world of property management with confidence.
The Challenge: Unpredictable challenges, be it property damages or tenant disputes, can disrupt a landlord’s workflow and peace of mind.
The Solution: With property management software, landlords are equipped with tools that allow for proactive problem-solving. Features such as real-time notifications, detailed property reports, and integrated communication channels ensure that issues are addressed promptly, minimizing potential damages or conflicts.
Continuous Learning and Community Integration
The integration of platforms like RentRedi with communities such as Bigger Pockets offers landlords a wealth of knowledge. By being part of such communities, landlords can continuously learn, improve, and adapt to the ever-changing landscape of property management.
The Challenge: The world of property management is ever-evolving, and staying updated can be a challenge.
The Solution: Platforms like RentRedi, integrated with communities like Bigger Pockets, offer a continuous learning ecosystem. Landlords can tap into community insights, attend webinars, and even participate in forums to stay ahead of industry trends.
Conclusion
Software for property management is more than just a tool; it’s a game-changer. By streamlining processes, offering centralized control, and providing continuous learning opportunities, software solutions are setting the gold standard for modern property management. Whether you’re a seasoned landlord or just starting out, it’s time to embrace the future and consider integrating software into your property management strategy.
The integration of software in property management is redefining the industry’s landscape. As challenges become more complex, the solutions become more sophisticated. For landlords and property managers aiming for success in this digital age, embracing software solutions is not just recommended; it’s essential. With the right tools at their fingertips, they can ensure efficient operations, satisfied tenants, and a thriving property portfolio.
Managing properties in Las Vegas and North Las Vegas can be both rewarding and challenging. To set yourself up for success, it’s essential to arm yourself with the right information and tools. For a deep dive into the intricacies of managing properties in this vibrant city, check out our comprehensive guide on Property Management in Las Vegas. If you’re looking to broaden your understanding of the real estate landscape in Las Vegas, our article on Real Estate Management in Las Vegas is a must-read. Both pieces offer invaluable insights to help you excel in the Las Vegas property market.”
Watch the Insightful Video!
For those who prefer a visual deep dive, we’ve embedded a comprehensive video below. This video, from which the transcript of this blog is derived, provides a detailed walkthrough of the modern advancements in property management software. It features real-world examples, expert insights, and a closer look at the RentRedi platform in action. Whether you’re a seasoned landlord or just starting out, this video offers valuable insights that complement the information shared in the blog. Take a moment to watch and enhance your understanding of the future of property management.
- Overview of RentRedi Platform: The document discusses the functionalities of the RentRedi platform, which seems to be a tool designed for landlords and property managers. It provides features like tenant pre-qualification, maintenance coordination, and rent collection. The platform also offers templates for tenant pre-qualification and applications, which have been designed with input from landlords on Bigger Pockets.
- Outsourcing and Delegating Work: There’s a section that touches upon the importance of outsourcing tasks and delegating work, especially as businesses scale. The discussion emphasizes the need to document processes and knowledge to ensure smooth operations.
- Property Management Challenges: The document highlights some challenges faced by real estate investors, such as unexpected problems with properties and the need for effective problem-solving. It emphasizes the mindset of viewing obstacles as opportunities.
- Maintenance Coordination: RentRedi offers features that allow landlords to manage maintenance requests. Landlords can either handle these requests themselves, delegate them to team members, or use a partnership with a company called Lateral to source maintenance personnel.
- Interview with Ryan: Parts of the document seem to be from an interview with Ryan, the CEO and founder of RentRedi. The interview touches upon Ryan’s journey in creating Rent Ready, the platform’s integration with Bigger Pockets, and its benefits for real estate investors.
- Dashboard Features: The RentRedi dashboard provides users with an overview of tasks, tenant pre-qualifications, applications, screenings, and more. It’s designed to give landlords a comprehensive view of their properties and related activities.
Transcript Available for Your Convenience
Understanding that many of our readers appreciate having text-based content to refer to, we’ve provided a full transcript of the video below. Whether you’re looking to quickly skim through, highlight key points, or revisit specific sections at your own pace, this transcript ensures you won’t miss out on any valuable insights. Feel free to read along or use it as a reference as you watch the video.
What Painless Rental Property Management Looks Like
this is the BiggerPockets podcast show 691 I developed initially an app just
0:06
for myself and friends to apply and quickly had landlords coming back to me some of which were Bigger Pockets
0:12
members as well along the way saying wait our sides just as bad if not worse you’re seeing the trickle-down effect of
0:19
me an independent investor who’s put my life savings into acquiring a property or two to put a kid through college or
0:25
retire early and I’m doing it all in spreadsheets and so if you can make it easier for me I can make it easier for you too and so that began the Journey of
0:32
saying okay how do we make something that makes it really easy for an independent landlord independent
0:38
investor and then also creates a great experience for their tenant at the same time what’s going on everyone this is
0:43
David Green your host of the BiggerPockets real estate podcast the best the biggest the baddest real estate podcasts in the world here today with my
0:51
super talented co-host Rob abasolo Rob how you doing today hello hello it’s Wednesday and I’m feeling good man my
0:57
back you know I had a I suffered I survive revived a minor back injury and I feel I feel like I’m at the I’m at the
1:04
end of it I can finally twist I’m not ready for a golf lesson quite yet I’ve been saving that for a little bit but
1:09
I’m close I’m close to being able to go to Topgolf again which is how everybody golfs these days no one actually goes to
1:15
a golf course unless they’re over 50 years old no I actually bought 10 golf lessons I like I bought them I went to
1:21
the first one and then I threw up my back so they’ve just been collecting dust and that’s how they make the money on you they want you to bank it and just
1:27
forget about it and that’s that’s kind of me at this moment I think about that with gift cards all the time like it’s the worst thing ever that you go spend
1:34
money on a gift card and then you give it to someone the odd the number of gift cards I’ve actually used is very low compared to the number I’ve been giving
1:40
you lose them you don’t think about it I’ve had one for In and Out Burger in my wallet for like four years and I still pay with my credit card every single
1:47
time because I just forget well there’s a little bit of a psychology there because someone at bpcon actually two
1:52
people at BP gun gave me Chipotle gift cards and I never want to use them because I’m always like oh I don’t know
1:58
is today the day like do I want to use my gift card because you just feel like you’re it’s like credit card points I’ve
2:04
got a lot of credit card points and I’m just too scared to use yeah and who knows why we are I do that same thing
2:10
with credit card points I’m like you never know I might run into a situation where I have no cash and I’m just gonna need it so they build they build they
2:18
build speaking of building today’s guest is amazing Ryan Barone built rent ready
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property management software that makes your job as a landlord much easier and frankly makes managing real estate more
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fun if you thought that that wasn’t possible you could be wrong and Rob and I interview Ryan getting into how he
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solved these problems what the software does how it makes landlording better and what’s even cooler is it doesn’t just
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help landlords but this software actually helps tenants as well makes it easier to be a tenant of a rental property which only helps your real
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estate business and even more if you wait for the very end of the show we are going to give you a discount code that you can get access
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to this thing through a pro membership which makes it free for you pretty cool
3:00
stuff before we get into the show with Ryan today’s quick tip is there’s one
Quick Tip
3:06
thing that you shouldn’t be afraid to use and that’s the Bigger Pockets tools we have available for you be part of the
3:11
community manage your properties start scale and manage your entire portfolio with what Bigger Pockets has you gotta
3:17
check it out we’re more than just a podcast go to biggerpockets.com hover over the little tools bar and you’re
3:23
gonna see there’s tons of stuff that will help you build your business not to include the forums we have where you can
3:30
read questions that other people have asked and answers that they got you get a chance to ask your old questions a
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very extensive blog man I used to sit there work in graveyard shifts and do nothing but read the blog all night long
3:41
until there’s something I actually had to do I love that thing so if you’re a fellow reader check it out Rob anything
3:46
you’d like to add before we bring in right no I’m I’m genuinely pretty stoked about this one because Ryan had a really
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cool origin story for how he even came up with rent ready and so I always find that these these stories are really
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inspiring because he had a problem so he’s like I’m gonna solve it and because of that it became this this insane
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platform that uh that really helps people so let’s hop in you got a problem yo I’ll solve it Ryan brode welcome to
Property Management Built for BiggerPockets!
