Make Your Rent Roll Fit Your Real Estate Business
A rent roll is one of the most critical documents you’ll utilize in your property management or real estate business. Your rent roll provides many bits of data on how you’re collecting rent.
When you buy a rental property, you are purchasing the rent roll and all the income from your work. The rent roll is a general look at what you’ll earn from a property based on its current assets.
You might feel more comfortable investing in or purchasing a property if you have a thorough rent roll providing enough money. You have to confirm your rent roll can fit your business and that you have a plan for making it work.
You can analyze your rent roll and figure out how well your totals work. You could also find trends in how well people are supporting your property and if they are covering their debts.
We at ShoreAgents are available to support your rent roll needs. Our virtual assistants can help you build your rent roll through marketing, communications, and other back-office tasks. Our team will give your rent roll the extra help you deserve, plus it doesn’t cost as much to hire us for your rent roll needs.
What Is a Rent Roll?
A rent roll is a group of more than one property managed by an agency. The property can be anything from a single-family home to a single unit in a condo building. One agency could handle a hundred or more of these properties and have them all on the same rent roll.
The rent roll features a group of management agreements showing which tenants will provide income. It gives you records of what you can expect out of the property you support.
The rent roll displays the rents due for a period. You can review many things in a rent roll, including:
- The type of unit one is renting
- Specifics on the space (square footage, number of beds or baths, any other relevant data)
- The market rent value; this total may be based on what you earn each month
- How often the rent is charged, including by the month, quarter, or year
- The lease type, including if it is a commercial leas
- Whether the unit is a multi-family one or a single-family or tenant property
- The length of the market lease term
- Late fees and other charges that may apply as necessary
- Security deposit data; this should be collected when someone moves in and will not include the first month of rent
- How much money a person owes, especially if that renter hasn’t paid one’s rent
- How much the rent value may increase per year
- Any other notes or concessions surrounding the rent
The rent roll can be as long as necessary. A longer roll is more important, although it is best when it has enough people to support your business well enough.
Each entry is also separate, so you can identify whoever might be causing trouble. These include people who aren’t paying their rent and will need to be evicted unless they pay their debts.
On a Rent Roll
Your rent roll may also include details on possible projections surrounding your investment. These predictions may entail:
- The anticipated income you would get from renters
- The actual income you’re getting based on past payments
- How often people are late or incapable of providing rent payments
- The potential for those rent totals to rise based on fair market values and trends in your area
What Can You Analyze?
You can monitor many things in a rent roll, including:
- The renewal rates for leases
- Turnover rates
- How well the rent value is growing, and if people are adhering to those changes
- Whether people are on time with their rent payments
- How much you’re collecting from rent fees
- Any evictions taking place, including how often you are evicting people
How Do I Grow a Rent Roll?
The best rent roll is one that has all of its entries filled. Vacancies on your rent roll will keep you from making money. Growing your roll is critical to your success, especially if you want to make more from your investment.
You can grow a rent roll if you use a few points:
How Much Is a Rent Roll Worth?
A rent roll can be worth about two to 3.5 times whatever the property will earn in a year.
That measurement is an approximation, as many factors might influence the value of the rent roll. People who are delinquent on rent payments, economic factors, and excess expenses surrounding your property might influence the rent roll’s value.
You can analyze a rent roll to understand how you are collecting your payments from other people. A rent roll gives you an understanding of what fits when you’re gathering your payments and making your sales effort work. You can review your rent based on what you saw a month ago, the same month from a year ago, and the annual rent rolls for the last two years.
You have the choice to adjust your rent payments, but you’d risk making it harder for people to afford to be in your property. You could lower those rent totals, but that wouldn’t give you much of a profit.
Whatever the case, reviewing the rent payment in your property, how well people adhere to the rules, and comparisons towards other properties will be essential. You have to see how well your rent payments can work and how well you can plan your effort.
How Can a Virtual Assistant Support Your Rent Roll?
You can ask us at ShoreAgents to support you with your rent roll needs. Our virtual assistants can help you promote your business and help you grow your rent roll. We respect that a property won’t be successful if you can’t fill all the features in your rent roll.
We can provide you with a business development manager you can trust. A manager from ShoreAgents will manage many tasks, including these points:
- Cold-calling people, including those in the market for a new home for rent
- Following up on communications after managing a transaction
- Producing promotional materials, including emails and social media posts
- Establishing a client referral system, including something that provides rewards to your current tenants
- Organizing local promotional opportunities, from marketing plans to sponsorship of events
We at ShoreAgents can do all of these things and many others. We’ll see you have the support you need to get your rent roll up and running.
Best of all, we will not charge as much as you might expect. Hiring in-house assistants can become costly. The expenses could reach to where you might have to raise the rent values at your property. But with us at ShoreAgents, we’ll ensure you don’t worry about how to raise those rates. We provide services at a reduced rate that fits your budget.
Ask us at ShoreAgents to see how well you can make this work fit in with your needs. We will be there for you when you’re looking for rent roll services you can trust. Our effort is sensible for your needs and covers anything that fits your work plans.