Owning one or more rental properties allows you to be your own boss and earn a healthy income with consistent cash flow. However, it’s not always the cushy job everyone makes it out to be. If you’re not careful, landlord duties can eat up a significant portion of your time. Perhaps just as much as that full- time job, you were so anxious to leave behind.
Fortunately, if you learn some simple, time-saving strategies, you can make your properties work for you rather than the other way around. However, more and more property owners are taking the easiest route possible and turning over the responsibility to a professional property management company. If full service management on your San Antonio property sounds appealing, the expert team at PMI First SA Properties is waiting for your call.
Include Details in Your Rental Listings
When posting a listing about your rental property, try to put as much information about it as possible. Of course, no matter how much data you include, someone will still overlook it and want to call you. However, the more details you provide, the fewer people will feel the need to contact you directly.
You want to speak to prospective tenants, but you don’t want to field endless questions. Try to anticipate any concern they might have and answer it in your listing. A detailed listing reduces the amount of ‘tire kickers’ and leaves you with more time for the effective management on your San Antonio property.
Investigate Your Tenants
Sadly, the days of judging someone by a simple handshake and pleasant conversation are just a memory. Looks can be deceiving, and even the best intentions can go awry. While it may seem like an expensive and invasive procedure, performing a thorough background, employment, reference, and credit check on potential renters pays dividends in the future.
According to Transunion, 84 percent of landlords claim failure to pay rent as their number one concern when selecting new tenants. Fortunately, Texas is a landlord-friendly state, but remember that eviction costs average about $3,500 nationwide.
Accept Online Payments
Yes, some banks do charge fees for the convenience of allowing your tenants to pay their bills online. And banks are already making enough money off you, aren’t they? Of course, they are! However, if you’re running low on time and want to avoid one more hassle, accepting online payments might be worth the extra fee.
You can say goodbye to the old “the check is in the mail” excuse and getting bounced checks sent back to you. Even though the bank is benefiting as much as you are, this fee is probably worth it. Besides, younger professionals (the kind who DO pay their rent on time) usually prefer the ease and convenience of automatic online monthly payments.
Focus Your Energy
The great Roman writer and mime, Publilius Syrus, said that “To do two things at once is to do neither.”
Smartphones have enabled you to talk, surf the web, order dinner, and drive a car at the same time. While this might seem like a tremendous boost to your productivity, the opposite is usually the case. If something is worth doing, it’s worth 100 percent of your attention.
Avoid the temptation of discussing business with tenants while performing repairs. Try to dedicate your attention to the task in front of you. While this is true for most anyone, landlords have numerous responsibilities, and all of your activities require your best effort. Of course, if you’re standing in line at the grocery store, you can still take an urgent call.
Being a successful landlord with a healthy work/life balance can be a challenge even for the most organized individuals. Applying some of these techniques can help you eliminate a lot of the disorder that clutters the life of a property owner. On the other hand, you can get complete rental management on your San Antonio property by calling the seasoned professionals at PMI First SA Properties.