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the Bigger Pockets podcast how are you today I’m doing great thanks for having me David I am good to hear that if
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anyone doesn’t know Ryan here is the CEO and founder of rent ready which is now
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part of bigger pocket Suite of tools to help you become a better real estate investor frankly so if you’re a pro
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member you get free access to rent ready and uh I’ve looked at it it’s very cool I will say what are the things that I
4:35
look at when I’m looking at sophomore and I may be like everyone else but I don’t think I am is how easy is it to
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use like is it intuitively I look at it and I know what to do if that software makes me work I hate that now some
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people nerds love that at they’re like oh it’s like a Rubik’s Cube and I get to figure out how to make this software
4:54
work and they get very excited I’m the opposite like if I gotta try to figure this thing out I don’t want to put the
4:59
energy towards it because I don’t make money figuring out software I make money hitting my kpi so like for instance I
5:06
got mint for the first time I’m working on a new book for Bigger Pockets it’s gonna have a fi component to it and I’m
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coming up with a system people used to track where their money’s going and I was so impressed by Mint it’s like this
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is if it works it just automatically budgets what I’m spending money on it knows how to classify it it tells me how
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much I should be spending and how much I am it made it easy and I gotta say rent ready gave me the same Vibe the first
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time I looked at it so well done creating software that is as friendly to
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use as your face is to look at yeah and and Ryan I also heard uh that BP had
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somewhat of an early tie to help you get the right feedback for the concept is that is that right oh yeah uh in many
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ways and and all along the way um in the very early days I was uh I was
5:51
actually trying to build an app for myself and friends to apply to units and Bigger Pockets played a part in that
5:58
because I was going to a whole bunch of meetups and trying to talk to landlords about what issues were they having and
6:04
how could that be solved maybe with some software that would make things easier for them or streamline processes they
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had and so that played a huge part in fact the the very first partnership we
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ever did with Bigger Pockets years ago we only had two subscribers so it’s been for me a long journey of um feeling like
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we were trying to help the same person in a lot of ways just from different angles you know from from Bigger Pockets
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perspective for me it was always the place you go to get information about how to manage better or how to acquire
6:34
that property however whatever that might be and then uh from my perspective it was trying to provide some sort of
6:41
software to streamline those things you were supposed to be doing yourself manually dude that’s awesome okay I love
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that because you said you in the early days you had two subscribers in and then how many active users are on the on the
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platform right now yeah so we have tens of thousands of landlords actively managing on rent ready today all 50
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States Virgin Islands Guam Puerto Rico so it’s it’s grown a lot well congratulations
Painless Property Management
7:05
um let’s back up a little bit okay so tell us the idea of of how rent ready came into fruition how did what’s the
7:11
origin story here so I was actually in college at the time um I had gotten my first internship and
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I was all excited to uh you know stay and at the time I was in New York City for college at Pace University so it
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meant I got to move out of dorms get my first apartment which was going to be really exciting for me and so I went
7:28
through that application process trying to apply and I ended up not getting that apartment they needed a letter
7:34
employment W-2 bank statements tax returns I had two roommates all of which
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we had guarantors as well so we ended up not getting that unit and I left that thinking to myself could I just make a
7:47
way to make things easier actually for us on the tenant side to apply to units quicker and more easily and so I
7:54
developed initially an app just for myself and friends to apply and quickly had landlords coming back to me some of
8:00
which were Bigger Pockets members as well along the way saying wait our sides just as bad if not worse you’re seeing
8:07
the trickle-down effect of me an independent investor who’s put my life savings into acquiring a property or two
8:14
to put a kid through college or Tire early and I’m doing it all in spreadsheets and so if you can make it easier for me I can make it easier for
8:19
you too and so that began the Journey of saying okay how do we make something that makes it really easy for an
8:26
independent landlord independent investor and then also creates a great experience for their tenant at the same
8:31
time and it grew over time from what was initially saying hey can we try to solve
8:36
uh applications to being this completely end-to-end platform for anything that
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you have to do in terms of managing the property and and honestly truly from those individual stories pretty much
8:49
everything on the platform form today is from at least one person’s story of a problem they were trying to solve in
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some way we were trying to fix that for them okay so you all right so if I remember this correctly you said that
9:00
you were trying to get an apartment yeah you were having a tough time qualifying I guess I’m gonna create a software that
9:07
solves this for every tenant that’s in this problem you do that and then landlords on the other side are like
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whoa wait wait a minute I I don’t even know how did they find out was it because you were presenting the software
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it was two two landlords and they’re like hey Ryan this is really cool yeah yeah that’s exactly what it was um I was
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I was trying not to disrupt the landlord side of things at first so everything was sending over email initially at that
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point so I said great I’ll build an app where you enter all of your information you take photos follow your documents and I still send it over email and so
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they were getting this basically packet in the same fashion they had asked for it
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um through just uh you know typical pen and paper means and then saying wait but
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the system of managing that in email is not ideal it’s just what I have and so
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can you give me initially it was a way to manage all of those in a in a platform
10:00
um and from there it grew to things like pre-qualifications initially it’s just applications but it grew to things like
10:06
pre-qualifications where someone said hey you know I had a couple come view my unit I love them I’d love to rent to
10:12
them but as soon as I ran the full tenant screening on them I realized I couldn’t rent to them so can we get a
10:17
pre-qualification that lets me figure out uh how to basically meet with the best five people instead of the first
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five people that want to view one of my units and then do you still have the the tenant component of the of the software
10:31
or did you completely pivot at this time oh yeah so it’s still both still the mobile app for tenants and in fact it’s
10:37
grown uh in a tremendous amount from just applications to paying your rent through the platform even submitting
10:43
video maintenance requests through the platform seeing all of your lease documents and running your tenant screening really is trying to help them
10:51
make everything better even during covid we had some tenants say hey can you help me build my credit score because I’m
10:57
already paying rent through the platform and so we built in credit boosting so that they basically enable this they pay
11:03
on time they’re building their credit landlords are happy because they’re getting their money on time and that’s really what you want at the end of the
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day so it became you know a win-win from everybody even if it was in that case an idea coming from a tenant side of things
11:15
that’s amazing man so it wasn’t really a pivot it was just an expansion um yeah so at this time when you were when you
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were concepting and bringing it and developing it and minor pivots and expansion everything what was the
11:28
marketplace even like for landlords at the time oh I mean at the time it was I mean truly just pen and paper
11:34
spreadsheets I was for me I wasn’t interacting with anyone that was doing anything other than you know uh sending
11:41
everything over email paying with checks and cash so um it was truly trying to give uh you
11:48
know something that could streamline a lot of those issues is even even that paying rent portion of that of dropping
11:53
a check off to a specific location or paying cash um and having to meet someone somewhere
