Even though being a landlord requires quite a bit of your time, technology has thankfully advanced enough to ease your burden. By downloading some apps or visiting websites that are designed to help landlords, you can make your job much easier. To get you started, here are five tips and tricks:
Get Your Records in Order
If you want your organization to succeed, start by keeping meticulous records of everything, both financial and otherwise. This way, you can always go back and reference important conversations or make sure nothing is forgotten.
If you want to make your life as a landlord easier (or at least, seem like you have it all together), digitize everything and go digital with communication. Yes, it might take an initial time commitment of a day or two (that you can even outsource!), but being disorganized is much more stressful. Plus, think of all the money you’ll save on things like scanning and storage fees! Automation can make your life much simpler than you would think.
Additionally, many online rent payment tools can help keep track of when payments are due; some of these companies even let you space out monthly rental payments to make things more manageable for both tenants and landlords.
Create a Modern Maintenance and Repair Workflow
Keep your property in pristine condition by frequently inspecting it and addressing any issues immediately. To ensure you don’t forget anything, create a checklist of items that regularly need fixing where you live; this will vary depending on the climate. Some issues may require specific tools such as digital multimeters or air quality monitors; these will save you time and money when inspectors come by.
You can use online survey forms, such as Google Forms, for repairs and other tenant requests. To do this: fill out a spreadsheet and have some knowledge of Google tools. Alternatively, you can connect the Google Form to a Google Sheet so that responses are automatically placed in the sheet. If you don’t know how to do either of these things, look for guides on YouTube or ask someone who is familiar with it for help.
Google Sheets offers a command to sort form entries by date, which means you can confirm non-urgent repair requests with tenants quickly and easily. The sheet can also include if repair visits are confirmed or not; however, this will require manual updates.
This system is beneficial because it allows you to avoid answering your phone right away and makes scheduling much simpler. All you need to do is check the sheet in the morning, see what repair jobs are scheduled for the day, then confirm and update the sheet at night.
Communicate Efficiently with Your Tenants
It is essential to communicate well with your tenants. You have to set and update expectations with your tenants early and often. This will not only save you potential headaches later, but it also lets them know that you respect their time as well. Furthermore, if you have anything scheduled — like visits or changes — be sure to communicate these things in advance so that there are no surprises on either side. Lastly, while it’s crucial to remain assertive and keep a sense of authority, don’t forget they’re people too!Y
Digital communication is key for streamlined and cohesive communication. This way, you can access records painlessly and update your documents in real-time. If you are texting tenants from your phone, use computer apps to retrieve the messages — like iMessage for iOS or Google Messages for Android. Any phone calls involving important topics should always be followed up with an email from each party. This creates a clear written record of the discussion points for future reference.
Having a set of black-and-white rules that your tenants can look back on will ease any potential conflict. Reassure them that you’re approachable by being clear about expectations from the get-go. You can do this by making a list of ground rules to sign before move-in day, as well as creating a Facebook group for announcements, reminders, FAQ’s, etc. Another avenue is using GoReminders to send out text blasts to all tenants when needed, be it an announcement or something important.
Hire Professional Help
Sometimes, the pros just outweigh the cons. If you find that being a landlord is too time-consuming, consider hiring professional property and rental managers. Although there is an expense to this, it will save you time and energy eventually. This can be especially helpful if you own multiple properties.
Online property management companies provide multiple advantages for both renters and landlords such as access to records, easy communication tools, and a reduction in stress levels.
Although some people may think that being a landlord is stressful, it doesn’t have to be if you’re prepared. All you need to do is keep up with repairs and maintenance, stay organized, communicate well with your tenants, and hire someone from a property management company. By doing these things, you can make a lot of profit from your properties without all the associated stress.