If you’re a landlord or property manager, you have many concerns and things on your to-do list. First of all, you’re responsible for maintaining the buildings you own and keeping them in good condition. Secondly, you must keep the units filled and find reliable tenants.
On top of all that, many people, business owners and renters alike are dealing with higher living costs. With the increased cost of materials, goods, services, gas, and even property taxes, it can be more complicated than usual to make ends meet and see a profit. So, you may notice the strain on your business, whether you own a couple of rental properties or many.
So, consider implementing these tips to help you succeed as a landlord or property manager. Keep reading to get started with some valuable insights.
Tip 1: Outsource Some Of Your Tasks
As a landlord, one tricky thing is balancing your budget with the needs of your business. You must figure out the right mix of saving money and completing your tasks. But often, it’s worth it to spend a little money to pay someone else to make some of the to-do list. For example, if you own commercial properties, it’s likely worth it to hire a professional cleaning company or landscaping business.
For residential properties you rent out, a property management company could even help with aspects like finding reliable tenants and keeping the units filled.
Tip 2: Keep A Regular Maintenance Schedule
One challenge most landlords face is keeping the building in good condition. There are often upgrades that need to be made or issues like broken appliances. While it can take a significant amount of time to maintain every unit, it’s easier if you try to plan things out.
Instead of waiting for issues to arise, perform routine maintenance visits. These visits also allow you to see the inside of your units and ensure that tenants follow the rules. You’ll need to ensure that these check-ins are in the lease and that you follow any laws related to tenants’ rights.
Tip 3: Focus On Finding Trustworthy Tenants
While it might seem like the only goal is to fill your units as quickly as possible, you want to find renters with good track records. Of course, this doesn’t mean you should use discriminatory practices, but it’s wise to use some selection process. Consider having each applicant do a background check or look at their credit score. If you already have tenants you like who have been reliable, you can ask them for referrals. They may know people looking for a place to rent. These word-of-mouth referrals can go a long way in finding more renters that keep things clean and follow the rules. And, since you won’t have to spend so much time searching for new renters, you’ll save money, too.
Tip 4: Choose Sensible Policies
One way to reduce the headache for yourself as a landlord is to set up policies for renters that make your life easier. For example, if you would rather avoid dealing with pet damage, you can set up the rule that all apartments are pet-free, except for legal exceptions. While this might make your units slightly less desirable, this might be worth it in the long run.
With these four tips, you can re-evaluate your approach as a landlord or property manager. It’s often worth it to plan and spend a bit more money at first to save money in the long term.
With a bit of adjusting, you’ll see some rewards in your job as a landlord.