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just felt like something we could we could make easier for for everyone involved yeah so you were you were
12:04
basically solving a bunch of the pain points that a landlord or maybe even a tenant was having on that Journey
12:10
obviously there is there was a software Gap here if if so many people were excited about what you had to offer what
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would you what did you identify at the time as one of the bigger needs that smaller landlords needed yeah what I
12:23
ended up realizing was needed was truly an end-to-end solution that took a lot
12:29
of the tasks that were manual and tried to automate those without cutting into
12:35
the margins of a landlord’s business right so the options that it seemed like
12:40
they had that they were presenting to me at least were either I hire a property manager for 10 to 12 percent and that
12:46
might cut into my margins right I want to manage it myself for whatever reason or I do do it all on spreadsheets I kept
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that margin but now I’m pulling my hair out because I’m doing just absolutely everything myself so what we were trying
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to figure out was how do we let you control it all so it does whatever you want it to do whatever you would do
13:04
physically yourself manually but um let that basically be a software
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almost like a person that you tell to do what you want them to do and they go do it exactly how you want it done that’s
13:16
that brings up a big piece of building a business right it’s like typically I’ve found it starts on the back of the
13:24
founder we’re running as hard as we can at a certain point we’re like okay this is as fast as I can run with all this
13:30
weight on my back okay and the weight is like the work the tasks that have to get done Josh Durkin had this issue with
13:36
Bigger Pockets itself when he was working 15-hour days just sitting there writing code or working in the forums I
13:43
think there’s an urban legend that to get the Forum started he would he would create a fake profile and write a question that he would then answer with
13:50
like a different Alter Ego just to show people like this is how the thing should be looking and then there’s this rhythm
13:56
of okay let me give it to someone else to do because we’ve all heard who not how and we’ve listened to all these
14:02
podcasts to talk about how you build a company and you gotta leverage and you’re like okay and then you do and that person sucks they don’t do a good
14:09
job I mean if you hit it out of the park on your first try it hats off to you that’s awesome I never have and I don’t
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know many people that did it’s usually oh that’s not how I did it at all and that’s not a very good effort and why do you need this much time off and how come
14:21
you’re never focused and why is there always a new drama happening in your life every single time you come into work and so you take it back on and you
14:28
start running again but now you’re trying to do other things that you started when you gave it to someone else and you go through maybe like five or
14:34
six iterations of this you finally get a good person that can do the work how did you transition out of I do everything
Outsourcing and Delegating Work
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into I’ve outsourced the majority of the tasks that need to be done and I focus
14:48
on the vision and then my follow-up question will be why what stuff did you focus on once you got it outsourced yeah
14:53
so um everything that when we started scaling the team the I think the first
14:58
thing is trying to get everything out of your head right like when you’re doing it yourself or with a partner or a
15:04
couple Partners whoever you started whether it’s your real estate business or in my case and myself and in rent
15:11
ready um it’s you have so much knowledge about what you’re doing
15:16
um yourself may not be the best right way but you but but it’s the way that you know
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um trying to document that as much as possible so that you can um lower what what I would call like the
15:26
hit by a bus metric like if you disappeared tomorrow or if you were not unable to do that particular part of
15:32
that job could your team do it um it’s really hard to do I’ll be honest it’s not easy but and it’s not an
15:39
overnight thing I think it is a gradual uh starting of documenting that but
15:44
um at first I would say get rid of or try to bring on people that are good at
15:50
the the things you’re the worst at right so in the early days for us we brought
15:56
on a designer I’d like to say I’m a pretty good designer but I’m not nearly as good as some of the designers on our
16:03
team we brought on a Content writer brought on a head of growth um that that and one engineer one mobile
16:09
developer was basically did you hire these people hiring we did we did yes yeah so how did you find the people that
16:15
you decided to hire uh for us it was mostly Angel angel.co and the reason I I
16:21
liked that at the time was a lot of people that were looking there were looking for a mission
16:26
um that they were trying to solve and so it made it great that we were all able to
16:32
um come together and honestly feel like we’re a team building that same Mission together
16:37
um and and that honestly has stayed a a really a part of the company I’m really proud of today I think everyone that’s
16:44
part of the team I’m I’m really proud of and how much they they love what we do and that we get to build it together and
16:50
um there’s a lot of hard work that goes into it but a lot of fun that that happens along the way and that’s something that I think anybody can carry
16:57
into their own business yeah it’s really cool man so it sounds like you were Staffing up appropriately and then you
17:02
were hiring people that were doing the things that you were bad at and this is something that I’m now I’m starting to hire a lot more people and that that is
17:09
how I approached it too I hire people to do what I can’t and then once I you know I’m not stressed out about that and I’m
17:15
not uh you know scrambling as much then I hire people that are good at what I’m good at that way I can start managing
17:21
those people and actually focusing on the vision but obviously in the early days of any startup I’m sure you were in
17:27
the trenches a bit so can you tell us a little bit about what a typical day was like when you were building out the entire platform yeah I mean in the early
17:33
days it was uh truly building the apps I was our first
17:39
developer for the first two and a half three years and so it was building out
17:45
our IOS app and our Android app and our backend our front end for landlords my co-founder Ed and myself were answering
17:51
every chat so a lot of days looked like um answering any questions that people had along the way when they were setting
17:57
up their accounts Fielding any ideas that they had for us that they shot thought should be built into the
18:03
platform um and then turning around and making those a part of the platform and so that
18:09
was um at least the very early days of what an average day looked like and who’s
18:15
who’s running support for you whenever you were building it out because I’m sure when you’re when you’re developing any kind of service or software like
18:22
this there will be a lot of people that are always like you know pointing out bugs or things that need to be optimized
18:27
who is doing all that for you I mean in the very early days it was is my co-founder Ed and myself that we’re
18:32
answering chats and then we eventually brought on a chat support uh teammates
18:39
to help with that and now we have a team of about five on chat support that
18:44
answer any questions that both landlords or tenants have along the way um will help even if uh you know you’re getting
18:51
set up and your tenant has a question will help them with any questions they’ll have as well yeah well what I’m
18:57
sure it felt pretty pretty gratifying or pretty relieving when you hired your first chat Specialist or like support
19:03
specialist and took yourself out of that role huh yeah I mean it was it was exciting um honestly one thing that uh
19:09
I’ve learned even from one of the the people that we’ve brought on to our team is kind of this strategy they describe
19:15
it really nicely of I do you watch you do I watch then you do and I think that really was what we naturally did with
19:22
the chat support side of things Ed and I were doing chat support we brought on a chats person for a while
19:28
um we were still answering chat with them every day it was just that we had more capacity because there were more of
19:33
us to answer and so there was an opportunity for them to see how we would answer certain questions us to talk about what the best
19:40
way was to help people along the way um and then eventually now you know I feel like I learned things from from
19:46
them the way they answer things yeah that’s right the student has become the teacher and the teacher has become the student right I’m curious when it came
Getting Landlords on Board
19:53
to the feedback you got from landlords when they were saying hey I need this to to do this better or I need software
20:00
that will do this what were some of the most frequently requested issues or the biggest problems that you had to solve
20:07
to get landlords to be more successful so they would use the software yeah I think some of the most surprising were
20:13
in the little details um things like rent collection in general right we added collecting rent to the
20:20
platform but then we had a landlord that was in Texas at the time and called us up and said hey if I uh have a tenant
20:27
that pays even a dollar and I’m going through an eviction proceeding with them it could reset the eviction clock for me
20:33
so I need the ability to prevent partial payments so they either pay me in full
20:38
or they don’t pay me um on a unit or a tenant by tenant basis and so that was
20:44
um a case of us saying oh okay there’s there’s more to this than just collecting rent and
20:49
um than others that came to us and said hey I own properties in different states and in different states there’s
20:55
