Managing multiple rental properties is a big task for one person. Even if you have a business partner, rental properties can very swiftly become more than a handful.
To ease the burden of having to manage operations on your own, here’s a list of five professional services that could lessen the strain.
1. A property manager
How often do you wish you could hire someone else to take over your landlord duties, such as collecting rent, serving notices, fielding emergency calls, and managing repairs? Most landlords don’t enjoy these tasks, and who would?
When your goal is to turn rental property into long-term profits, the prospect of having to be a landlord might give you pause. But hiring a property management company will relieve you of nearly all your landlord duties.
You’ll still be the one who calls the shots, but you’ll have an entire team of people overseeing the daily operations that would otherwise tie up your valuable time.
Professional property management companies like Green Residential in Houston take pride in their ability to serve property owners’ needs. When you have a professional team working for you, all your bases will be covered.
They’ll take charge of all your practical responsibilities, make sure your operation stays compliant with your legal obligations, and some firms will even manage your finances.
2. Automated scheduling software
Scheduling showings and virtual tours is easier when you have automated software. You can set up available times and dates, and allow interested parties to schedule with you through your website.
When you use this software, you’ll have a way to make sure you connect with people before you have to drive all the way out to show the property. The software will make the entire process easier.
It will cut down on the time you have to spend returning calls, playing phone tag, and scheduling appointments by hand. All you have to do is follow up with each individual who schedules a tour.
If you’ve never used this type of software before, there are plenty of choices on the market. Rentable published some reviews of the top-rated software programs favored by landlords to schedule their appointments.
3. Online rent collection
You can make the process of collecting rent easier by employing an online rent collection service. The service can be set up to deduct the rent automatically from a tenant’s bank account on a particular day, or tenants can pay their rent manually as it comes due.
With online rent collection, you won’t have to worry about waiting for checks to arrive in the mail, and you won’t get excuses from tenants about lost checks or money orders when you suspect they may be trying to buy time.
Paying rent online is also more convenient for tenants, since they can pay via computer, tablet, or their cell phone. When making rent payments becomes more convenient, you’re more likely to get paid on time.
4. Online applications
Sifting through rental applications is time-consuming. Online applications make the process easier.
When you collect rental applications online, you can filter out unqualified applicants immediately. You might program your online applications to be delivered to your email address only if the applicant submitted qualifying answers.
For example, if you require a 650 credit score and regard it as a non-negotiable item, you can program the system to ignore applications that submit a lower score. You can also program the system to ignore applications that answer “yes” to whether the applicant has an eviction on their record, as well as other details.
Online application software will dramatically reduce the amount of time and effort you spend having to sift through applications manually. You’ll be given only the applications that have the highest potential, and after that, you may call the top ones to schedule a tour.
5. An accountant
A bookkeeper will help you stay on top of your taxes, manage your receipts, and figure out when your properties are likely to become clearly profitable. They’ll also help you get set up with a proper expense tracker, so you can know how much each property costs you, where you spend the most money, and where you’re seeing the best returns.
Take advantage of professional services
Management of rental properties will require applying your mind and hands to multiple projects at once. You’ll always be responding to someone, whether it’s a repair firm or a tenant.
Take advantage of all the professional services you can, because each task you outsource means you’ll enjoy more free time. When you have further free time, you may look for new investments or just spend that time with your family.