One thing that surprises many new property managers is the amount of day-to-day work that’s involved in being successful. Many have this idea that they’ll simply be able to sit back, relax and collect all kinds of passive income. While it’s highly unlikely that you’ll be able to achieve this degree of autonomy, the good news is, there are some things you can do to shorten your to-do list and make your professional life infinitely easier.
Screen your tenants thoroughly.
The more legwork you do upfront when filling your vacant properties, the less you’ll have to worry about down the road. By investing in thorough tenant screening, you’ll be better able to identify those individuals or businesses that would be most likely to not only pay their rent on time and in full, but also be long-term, low-maintenance renters. When screening, don’t just look at credit and background data. Also examine the applicant’s moving patterns. And always check references.
Set lease renewal reminders.
There are specific laws and regulations regarding the amount of notice a landlord or property owner must provide tenants before renewing a lease. Don’t miss out on the opportunity to re-up your better tenants by letting these important dates slip by! Set automated reminders for yourself, for each and every tenant. That way you won’t have to worry about manually keeping track of everything, which gets increasingly difficult the more your portfolio grows.
Establish relationships with contractors.
Most maintenance requests are routine and mundane. Still, having to take the time to find a handyman or contractor to take care of every request can be incredibly daunting. Establishing a long-term relationship with vendors you trust can make this entire process much faster and easier. Furthermore, using property management software can help streamline the maintenance process, from tracking requests to scheduling repairs and more, all at the click of a button.
Accept (and encourage) online payments.
Chasing down physical checks every month is a royal pain. Not to mention the time it takes to batch them, process them and deposit them. Skip this hassle by allowing your tenants to pay their rent right online through a secure payment portal. Not only will you save a ton of time, but you’ll also have access to the money more quickly, which will improve your cash flow. Plus, your tenants will appreciate the convenience of being able to pay electronically. Win-win!
Schedule inspections and preventative maintenance.
Inspecting your properties every once in a while can help you identify potential issues so you can address them before they develop into more costly problems. Likewise, investing in routine, preventative maintenance can help you avoid expensive repairs. Make these necessities less time-consuming by scheduling them in advance. Again, leveraging the power of technology can make the entire process infinitely easier.
Whether you’re seeking greater work-life balance or you’re simply trying to find a way to optimize your time so it’s most profitable, the tips above should help. The less hands-on you are with your day-to-day property management duties, the more freedom you’ll have to focus on what’s most important to you, be it time with family or finding ways to grow your business.