different late fee rules about what maximum late fee you can charge and sometimes it’s a percentage or sometimes
21:01
it’s a dollar amount so I need the ability to on one of my properties say uh it’s a five percent cap and on
21:09
another one I need to be able to say ten dollars a day up to fifty dollars um and and honestly a lot of those
21:15
little details that people brought to us along the way have I think made the biggest difference because it enables
21:21
other landlords coming onto the platform to learn from things that they maybe
21:27
haven’t heard about yet or haven’t read about yet but other landlords have and if we can continually incorporate
21:33
everyone’s you you get that that the wisdom of the crowd working together on what’s the best way to do this so in
Turning Problems into Profits
21:39
your opinion as far as your software what do you think rent ready does like
21:44
what is it the best at compared to your competition I would say it’s actually not in the software itself I would say
21:50
it’s probably listening to the people that are using it I think everybody on the team really Prides themselves on
21:57
continually taking uh ideas and feedback that we’re getting from landlords and
22:04
tenants both and incorporating that into the platform so that what we’re building isn’t
22:09
um coming from me or coming from Ed or coming from anybody else on the team it’s really coming from the people that
22:17
we’re trying to help and if we if they tell us what to build and frankly what not to build at different times we can
22:24
make something that’s better for them we’ll spend our time more efficiently we’ll build the things that they need
22:29
and that’s really where I I think the the biggest focus is and I think that applies to anything whether you’re
22:34
building a real estate portfolio or or a rental platform or anything you’re doing like the people you’re trying to help
22:41
have the answer of the right way to do it so that’s something I find fascinating about what you’ve done
22:46
because if you look at I get people ask the wrong questions a lot of the time so
22:52
as an investor people will say what how should I buy what strategy is the best one where should I buy it right as
22:59
opposed to how do I solve a problem what is the problem I’m trying to solve if
23:04
the problem is people want to travel somewhere they don’t want to stay at a hotel the solution becomes or the
23:10
questions you’d ask is what type of property do I want to buy own uh upgrade
23:16
whatever so that someone wants to stay there and would pay more money to stay there if the problem is how do I keep a
23:23
tenant happy so they don’t ask for discounts you ask questions like what can we do to screen tenants better or
23:29
how can we avoid things that would cause mistakes to happen later the people that I find don’t do well with real estate
23:35
investing are irritated by the fact they have to solve problems in the first place their expectation was I buy a
23:41
house money rolls in I shouldn’t have to do anything and when things go wrong they take it as a sign from God I think
23:48
that’s funny that so many people as soon as something goes wrong they say that’s a sign from God that I’m not supposed to be doing this because there is a problem
23:54
which to me is kind of like saying I went to the gym I I put the weight on the bar I tried to lift it and it was so
24:00
heavy that’s a sign from God I shouldn’t be working out this is a bad idea but what you’re describing are that the
24:06
obstacles that you encountered were literally what helped rent ready a set
24:12
and pass a lot of his competition is the way that you answered them like what uh
24:17
advice or perspective can you offer on the mindset that the obstacle is the way
24:23
that if you approach problems that happen with enthusiasm and joy in solving you will become wealthy versus
24:29
if you just look at these things with resentment and irritation you’re gonna fail well I think the the happiness part
24:35
of what you’re saying there is huge right you have to love what you do first and first and foremost but um turning an OP you can turn issues
24:42
into opportunities and I think that’s the biggest thing that in a perfect world nothing would ever go wrong but in
24:48
reality things will always go wrong and at some point something will go wrong but you can turn that into something
24:54
that actually is a good thing whether it’s some one that is reaching out to a
24:59
us on a rental platform saying hey here’s a problem I have here’s why I I
25:05
it is an issue for me we turn around and we figure out a good way to apply that not just to them but for anybody that
25:12
would have that issue in the future and we add that they walk away from that going wow you just solved my problem and
25:18
I think the same thing that applies for a tenant right if they call you up saying hey I have a leaking sink in my
25:23
apartment you could look at that as okay hey something’s going wrong there’s an issue but at the same time if you have a
25:29
good way to manage that in terms of being able to have a quick response time with them and them being able to to
25:35
understand that there’s effort that goes into your side of actually getting that done and they see the updates along the
25:42
way it it feels like things are moving faster because they just have a little more insight into that and then when
25:48
things are fixed they walk away from it going wow like if something ever goes wrong I have someone there for me I’m
25:53
not on my own and I think that same thing applies whether it’s or it’s a landlord working with their tenants I
26:00
think you can turn all of those into a time where people feel like you’re there for them if something ever does go wrong
26:06
and if it doesn’t then great no no worries yeah yeah totally so growing this company I’m sure you’ve honestly
26:13
probably faced a lot of the similarity that newer landlords go through like a lot of the struggles and really just
26:18
trying to figure stuff out and obviously there’s always going to be a steep learning curve when you’re getting into something new I’m sure there’s a steep
26:25
learning curve for developing an awesome software the way there’s a steep learning curve for becoming a new landlord so is there anything that rent
RentRedi for New Landlords
26:32
ready does specifically to help lessen that that difficult learning curve of becoming a real estate uh like a
26:38
landlord or a real estate investor yeah we we try to intentionally Implement things that you may not think about if
26:46
you’re doing everything manually yourself so one of those for example is automatically depositing funds to
26:52
different bank accounts a lot of landlords will create a different LLC for each bank account and they’re trying
26:57
to separate the funds for that if you’re doing it on pen and paper and spreadsheets you just you might not consider that and when you’re coming
27:04
onto the platform and that becomes a question we ask you do you want it to go to a different account because it’s a different property it it innately
27:12
triggers that question for you or even depositing for example security deposits
27:17
to a different bank account than rent which is sometimes required in certain States so we try to build those
27:25
learnings into the platform that may be along the way when you’ve you’ve gotten
27:30
scrapes and bruises and uh you’ve gone through kind of the ringer of managing so many properties that you have these
27:37
these things that you know but uh honestly a little bit back to the documentation point of earlier can we
27:43
try to pull that knowledge out of all of these the these experiences that landlords have had on our platform or
27:49
even before our platform and try to say this is just part of your onboarding experience that we we ask you the
27:55
questions about um sending funds to different places or setting up auto pay and having insight
28:01
into that or even letting you know if a tenant doesn’t have renters insurance when your lease says that they should
28:06
now I understand one of the things that rent ready does well is it will actually create a profit and loss statement for
28:12
each property can you talk to us a little bit about about that feature in the early days we were exporting to
28:17
spreadsheets because we knew that’s what people were already using and they loved and then we next integrated QuickBooks
28:25
to allow them to export the information that was coming into rent ready into
28:30
QuickBooks but what we found was it still took a decent amount of setup to actually get that p l by property so we
28:37
eventually today integrated with REI Hub which is accounting built for landlords and Out of the Box gives you the p l by
28:45
property and the schedule e at the end of the year any tax and forms that you may need and so the intention there is
28:52
can we make it easier and easier to get all of the information you need on your property properties just by using the
28:59
platform that you’re collecting rent through so I have a question here just even on the p l is there still a bookkeeping component here that’s
29:05
necessary to run your rental business or is that effectively the function that you’re using to get to your p l yeah so
29:11
you don’t have to um certainly if you want to just collect rent through the platform we have a lot
29:17
of people that do that and you you certainly can but we provide the option to uh streamline that further if you’d
29:26
like to and and even frankly if you have even an accountant that you want to have
29:31
access to that information you can invite them for free and they can just log into the platform only see the
29:36
properties and and rent that you want them to see and they’d be able to do anything they need there
29:42
um but it’s it’s a lot easier for them we’ve even had some accountants tell us I would pay for my clients to use this
29:47
because it makes the accounting side that much easier for me at the end of the year this is one of those things where when I was first getting started
29:54
even in just short-term rentals I didn’t cavity of this like I was basically
29:59
tracking everything on a little dinky like Google spreadsheet and I wasn’t
30:04
automating anything and so just the use of automation very simple things like how to direct
30:11
where your money is getting deposited to and then like P L’s and being able to track everything like that had I had
30:16
that when I started I probably would have saved a lot of money in invaluable mistakes that I made over time so it’s
30:22
