- Automate property management processes to save time and energy, such as online rental applications, rent payments, and maintenance request portals.
- Hire a professional property manager to handle day-to-day operations like marketing units and responding to maintenance requests.
- Outsource accounting, marketing, legal services, and cleaning and maintenance to save time and money.
- Be proactive when managing your rental properties by setting up regular check-ins and communication with property managers, tenants, and other experts.
If you’re a property owner holding a full-time job, you understand the challenge of finding time to manage your rental properties. You still need to ensure that you’re upholding your responsibilities as a landlord and providing quality service to tenants. While it may seem overwhelming, you can take some simple steps to help manage your rental properties while managing your other commitments. Read on to learn how.
Automate Property Management Processes
One of the best things you can do is automate as much of the process as possible. This will save you time and energy that would otherwise be spent dealing with tedious tasks like tenant communications, rent collection, and maintenance requests. In the age of technology, you can utilize the following:
Online Rental Applications
This is a great way to save time and make it easier for prospective tenants to apply for your rental. It also allows you to see and review applicants quickly, even when working in the office. These applications also allow you to collect information about a prospective tenant, do background checks, and other costs related to tenant screening.
Online Rent Payments
You can also take advantage of online rent payments allowing tenants to pay their rent directly from their checking accounts or through direct deposit. An online rent payment system can also help you track rental payments and avoid late fees. This type of automation helps to make the process much more efficient and saves you time in the long run.
Online Maintenance Request Portals
Another great way to manage your rental properties while on the go is by offering an online maintenance request portal. This allows tenants to easily submit a maintenance request. You can respond quickly, even when away from home or the office.
Hire a Property Manager
If you’re too busy to manage your properties, hiring a professional property manager might be right for you. A good property manager should be able to handle all aspects of day-to-day operations, including marketing available units, collecting rent payments, responding promptly to maintenance requests, conducting regular inspections, and more.
Having a professional handle these tasks can free up time for you so that you can focus on other aspects of running your business. As the property owner, you still have the final say over important decisions, but having a property manager you trust can make property management much easier. Here are some property management tips for landlords in managing a property manager:
- Ensure you understand the property manager’s responsibilities, including what tasks must be completed regularly.
- Ask for references from past clients and ensure that your property management contract is well-defined.
- Meet with the property manager to establish expectations and ensure you are on the same page.
- Set up regular check-ins and communication to ensure that everything is running smoothly.
Sometimes it makes more sense (and saves more money) to outsource certain tasks instead of hiring someone full-time or even part-time. Here are some essential tasks that you can outsource:
A landlord’s most important (often overlooked) duty is keeping accurate rental payments, income, and expenses records. Outsourcing your accounting needs to a certified accountant or bookkeeping service can save you time and ensure accuracy.
If you need to get your business out there and don’t have the time or expertise to do it yourself, outsourcing your marketing needs is a great option. A good marketing professional can help create an effective online presence and reach out to potential renters through various platforms such as social media, email marketing, and more.
If you ever need legal support or advice related to rental properties, having a lawyer on retainer can be beneficial. They can provide guidance, draft contracts, and even represent you in court. Being proactive when managing your rental properties is important, so having a lawyer on call is always a good idea.
Cleaning and Maintenance
Outsourcing maintenance and cleaning tasks can save you time, energy, and money. You can hire a reliable service to clean the property, take care of repairs, and even handle seasonal maintenance tasks like lawn care or snow removal.
Managing rental properties can be challenging for busy landlords with little time to devote. With these tips, you can create a system that works for you and your properties to prioritize your time when it’s most needed. With the right processes in place, managing rental properties doesn’t have to be a burden.