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Property management can be a fantastic way to build wealth, yet landlords often find that the nitty-gritty of looking after properties can become incredibly time consuming. The dream of a hands-off monthly rental collection often becomes a nightmare of continuous maintenance, chasing up tenants and replacing them whilst properties sit empty. Wake up from the nightmare by automating your landlord responsibilities. Streamline your property management with the following tips.
Finding the perfect tenants can be a time-consuming process, yet as a landlord you know the value of engaging in this process to ensure you have conscientious tenants who are guaranteed to respect your property. Automating certain elements of the initial stages of letting your property can streamline the process, ensuring you get the best tenants in.
Automate what you can about this process by organizing your photos and ad in cloud storage such as Google Drive. Including a link in your ad to an online application form saves your inbox from filling up with applications, and lets you filter candidates with ease. Apps such as Calendly enable you to automate when and where your ad is posted on local real estate listings. You’ll have a tenant in no time.
There’s a lot to cover with new tenants, and this is one of the most time-consuming tasks for landlords. Anything that can be automated about tenant on-boarding will dramatically speed up this process and let you get around to the business of collecting rents.
Cozy is a landlord portal that acts as a hub for bringing new tenants into your property. Digitizing the process of lease-signing using a tool such as DocuSign can save you a trip. You should still be present with the tenant for the initial check-up of the property, where you can take a walk-through inspection of its current state. But the documents associated with ensuring your tenant keeps up their responsibilities of care can be organized on an online portal. Expenses can be tracked through Cozy so that when it comes time to declare, you don’t have a taxes nightmare.
If you’re still collecting rents by check and then slogging from mailbox to bank, you’re wasting valuable time that could be spent expanding your property portfolio. Apple Pay, Paypal and Venmo can all be utilized to automate rent payment, so you’ll see pay going straight into your bank account each month.
Automating rent collection through an online portal also saves you the hassle of dealing with unruly tenants. “You can rest assured that late payments, credit cards you don’t want to deal with, and any other rent policies you have in place can be enforced by your digital rent portal,” says Mildred Carr, real estate blogger at Essay Services and Revieweal. That means rent is coming in on time, the way you want it, every time.
Lease renewals can’t be ignored, otherwise you may end up losing your easiest tenant (or having the troublesome ones stick around). You can automate a notification system so that your tenants are informed when it’s time to renew, and you don’t have to worry about remembering to nudge your tenants.
“Choose a property management tool that allows you to customize your notifications and lease agreements,” Pierre B. Flanders, writer at Assignment Help and UKWritings recommends. “That gives you a greater degree of control over how you interact with your tenants.”
Unfortunately, things do go wrong and maintenance is one of your key obligations as a landlord. Yet being bombarded with calls and messages about leaky pipes or broken light bulbs can be such a drag on your day. Digitizing and automating maintenance requests with an online system removes the risk of human error and creates a paper trail for what’s going on with your properties.
Being a landlord comes with a lot of obligations and responsibilities for the upkeep of properties and the paperwork can be a great burden. Once you realize how many of these processes can be automated, and set up efficient systems to take the strain off your workload, landlording can become a breeze. Property management tools are sophisticated and will support you streamlining your landlord responsibilities.
Katherine Rundell is a writer at Write My Essay and BigAssignments services and a blogger at Top essay writing services. She became an accidental landlord in 2011 and learned on the job. She now has over 15 properties in her portfolio.
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