really cool that you’re figuring out not just how to make it a good experience for the landlords but I know that you’re it’s very important to have a really
30:28
good experience for the tenants too I mean I think the fact that it’s a two-sided software and focusing on both
30:33
of those components really is going to just make it that much better in the end yeah absolutely so if you’re if you’re
30:39
an independent landlord that has three or four tenants and and two of those have uh you know issues that matters a
30:46
lot a lot of your you know each individual tenant has a lot of importance to you so making sure that
30:52
you can have a good experience for them without a lot of effort from you is really important because you ultimately
30:59
have lower turnover in those units it’s less headache for you it should make everything easier for you for you even
31:04
as every property manager knows decreasing the amount of time attention back and forth you have to
31:12
have with the tenant is what is what lowers the friction in the entire experience of being a landlord like if
31:18
you can get ahead of problems if you could give them away that is easy for them to use like everybody wants to tell
31:23
someone just go here and do it right but when you send someone say hey go call this number for your answer and they get
31:30
put on a phone tree in a robotic voice ask a bunch of questions and keep saying they can’t hear you and then you end up
31:35
with a virtual assistant in another country and you’re just screaming that wrath is coming back your way at a
31:41
certain point right so it needs to be smooth if it’s going to be automated I personally think automation is a we talk
31:47
about it in theory and it sounds amazing but in practice it is so difficult to do if you just listen to the the people in
31:54
this case the tenant what they say is I just want to talk to a human right I’ve got emotional pain the sink is clogged
32:00
the the uh the air conditioner won’t work like I need someone to fix this I
32:06
don’t want to have to go through all these hoops so making it easy for them is incredibly important because if it’s
RentRedi + BiggerPockets
32:11
not it’s coming back to you you know as we wrap this up Ryan I want to ask you what was your relationship like with
32:18
Bigger Pockets and how did they play a role in the way that rent ready was developed as well as where it stands
32:25
today yeah so in the early days when we reached out to Bigger Pockets for the first time we had two subscribers on the
32:31
platform so we were very very small um we’ve grown to tens of thousands today but a lot of that came from the
32:38
feedback of landlords in the forums or landlords that talk to us that were
32:45
using the platform and so uh that really has shaped we wouldn’t be in the same
32:51
place today if it weren’t for all the landlords we worked with and frankly all of the the people at Bigger Pockets we
32:56
worked with and the really exciting thing today is now that it really feels like we’re joining forces in a big way
33:02
where basically every Pro member now just has it included when they go to biggerpockets.com they don’t even have
33:08
to come to rent ready anymore or they can go to biggerpockets.com and just click manage my rentals and that they’re
33:14
jumping in to actually manage their rentals through rent ready and it feels to me like combining that initial side
33:20
of things in the early days of feeling like okay we’re both trying to help the same person you’re trying to provide all
33:25
the knowledge of what’s the right way to do things that we’re trying to provide in the right place is the Automation and
33:32
in other ways just guidance of of how to manage everything but now today you know
33:38
they they really join forces and you can you can just access it by basically being a Bigger Pockets Pro member well I
33:44
am excited to see this bad boy in action so I’m looking forward to seeing what it
33:49
looks like uh before we jump into that Rob did you have any last questions or words no man I’m excited to see the tool
RentRedi Live Demo
33:55
let’s dive in that was really cool to hear and understand how rent ready got
34:00
started but even more exciting Ryan I can’t wait to show everyone how it
34:06
actually works so you guys my name is Ashley care and I have have the honor of working alongside Ryan today to show you
34:13
guys how rent ready works so Ryan let’s start out at the Bigger Pockets page how
34:19
do we even get into rent ready yeah so the greatest thing is if you’re a pro member you can just go to
34:24
biggerpockets.com um it’ll bring you right to the the pro welcome page here where one of the
34:30
options is to manage my rental properties the top left option there is to jump in and manage those from that
34:39
point it actually takes you right into rent ready it lets you get started it links together Bigger Pockets and rent
34:45
ready those two accounts and so if you already have accounts uh
34:51
an account with rent ready you’ll be able to uh just use that as your login anytime but if you’re starting new uh
34:57
you can actually come into here and uh you’ll be able to start getting set up
35:03
and adding in all of your properties Ryan the first thing I love about rent ready is you have this dashboard that
35:08
you can customize so do you want to start telling us a little bit about that first as to what are some of the things
35:14
as an investor that you want to see right away that you guys can show on your dashboard so the dashboard is
35:21
really intended to be your place to understand anything you might need to do at any time whether it’s you know any
35:27
tasks that you have pending or or completed any pre-qualifications which are really tenants reaching out saying
35:34
I’m interested in your unit but us trying to help you meet with the best five tenants rather than necessarily the
35:39
first five that reach out any applications and screenings and we
35:44
automate that screening process for you to make that easy or any maintenance or rent that’s coming up so it’s really
35:50
your your Hub your place for you to see if there’s anything that you might have to do at any given time before we even
35:57
get more into the Stop door and all of the amazing benefits that it does have to you know being an investor and using
36:04
this this basically just looking at the dashboard now you can tell this is already eliminating other software or
36:11
platform that you need to have so you have your calendar on there you have a task list on there you have your
36:18
maintenance requests instead of going out there and getting all these different kind of apps that do you have
36:24
rent ready that does all of this for you so do you think you could take us through actually getting a tenant and
36:31
what it looks like putting the tenant in place yeah absolutely so the top right
36:36
here of the dashboard is for properties so that’s really where I would start this is your place to see anything
36:42
that’s occupied even something expiring in the next 90 days which I think is a perfect case for
36:47
um your point of do I need to go get a tenant right or anything that’s vacant so I could come in here and see that hey
36:53
one Bigger Pockets Drive the lease is ending in the next 90 days I could reach out to this tenant and find out if
37:00
they’re going to renew but if they’re not one of the really nice things is I can jump right into this unit
37:05
and to your point about platforms we’ll actually Syndicate out to Zillow Trulia hot pads doorsteps realtor.com we’ll
37:13
even give you a rent ready site that you can go throw up on Facebook Marketplace or Craigslist or anywhere else you’d
37:18
like but the idea is to make it easy for you to put together this listing of whatever you would like any photos you
37:24
want along the way the rent and anything like that and basically be able to start
37:30
getting applications and pre-qualifications in from a tenant and this is going out to multiple websites
37:37
as you mentioned so it’s saving you from having to manually go and put each
37:43
listing onto each website which can be a huge Time Saver and I think that’s going
37:48
to be a common theme for using rent ready is just saving time and maximizing
37:53
your efforts and being just more efficient and effective in what you’re doing yeah absolutely and you can always
38:00
come back in and see we have these indicators here they’ll light up in green if you have something listed so
38:05
you have a nice overview of okay what’s listed what’s not even what units are do I have more advanced like maintenance
38:13
coordination features on or do I not um but really the next step in that getting a tenant process would be the
38:19
pre-qualification so back on the dashboard that that top right box there is any pre-qualification that someone
38:25
submitted so I have one here from DJ who would like to come to the unit says he
38:30
has a pet he has a corgi um a great point on this one is if I don’t accept pets in my unit then I
38:37
might not be able to rent a DJ even if I love DJ and vice versa maybe pets are fine he’s in a good credit and income
38:43
range is what he reports and so probably a great fit for my unit so uh I can I
38:49
can accept DJ here if I think DJ is a great fit for this unit and I can even customize this template here
38:56
um so that every time I come in and I’m accepting a tenant or rejecting attendance that’s what I want it to say
39:02
um but this will let them continue on to the next step of actually coming and viewing my unit booking it on that
39:08
calendar that you were mentioning and then actually applying to the property with the full credit criminal and
39:13
eviction check and with this template this template is provided by rent ready correct yeah absolutely so right out of
39:21
the box when you’re coming in you have to enter the properties that you want and obviously the information about them
39:27
and where you want to list to but the template like you’re saying of what goes into the pre-qualification and
39:32
application is something we’ve already pre-built for you and I say we but to be honest has been a lot of Bigger Pockets
39:38
landlords that have built it for you and a lot of other landlords that have been on the platform before saying you know
39:44
what are the the critical things that I need to ask for in an application to screen somebody and make sure I have the
39:50
right person in a unit so the idea is that whether you’re you know a veteran
39:55
