After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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Owning rental properties is a good way to earn money, but it can also be quite a busy lifestyle. You might always feel like you are fixing something here and another thing there. Luckily, there are some strategies you can employ to save yourself time and effort on rental property management.
1. Screen your tenants very thoroughly.
The better you screen your tenants, the fewer headaches you will have throughout their entire lease period. You need to find tenants who you are confident will pay, take good care of the place, and give you time when something needs to be fixed. By checking credit scores, calling references, and asking for records of employment, you can help weed out the best applicants. You'll spend more time screening, but you'll save hours upon hours later on.
2. Dedicate time each day to small tasks.
When you manage rental properties, small tasks like returning one tenant's call, changing a light bulb, filling out a piece of paperwork, and contacting a landscaping company can really pile up. The longer you let these little things go, the more work they become. Stay on top of things by designating a half hour per day that you just spend on whatever small tasks need to be tackled. For instance, you could do this at 5 pm right when your workday ends or do it at lunch every day.
3. Maintain one contact stream with tenants.
This mostly applies when you have more than one tenant. Establish one way that tenants should contact you. For instance, you could have them all text you or all email you. This way, you are not constantly getting messages from every direction and trying to sort out which ones need addressing. Things are less likely to slip through the cracks.
4. Hire pros for routine work.
There is a certain amount of routine, physical work that comes with owning properties. Landscaping falls into this category. So does maintaining the air conditioner and heater in the spring and fall. Hire professionals to take care of these tasks rather than trying to do them yourself. The money you pay is well worth the time you save — time that is better spent working on other things.
With the tips above, you can save yourself time and effort as a property manager. If you need some help overseeing your properties, consider hiring a rental property management firm to do it for you.
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