Owning and managing rental properties can be a very rewarding and lucrative way to make money and generate long-term income. However, owning rental units will require a lot of work. From the legalities of managing rental properties to the financial responsibilities of a landlord, there are many considerations that must be addressed on a daily basis. The good news is there are ways to make managing your rentals easier and less stressful.
- Join A Rental Guarantee Program
Joining a rental guarantee program is one of the easiest ways to make managing your rentals less stressful. As the professional property managers in Texas have noticed – a lot of landlords don’t really have a safety net in case their tenants suddenly lose their income. These kinds of programs help since, as the name implies, they provide a money guarantee for just these kinds of situations.
It’s important to keep in mind that not all of them are made the same. Some don’t really offer anywhere near what you stand to lose if a tenant doesn’t have their rent ready, while others actually cover up to $5000 of potential rental loss. Naturally, the ones that can help in a meaningful way are the ones you should consider looking into.
- Screen Tenants Properly
One of the most important steps in managing rental properties is screening tenants properly before handing over the keys to their new homes. Apart from doing a background check, being able to have good communication with them is always important. You don’t have to be friends with them, but it’s always good to develop a healthy, respectful line of communication. This way, you will avoid any miscommunications or misunderstandings that can lead to problems between you and your tenants down the line.
When there are fewer potential damages and tenant-caused expenses, it’s much easier and more relaxing to manage your rentals. Doing background checks and being able to communicate with tenants are some of the best ways to do this.
- Use Technology
Technology is the future, and you should definitely use it to your advantage when managing rental properties. Keeping track of different forms, payment methods, documentation and everything in between can become quite difficult if you’re not using the right tools.
If you’re not sure what “technology” means in this context, it’s basically anything that can be used to make managing your rentals easier and less stressful. You can use software specially designed for landlords that will help you keep track of everything. On the other hand, many people find that making spreadsheets on their computer works just fine for them. If you’re not sure which one to use—or if you feel like using both—that’s okay too.
In fact, looking around for available tech solutions and mixing and matching the best features may be the best way to go.
- Maintenance, Repairs, and Upkeep
There is always something that can go wrong with any property. Simply put – there will be situations when you need to call up the handyman or get one yourself because of an issue that has popped up that needs to be fixed. This comes with the territory of being a landlord, and you should always be able to find someone who can help resolve any issues if you don’t know how to do the repairs yourself. Having an established relationship with a plumber, electrician, carpet cleaner or any other reputable professional is always a smart idea.
Apart from knowing who to call, having the right set of tools at your disposal is also important. Some of the basics would include screwdrivers, hammers, wrenches, and other tools that are generally useful in these kinds of situations. Keeping them properly organized is typically a good idea as well.
- Consider Professional Property Managers
Since renting out properties requires a whole slew of skills – from legal know-how to marketing, tax prep to maintenance, and general handyman work, a professional property management company can really help. Through them, you can find reliable tenants, take care of repairs and maintenance, be advised on legal matters, and more.
The cost of hiring a professional property manager typically varies depending on the size of your investment, and the company itself, but they are almost always worth it in the end. If you’re finding that managing your properties is becoming too much to handle, you should definitely consider hiring a professional management company. This is one of the best ways to make managing your rentals easier and less stressful.
Looking at client reviews of these kinds of companies is also a good idea, so you can get an idea of what working with them would be like. This way, you’ll know what to expect if you’re thinking about hiring one.
One way or another, managing your rentals will always have a certain amount of stress involved. However, it doesn’t have to be so difficult or stressful if you know what to do. As long as you consider all aspects of rental management and deal with them accordingly, you should be able to enjoy the experience that much more. Always make sure that you’re doing your best to make your tenants’ lives easier, and that will go a long way towards making your own life easier as well.