landlord or just getting started you have at least the starting point with minimal effort to be able to get
40:01
everything up and running and do it at least the way that a lot of other landlords are doing it today successfully yeah and it gives you a
40:08
starting point like why recreate the wheel and create all of these emails or documents from scratch match when you
40:15
have a starting point right in front of you and you can always tweak them and change them so that they are customized to you and your property but having that
40:22
template is just a huge advantage and can save you so much time yeah absolutely and and to that point in the
40:29
time saving one of the things that we uh we try to do along the way is reuse anything we can cut out any extra work
40:36
and this goes for both uh you know the independent landlord managing on the platform and also for the tenant so
40:41
anything they’re doing in that pre-qualification carries over to the application so they’re not duplicating
40:46
any of that work it’s automatically done for them in fact if they’ve applied to other units that are also using rent
40:53
ready in the past they may already have a lot of your application set up and ready to go which just makes it that much faster for them to apply so let’s
41:00
talk about if we actually um screen a tenant can we do that right through rent ready and what’s that
41:06
process kind of like yeah so uh by default when you’re coming in and setting up your unit
41:12
um we have it in there that the tenant will do a credit criminal eviction check when they’re applying to your unit I can
41:20
come into one of the applications here just to show that and so you can always turn it off and
41:27
for example here I have an example where I had it off for this particular time when they applied and you can manually
41:33
request a screening afterwards if you’d like but most of the landlords on our platform want that as part of the
41:39
application that comes across and so that’s just an example of that I can
41:44
switch over to and and any landlord can as well if I come back to the dashboard and go to the demo over here you can
41:51
actually see what would it look like when someone gives me an application with a screening and everything included
41:57
so when I come into the credit report here I can see okay this is the the
42:02
rental score provided by TransUnion here are the factors that are going into them ranking in that and even the things that
42:08
play a part in their trade lines on their credit report and then if I go down the left side
42:13
again there’s also eviction report and criminal report where I can see anything across the U.S that has applied to this
42:21
particular tenant that might be relevant to my decision-making process and then what is the charge and is it to the
42:27
tenant or the landlord or can you choose who picks up the tab on this yeah so there’s no charge to the landlord at all
42:33
we partnered directly with TransUnion on this and um we actually get a discount for the
42:39
tenant in the process and this is an approach that we’ve tried to take with everything on our platform of trying to
42:44
take all of this this massive group of independent landlords and use that collective bargaining power
42:51
to go to people like Transunion and others in the space and say hey treat us as if we were one massive portfolio you
42:57
know we’re able to get discounts in the process because of that and so a tenant paying for a tenant screening through
43:03
rent ready will only pay 35 dollars whereas they might pay 40 or 45 even going direct to TransUnion for that so
43:10
we’re getting a discount even for your 10 it along the way when they’re doing this process and that’s definitely
43:15
attractive to an attendant right for the application fee to you than to somebody
43:21
else’s rental yeah Okay so we’ve let’s say we have accepted this tenant what
43:27
does it look like collecting rent because there’s probably some people listening that are actually receiving
43:34
um checks in the mail meeting their tenants a pick up cash how does the process work through rent ready yeah
43:41
absolutely um so there’s a couple different options of how you can get there whether you want to do it right here from the
43:47
dashboard with this plus button next to rent or if you want to go into a particular renter into a particular
43:52
property I’ll do it right here from the dashboard but I can say all right I want to set up at least to start collecting
43:59
some rent for one of my properties we can do it for one Bigger Pockets Drive and so I’ll continue here it’ll
44:07
automatically see that I already have Ed Barone in that unit as a tenant so I can
44:12
continue here and then I can actually select what I want the the start date to be for this particular lease or anything
44:18
like that um if I want to select you know maybe they’re moving in over the weekend even that’s totally okay I can even set it up
44:26
so that it’ll go out to the end of a uh you know 2023 and I can customize
44:32
anything in here so we try to have Smart defaults along the way so by default
44:37
when you’re coming in we’ll default to the first of the month will automatically remind your tenant if they’re late on rent and they’ll get a
44:43
push notification to the mobile app that they have for paying rent and they’ll also get an email for that but you can
44:49
always come in here and customize this as well for example if you have somebody that um you know always uh is late you could
44:57
add an additional rule to notify them a couple days before or if you know you have a grace period and you don’t want
45:03
to notify them until uh you know you’re almost to the end of that grace period you can always come in here and change
45:08
this to be you know when rent is due or when it’s late or days before it’s due or anything like that along the way but
45:15
out of the box you don’t have to you know change any of that if you don’t want to we try to set it up in a way
45:21
that will make you most successful just by going through this process and once again what a huge Advantage especially
45:27
to a key investor just starting out as a landlord not knowing exactly what to do
45:32
this helps give them the default so they can at least see what kind of the norm is or what most people do and then they
45:39
can go and tailor it if needed right absolutely and so it’ll it’ll even generate all of
45:45
the rent for me and you can see for example I chose to have them move in this weekend tomorrow which isn’t quite
45:50
the end of the month but it’s getting pretty close um typically if I was doing this on pen and paper and spreadsheet I’d be doing
45:56
the pro rating of how much I should be charging them for those couple days but rent ready will do that for you right
46:01
out of the box and it’ll mark it as prorated too just so it’s clear to you and to them that that is you know a
46:08
partial month but it’ll generate all of the rent that will be due for this tenant over the course of the next year
46:13
so that you don’t have to think about it it’s automatically set up within the app and in fact the tenant coming into the
46:20
app when they’re onboarding which I can pull up here with the mobile app on the right hand side they’ll have this on
46:26
nice onboarding to set up a payment method set up auto pay and they don’t have to even necessarily go into the app
46:33
every month to pay that then and Ryan think about how many people are probably leaving that 72 dollars on the
46:39
table just because they don’t want to do the math and figure it out and just be like oh it’s only a couple days but that’s 72 right it adds up it really
46:47
does so uh so even for the tenant along the way we also try to uh provide some some
46:54
additional benefits to them too um one of them was credit boosting and this this actually came from both the
46:59
landlord side and the Tenant side uh during covid um tenants were saying hey rent is my biggest expense can I uh try
47:07
to use that to my advantage in some sort of way and landlords are saying hey can you give me a way to try to encourage my
47:14
tenants to pay rent on time more often and so that’s what we came up with here with the credit boosting basically we
47:19
report on-time payments to the credit bureaus if the tenant opts into it and so it becomes a big benefit to landlords
47:25
because they’re getting their rent on time more often and it becomes a benefit to tenants because they’re building a better credit score so than when they go
47:31
get a car loan or any other kind of loan they’re maybe getting them a much better rate than they would have otherwise yeah
47:38
I think that’s another advantage to both sides as you mentioned the landlord and the Tenant having this capability
47:45
because this is kind of something new that’s really hasn’t been done a lot in
47:50
the past where a landlord could report the payments to a credit bureau yeah absolutely
47:56
and same thing on the renters insurance side if they have renters insurance they can certainly upload it but if they
48:01
don’t have it and they need help with that they can actually uh they can actually get that renter’s
48:08
insurance directly through us and if I jump over to a particular unit say the one I was just adding information for I
48:16
can do it either if I’m on the unit or if we go back to the dashboard there’s the option for renters in the top middle
48:21
of the screen here and I can see who has renters insurance and I can notify them too so say it’s built into your lease
48:27
that they’re supposed to have renters insurance if they get renters insurance through uh rent ready we’ll actually
48:33
keep track of that for you and so you’d come in here and see that either you know Ed has insurance on the property
48:40
that he’s living in or he doesn’t and you can notify him to get that if he doesn’t have it or see that he already
48:45
has that set up if he already does and way to make it easy for the tenant they really have no excuse now not to go get
48:52
renters insurance right yeah absolutely and same thing is true for auto pay like
48:58
for this particular unit I had uh mocked up you and Ed in in one Bigger Pockets
49:04
drive and so if you were splitting event saying you know we each pay half of the rent I’d be able to come in as a
49:11
landlord and see okay um you know Ed’s paying 400 of the seven
49:17
750 a month or or you’re paying 400 and he’s paying 350 of that and so I can see
49:23
what day of the month is it going to run how much is it going to run so I have an idea of when I’m getting my money for
