When I upgraded my software in my business I realized I had 12 DIFFERENT LEASES! What a NIGHTMARE keeping all of that STRAIGHT!
Having ONE Master Lease made ALL the difference in keeping everything straight!
In the summer of 2010, I learned about property management software, which was a critical piece of infrastructure my business desperately needed. That's when the lightbulb went off...
As I converted my resident files from my elaborate Excel spreadsheets to this new software, my business made a substantial turn for the better.
As I was entering the information into this new software system, I realized I had about 12 different versions of my lease! What a nightmare to keep track of!
Over the next 6 months I was trying to get all my residents on the same lease terms.
Working with my attorney, I pulled out the most clear language across all 12 versions that most clearly conveyed the expectations between me and my residents.
Now that everyone was on the same lease, and the expectations were clear between me and my residents, it was so much easier to enforce the lease (and different fees) when appropriate.
What a difference that made in the running of my rental business!
That first month under the new lease amounted to a $1,000 increase in revenues related to mowing, utilities, early termination, and late fees.
Since these were things the residents knew they were responsible for, it was MUCH easier to collect.
I just hadn't been holding them accountable. Having a clear, well-defined lease changed all that.
Now, $1.000 in one month may not sound like much, but that was enough to pay for the software, BOTH my electric AND my water bill, plus a little left over! WOW! I had money! What does one DO with money?!? I had been broke (and broken) for so long I forgot how to act!