In 2017, 75 percent of independent rental property owners in the U.S. reported working full time jobs while being landlords. That means the overwhelming majority of landlords are attempting to juggle more than they can handle at times. If you’re one of these landlords or you just want a more efficient way of handling your rental units then you should consider the following tips to make property management tasks simple. We’ve categorized these tasks under 3 headings: organization, automation and outsourcing.
A problem many independent landlords have is thinking of the rental properties as an extension of home ownership. The rental seems like it involves many of the same tasks such as maintenance and repair.
Instead rethink the way you manage the property and organize all of the tasks that the rental unit(s) require under categories that may include the following.
- Rent Collection and Bill Paying
- Applicant Interviews
- Background Checks
- Maintenance and Repairs
- Rental Advertising
With a defined set of tasks organized under specific headings, it becomes much easier to visualize the work involved and what supporting resources would be needed.
Industries across the world are moving to automation as a way to increase productivity and lower costs. There’s no reason landlords shouldn’t do the same.
There are numerous tasks property owners undertake that no longer require valuable time.
- Maintenance and Repair: Create a form that your tenants can fill out that provides real-time notification.
- Rental Payments: You should also consider setting up an automatic withdrawal from tenant accounts or having them direct deposit.
- Bill Payment: Set up auto payments for every possible facet of the property, including utilities, taxes, insurance, mortgage and others.
- Advertising: Automate your advertisements so they’ll post automatically when a lease is expiring or a property becomes vacant.
These and other tools can streamline the amount of time required to manage a rental property without incurring significant expense.
People who work regular jobs and also manage rental properties are entrepreneurs by nature. That go-getter personality leads many to take on more tasks than they need to. That’s why outsourcing is so important.
Outsourcing things like accounting or legal services are quite common because they require specialized knowledge. But other tasks such as applications, background checks and maintenance may be good things to outsource as well.
If you decide to operate your rental unit as though it were a small business then you’ll have no problem making it profitable. As you’ll be able to analyze what the “business” needs and find ways to make these processes streamlined thus making time for yourself.