49:28
anybody that has auto pay set up as well that’s super cool too um so what are some of the ways that a
49:35
tenant can pay I mean can they pay by credit card debit card electronic payments yeah so uh all three so when
49:43
they come into the app they’ll have the option for rent here and that’ll take them into anything that’s going to be
49:48
due and so they can they can choose anything they’d like to pay or they can set up auto pay for that and they’ll
49:54
have the option to either add a bank account a credit card or even they can
49:59
link a chime account and pay with cash at over 90 000 locations across the US so they have that optional along the way
50:06
to do whatever they would like in the chime can you explain how that works that’s where they’re going into like a
50:12
drugstore that’s affiliated with it paying in cash and then they’re actually sending the funds yeah exactly so
50:20
um the chime account something that a tenant can get just online so they don’t even have to go anywhere in person and
50:25
then they’d be able to go into like you said like a 7-Eleven or they have about 90 000 other locations across the U.S
50:31
that um that chime app will show you or your chime account will let you know when you’re getting the account where
50:36
you can go in your area and you’d be able to basically walk in with cash and deposit that and be able to pay right
50:42
through the renderity app so people that are for example working jobs where they mostly get paid in cash it gives them an
50:48
easy way to still pay their rent without you necessarily having to meet them in a particular place or then be somewhere to
50:55
give you the money for rent it just makes it easy for them to pay you no matter where you are or where they are
51:00
yeah I had a an investor friend who the first Sunday of every month would drive around and collect rent from his dentist
51:08
and my gosh that sounded awful to have to spend uh one Sunday a month having to
51:13
do that we hear that so often too it’s you know it’s so it’s so common yeah so
51:19
this definitely makes it a lot easier um and I’m sure just there’s a lot of people that are introverted and don’t
51:25
want you coming to their house to have to collect your friends every month they’d rather just send it
51:30
electronically so in our scenario we have our tenant we’ve got our lease in
51:36
place they’ve paid their first month’s rent they moved in now the long-awaited the 2 A.M phone call that the toilet is
51:45
overflowing all the things are breaking every landlord’s worst nightmare how is the maintenance handled through rent
51:52
ready yeah so uh there’s a few different options and so we try to make it flexible even though we try to give you
51:59
uh some way of doing it your own way so the three options are basically to do it
52:04
yourself we have some landlords that say you know I am the maintenance person as well and so you get a notification that
52:10
comes directly from the mobile app since tenants have that mobile app on their phone they can take a video of the issue
52:16
and submit it in and so you’d be able to come in and see I have a leaking faucet at 2 am that could mean it’s destroying
52:23
your kitchen floor you need to rush out of bed and go fix it that could mean there’s a little drip being able to
52:29
actually see a video of what that is if you get maybe not the most descriptive uh message coming across you could come
52:36
in here and see okay this is a little drip going into the Falls or into the sink itself it’s not going to destroy
52:42
the unit if I come in the morning or vice versa if it is really important that hey maybe I need to hop out of bed
52:48
and run over there so really the first option is being able to see these yourselves the second is we let you add
52:55
teammates for free so if you have a maintenance person even on one property versus another say you have some
53:00
properties in in New York and other in Texas and so clearly different people help in those different scenarios you
53:07
can invite them to only see maintenance in only those units and they’ll get notified for those they’ll update
53:12
everything here it’ll show in real time for you and for the tenants um or the third option is you say hey I
53:20
don’t have anybody I don’t want to do it myself I just want it to be fixed when it happens and so we have the option
53:26
whether you’re on the dashboard here to come into the maintenance side of things and add maintenance coordination which
53:33
is a partnership that we have with a company called lateral which will basically Source the maintenance person
53:39
for you they’ll work within budget constraints that you have they’ll come fix it Market complete for you and
53:45
everything so along the way you’d be able to come in and just see the status
53:51
updates of basically what’s happening on a particular request request from the point of a tenant submitting it to the
53:57
point of it being completed so you are saying that you are making it more passive to be a real estate investor of
54:06
a long-term Buy and Hold property which is amazing apparently yeah yeah not having to take
54:13
those dreaded calls that something is wrong or even to have to try and figure out oh my gosh I don’t know who I’m
54:19
gonna call for this I’ve never had this issue happen before is having an another option for people to sign up for yeah
54:27
absolutely and this was just another case of those where in the past uh independent landlords in general uh
54:34
weren’t able to access the service if they had less than 72 units um they weren’t able to get access to
54:39
lateral and so we were able to make that same uh type of move we did with Transunion and say hey
54:45
um let’s let’s get access to all of these independent investors that also want to make things more passive for
54:51
themselves and so it was one of those great Partnerships where you know any landlord now if they want to coming in
54:57
can say hey it’s time and they can even turn it on and off you know we’re coming up on the holidays and some people say I
55:03
just don’t want that call during Thanksgiving um and they could have it on for that time um just to make things easier for
55:10
for them and off another time if they feel like they want to handle it at that point as well that’s really interesting
55:15
I didn’t know that piece of piece of who want to be you know full
55:20
managing or but you know you’re going out of the country for two weeks you can go ahead
55:26
and turn this on for that to kind of take over while you’re on vacation and not have to line somebody all up to take
55:32
your calls absolutely okay so let’s jump to the last piece of this that I want to
55:37
know about is the communication I think having good communication between you
55:43
the landlord and your tenants can really build a good relationship so an example
55:48
of this is with the maintenance that we’re just talking about if there’s a maintenance issue and you can’t get it solved keep your tenant updated on
55:56
what’s happening with the issue that maybe you’ve contacted the vendor you’ve set up the showing or set up the repair for this state or you’re waiting for a
56:03
part that concept communication I think is really beneficial so what are some ways that you can communicate with your
56:09
tenant through run ready yeah you’re absolutely right Communications so so important and and you have the option
56:16
right here on the dashboard notifications at the top middle here you
56:21
can send out a notification education and you can choose again they have that mobile app on their phone which a lot of
56:27
the time they’ll see those push notifications before even emails where other people are sending things along
56:32
but you have the option to send that either as just an email notification to them as a push notification or both and
56:40
you can choose even within there do I want to notify just a particular unit do
56:45
I want to notify uh everybody at a particular property or do I want to notify all of my tenants so for example
56:52
say garbage day is changing in in your county and all of your units are in that area you could you could update them on
56:57
that or say that leaking faucet turns out that you have to shut off water in a particular property one morning and you
57:04
want to notify everyone that hey don’t try to take a shower between 10 and 12 because it’s there there isn’t going to
57:10
be any water instead of you having to go door by door and putting up you know notes for them or things like that you
57:17
can send out one of these push notifications and emails to all of your tenants and you can even customize exactly what
57:23
you wanted to say in the header in the body or what you wanted to say in the email you could even link things into
57:29
the email if you want a link in the email to say anything else that you’d like them to have access to but that
57:35
will that will let all of your tenants know about anything you need them to at any given point keep that good line of
57:41
communication open and it also kind of avoids having to get on the phone too right because you have everything in
57:47
writing having those records and a little log of all of that communication with the tenant can you know if
57:54
something unfortunate does help happen down the road that you have you know all the communication recorded and in one
58:00
place to kind of see what that communication was yeah you’re absolutely right well Ryan I just got to say like
58:07
going through this and I use it for my boot camp the real estate landlord bootcamp that I do with Bigger Pockets
58:14
and everybody has loved using this especially as rookie landlords getting
58:20
started jumping into to this like all of the tools and features it has to really
58:25
help you get started as a landlord because there’s so many things you don’t even think of that can make your life
58:31
easier and rent ready really has all of those things I appreciate you having me on it’s it’s been a lot of fun and and I
58:38
love hearing uh about all of your uh your uh master classes as well thank you
58:43
Ryan for doing the demo and now I’m gonna send it back to you guys well thank you very much that was very cool
58:50
to see um I feel a lot more confident about if I ever had to be a landlord myself I’m a
58:55
proponent of using property managers but I bet you they would love having a platform like this to do their job a
59:01
little better Rob what were your thoughts yeah man very cool very uh see very easy to use it seemed like so
Connect with Ryan!
