When you can figure out how to be a hands-free landlord, it's going to benefit everyone involved.
Most tenants would prefer if they didn't have to call upon you all the time and, as the landlord, it's going to save you time and money to be more hands-off. If you're feeling overwhelmed by your rental properties, then consider this your landlord rescue post.
Today, we're going to give you a few key tips that'll let you be more hands-free with your rental properties. The more prepared you are, the easier being a landlord is, so keep reading and get the best tips in the industry.
Take Tenant Screening Seriously
It's a bit more work in the short term, but taking the time to thoroughly screen all of your applicants will help you in the long term. The biggest reason why landlords become overwhelmed by their properties is that they have to deal with bad tenants.
Whether you've got tenants that do damage to your property or keep the neighbors up all night, they're going to make your life more difficult. Do all of your due diligence during the screening process and you'll end up with quality tenants every time.
This involves performing criminal background checks, talking to previous landlords, and checking bank statements, employment records, and credit history. Learning as much as you can about a tenant will help you find the best candidate. If you don't have time to do this, hire a property manager to do it for you.
Property Maintenance Between Tenants
To prevent having to make lots of costly repairs while tenants are living in your rental properties, take care of routine property maintenance between tenants. When the property is well-kept, things are much less likely to go wrong once the tenant is in the unit.
Maintenance could be everything from having your HVAC system looked at to checking the place for mold or rodents. When your tenants have nothing to complain about, you can be completely hands-free.
Give Rent Payment Options
When you have multiple units with different types of tenants, it's important to make rent collection easy. Most people will prefer to pay via online bank transfer, but that's not everyone's cup of tea. Older tenants, for instance, may prefer to pay by post-dated cheque.
Don't create any roadblocks to getting paid. The easier you make it, the more hands-off you can be.
Hire a Property Manager for Landlord Rescue
Being overwhelmed by being a landlord is common. Whether you've got one rental property and a full-time job or your full-time job is being a property investor, it's easy to fall behind on the work. This is when landlord rescue is really necessary.
The best option is to hire a property manager. If you're in the Denver area, Laureate Ltd. is the best way to go. We're a full-service property management company that can take care of every landlord task that you don't have time to do, including tenant screening, rent collection, and property maintenance.
Contact us today to learn more about what we do and how we can help you be more hands-free with your rental properties.
