Education and news for smart DIY landlords!
Time is life’s most precious commodity. The same applies to landlording. When you own and manage a rental property business, there are a lot of things that could waste your time. Rowdy and rebellious tenants, property damage, and more. These time wasters compromise your income. Today, let’s discuss some simple yet effective time management tips for landlords.
Some landlords ignore phone calls from tenants thinking that calls waste their time. Don’t be like these landlords. You waste more time by delaying your response. Tenants may be calling due to emergencies or issues with roommates. It’s best to resolve problems fast rather than wait for them to escalate. You get the point.
Whether you write down rental-related notes in a notebook or type them into an app, it doesn’t matter. What’s important is that they're all in one place so you don’t lose them. You don’t want to waste time looking for separate papers with reminders or to-do lists when you should be focusing on important matters.
Tenant screening is the single most important thing you should be doing. It saves both time and money as it reduces the possibility of accepting unqualified tenants. You can get an idea about a potential renter by just having a candid conversation with him or her. Ask if they have pets, their credit, and how much their previous rent cost.
Whether you’re replacing an old appliance or getting a new one, avoid substandard options. Get appliances that don’t easily break down, come with warranties, and are easy to repair.
A landlord who wants to save time should invest in the right contractors. You need people you can count on in times of maintenance and repairs. Make sure to review all the contractors you come across. Pay attention to their pricing, promptness, and respectfulness.
If you were to choose just one tip, choose #3. But follow all the tips we’ve discussed and you’ll be fine. Your journey as a landlord isn’t going to be a perfect one and there are many opportunities to learn and improve. Enjoyed this post? Stay tuned for more Landlord Prep articles.
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