Are you a landlord who feels stressed and overwhelmed? If so, you're not alone.
Even though owning a rental property can be financially rewarding, it has its pros and cons. One worry for many landlords is that they will spend all of their time managing their property rather than creating passive income.
If you're interested in freeing up your time and energy as a landlord, read on to learn how to do it.
Streamline Tenant Screening for Landlords
You do not want to spend hours weeding through tenant applications when you have an opening. A tenant screening process can save you that labor so you can focus on more important things.
Screening allows you to filter out things like criminal records, eviction notices, and bad credit scores. It's one step to ensure you have the right people interested in renting your property.
Outsource Your Property Management Work
For a fee, it may be easier to shift the work to a full-service property management company. A property manager can take care of tasks like:
- Refunding security deposits
- Rent collection
- Maintenance requests
- Eviction notices
- Managing a tenant portal
You can still collect rental income if you work with a property manager. Decide if the cost will give you more free time and better well-being.
Conduct Regular Maintenance
Maintaining your property will save you money in the long run. Regular maintenance tasks and inspections may seem like a hassle, but they often catch problems before they get bigger. You will avoid costly emergency repairs.
Make a checklist of maintenance obligations and indicate how often they need to be completed.
You can also outsource your property maintenance responsibilities to a property manager or a third-party contractor.
Focus on Tenant Retention
Things like lease enforcement and tenant retention can cost you a lot if you don't handle them correctly. Tenant retention is important because it is cheaper to keep good tenants at a lower rate than to get new tenants.
Offer incentives to your tenants to convince them to renew their lease. For instance, you can give them a lower rate if they sign for a three-year renewal, rather than only one year.
Use a Tenant Portal
One of the benefits of working with a full-service property management company is a tenant portal. This is a space for both landlords and tenants, where you can collect rent, view lease agreements, and send messages.
A tenant portal cuts out the legwork when it comes to communication. You can send your tenants reminders through the portal. They can do things like request maintenance and pay rent.
Enjoy Your Quality of Life
Landlords shouldn't have to spend all of their time managing their properties. Use this guide to determine how you can enhance efficiency in all areas of your property rental business.
Work with Real Property Management Phoenix Valley and discover the true meaning of work-life balance. Our team of professionals is here to assist you with your property management needs.
Ready to get started? Contact us today to learn more.