59:07
excited to dive into the tool a little bit more uh Ryan thank you so much for your time man if people want to learn
59:12
more about you or more about rent ready where can they find you on the internet yeah so they can find us at
59:17
rentready.com it’s r-e-n-t-r-e-d-i uh.com we have to spell
59:23
it wrong because we’re a startup um or they or they can uh honestly now even just go to biggerpockets.com if
59:30
they’re a pro member and log into that Pro account and click manage my rental properties I want to give you some props
59:36
on being a startup and not putting the letters l y at the end of a word associated with the industry like 99
59:43
like rently that’s exactly right like that was probably staring you in the face you
59:49
probably workshopped it you’re like you know what we’re edgy we’re not like everyone else we’re just gonna spell it different
59:55
um there was no way to work an X into it that’s another thing that people will do to seem cool and edgy is if you can yeah
1:00:00
maybe at some point you’ll be able to do that but thank you for not calling it yeah easily or landlordly or wealthily
1:00:08
or housely or any other form of leaf that’s how you know I’m in Silicon I’m in the San Francisco Bay Area Silicon
1:00:14
Valley is very close and so like everything just becomes oh you have a problem let’s let’s try to find an app
1:00:20
for it and end it with Lee and that’s and it’s worked I don’t know why but it definitely has been happening so thanks
1:00:26
for that Rob if people want to find out more about you where would they go you
1:00:32
can find me at robly on uh YouTube
1:00:40
[Laughter]
1:00:48
I haven’t had my quality this morning but feeling good feeling good uh okay Rob building on YouTube on Instagram and
1:00:55
then Roberto on Tick Tock what about you Dave Lee what could be Dave Lee yeah you
1:01:01
can check out my website it’s David green24.com it’s going to be remade I should probably have you looking at Ryan
1:01:06
since you do coding you could probably make it way better so what I need is for everyone to look at it and then message
1:01:12
me with what you think it should be different or better and then maybe I’ll have one of Brian’s contacts or maybe
1:01:17
Ryan himself make the website better for me or you can follow me on social media at davidgreen24 or on YouTube at davidgreen
1:01:25
real estate thank you for asking Rob yeah hey let me just say something real fast in this time that you said that I
1:01:31
just went to your website it’s pretty good you you really made this seem like it was going to be like 1992 Geo cities
1:01:37
but it’s actually a pretty nice website don’t be so happy thank yourself for that it is going to be remade though
1:01:42
again like I finally got I have been so frustrated if I can vent for a second with like I hired a person and he was
1:01:48
like a full-time Tech person he was supposed to work for me in about like seven months went by and all I got out of it was a website that we then had to
1:01:55
redo and so this website’s been like 12 months in the making to get that and now I’m like oh this isn’t gonna work we
1:02:00
have to redo it again to show the because I have so many things going on right like it’s confusing if you’re like
1:02:05
well I’ve heard of the one brokerage I’ve heard of the David Green Team I’ve heard of Bigger Pockets I’ve heard of his books like it’s very difficult to
1:02:11
kind of understand like what’s the stuff David’s doing and now we have these imposters that are floating around pretending to be me and public service
1:02:19
announcement they’re not just pretending to be me now the people on my team are having fake accounts made so yesterday I
1:02:26
got a text message from someone saying hey is Ricardo Carrillo on your team and I said why yeah yes he is and they said
1:02:32
okay good I thought it might be a scam and then it turns out someone was impersonating Ricardo Carrillo who’s one
1:02:38
of the main loan officers at the one brokerage and trying to scam this person out of money pretending to be a person
1:02:43
that works for me so like the levels of crap that we are getting into now with these
1:02:49
scam artists are significant so don’t ever go to davely.com that’s a scam
1:02:55
that’s not me it’s gonna be David green24 not david.green not underscore
1:03:00
David not David grenay not David like they always change a little tiny thing
1:03:05
on there so uh yeah I have to make a new website so it’s obvious like what what I’m up to well hey uh one
1:03:12
final thing before we turn in here David if everyone at home enjoyed this episode if you enjoy us if you like listening to
1:03:18
our our weird voices and our weird Antics every single week would you do us a huge favor and consider leaving us a
1:03:24
five star review on the Apple uh podcast website or wherever wherever you listen to your podcast it helps us it helps us
1:03:30
rank it helps us in the podcast algorithm get fed to new people that are wanting to get into real estate and into
1:03:37
Financial Freedom so please do as a solid leave us a five star review and uh
1:03:42
and that’s it that’s that’s my only that’s my last plug well thank you for that Ryan any last words before we let you get out of here no just thank you
1:03:48
again for having me and uh excited to have rent ready and Bigger Pockets working together great to meet you and
1:03:53
thanks for the partnership that you’ve done you’ve definitely helped make the experience better for our listeners and
1:03:58
hey if it’s better and it makes some more money I’m all for it so you rock and that was our interview with
Go Pro Today!
1:04:05
Ryan Barone CEO and founder of rent ready Rob what’d you think oh man that’s
1:04:10
awesome and I’m just I’m honestly happy for all of the people out there all the BP Pro members that are going to get
1:04:15
this included with their membership if they enroll yeah it’s a significant portion of any business that you’re
1:04:21
running which Real Estate is it’s like what CRM are you going to use so for me real estate team one brokerage my uh
1:04:29
portfolio the CRM sort of like it’s like the language that you speak it’s very significant like a lot of the the way
1:04:36
that my bill I’ve built the businesses is off of the foundation of the CRM so when you get that thing in place which
1:04:42
rent ready is for landlords it gives you a lot of clarity on what you need to do all these questions like oh what am I
1:04:47
supposed to do what if I forget something when you’re working off of a CRM it’s asking you the stuff and there’s like a little box that needs to
1:04:53
be filled out so you know you need to go do it so this is going to be a big stress reliever for a lot of people now
1:04:59
if you’re one of the people who is listening to this and said I think I’d like to get into this real estate space here I think I’d like to buy a property
1:05:05
management and become a millionaire well we’re going to help you do that if you go to biggerpocks.com new Pro and you
1:05:13
use the code new Pro and ewpro you can get 20 off your first year of a pro
1:05:20
annual membership which includes rent ready Rob what say you to that yeah and
1:05:25
you’re not just getting rent ready Dave you’re also getting access to the new rehab estimator tool as well so when you’re in there you run your your comps
1:05:31
you can actually do it on our calculator and just make sure that you’re dialing in your numbers that much more how often do you get asked that question how do
1:05:38
you estimate the rehab several days several days a week yes it’s right up there with should I get an LLC or should
1:05:44
I own it in my own name like this is one of the trickiest parts is how do I estimate the rehab well now BiggerPockets Pro members have a
1:05:51
calculator and it’s very cool I’ve looked at it you literally put in bathroom this level of finishes include
1:05:57
shower sink and towel rack and it’s like like you do how do you do
1:06:04
there it is and then boom here’s a number and it even asks you by area so you know if you’re in Kentucky it’s
1:06:09
going to be cheaper than it is out in California you get a rental estimator tool so if you’re like I don’t know if
1:06:15
this property is going to cash flow or not well the calculator does you get a rent estimator tool I don’t know what
1:06:21
it’s gonna read for the calculator knows like this was what made real estate investing hard and it’s now been made so
1:06:26
easy by technology and software and so like we say there really is no excuse uh
1:06:31
that the technology is doing all the heavy lifting for you and if you like off Market deals as a pro member you’re also going to get access to the invello
1:06:39
app that helps you put together campaigns to contact off-market Sellers and find the ones that are most likely
1:06:45
to be motivated so if you’re interested in this use the code new Pro that you get because you’re listening to the
1:06:51
podcast and we love you for that also please consider giving us a rating or review we really appreciate that all
1:06:57
right Rob that’s all I got anything else for you nope nope that’s all I’ll see everybody uh all the new Pros on the
1:07:03
forums and uh excited for everybody to automate their life and get get their time back let’s just
1:07:08
that’s all we all all really want David to get our time back that’s right you may have all the watches but do you have
1:07:14
all the time this is David Green for voices on a two but shirt is on a 10 ABBA solo signing off
1:07:20
[Music]
1:07:36
thank you