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Being a landlord can be challenging. Finding the right tenants, navigating pandemics, ever-changing landlord/tenant laws, fixing the kitchen sink that’s leaking, the list goes on. Luckily here at RentalRiff, we’ve come up with a cost-efficient solution to take a lot of the burden off landlords.
What exactly is a property specialist?
A property specialist is a licensed/insured general contractor or professional handyman who serves as the main point of contact for the tenants and can help out with any repairs or property-level support. Every RentalRiff property specialist goes through a lengthy interview, trial, and training process before starting to work with our customers. Also, we have a shared ownership structure across RentalRiff - each property specialist is a part-owner.
We put a huge emphasis on customer service, punctuality, and communication skills as it is critical to providing a successful solution (we also leverage quite a bit of technology to assist with this). At the end of the day, property specialists are simply good people who communicate well and can fix just about anything.
What kind of work can a property specialist do?
Our property specialists are very well-rounded and can tackle just about anything themselves. The services a property specialist can provide fall into ad-hoc repairs/maintenance, preventative maintenance, turnovers, showings, improvement projects, and tenant support (if a tenant can’t program the thermostat, for example). Here is a more detailed list of skills property specialists possess.
Of course, there will always be situations where outside help will be needed (replacing a sewer line, for example), but in 2021 our specialists were able to complete 91% of all tenant/owner requests themselves. We have a large team of specialists who can hop in and help, or we can tap into our network and bring in outside folks.
How exactly does it work?
It’s a pretty straightforward process - when a new customer signs up, we assign a property specialist who is on-call for the property (or properties). Tenants can reach out directly to their property specialist with any questions or property needs, and the specialist will head over to the property and address the situation.
Depending on the monthly plan selected, there is a certain amount of maintenance included. No more fielding tenant requests, finding a handyman or pro, and coordinating the whole process. Your property specialist will know the property, and know what to do, and the tenants know who’s coming over to help - the landlord can sit back and relax.
How much does it cost?
There are a few different plans landlords can choose from (based on the amount of included maintenance and based on property type), but overall our service is significantly less than hiring a property manager. Take our Standard Plan for a single-family home: the cost is $150 a month and includes 1 visit to the property every month. If you were to hire a property manager they’d charge 10% of the monthly rent collected, and you’d pay for any handyman or maintenance visits on top of that.
If you take a property that charges $3,000/month in rent, you’d be looking at $3,600 for the year and zero maintenance included. With RentalRiff, you’d be looking at $1,800 for the year and ample maintenance included (and we believe a much better experience for your tenants).
What about tenant experience?
Tenant retention is a critical component of being a landlord. Vacancy costs money (lost rent, turnover costs, time finding a new tenant, etc.), and the tenants we work with absolutely love our service. They feel supported, property needs are addressed quickly, and they know the person coming over to help (as opposed to a stranger from the internet).
There’s a better way to be hands-off, make sure your property stays in great shape, and provide a fantastic support system for your tenants. Happy landlording!