Education and news for smart DIY landlords!
Marie Kondo's book, Spark Joy, helps us to realize the importance of being organized and clearing your life of the things that aren't really necessary (a.k.a. clutter).
When it comes to the rental property business, it's no secret that landlords face an endless to-do list of tasks just to make sure that everything goes well and smoothly. Your current processes can also take the fun and excitement out of landlording.
I'm here to tell you that landlording doesn't have to be a drag. This article will help you explore possible areas in your business that don't spark joy and tips to help you work better, more effectively.
How do you keep your records? Do you keep everything in one box or do you maintain a filing system? If tenant questions arise or when the IRS comes knocking, you need to be able to gain quick access to information. Make sure that each property has its own folder. Aside from organizing paper copies, consider using software programs for managing digital copies.
Read More: Records To Keep On Prospective Tenants
Landlords wear many hats. You'll find that some tasks excite you, while others leave you feeling tired and stressed out. Tasks that prevent you from spending time on things that matter more or disrupt your productivity are best outsourced. Such tasks can include prospect communication, yard maintenance, and even minor property repairs and improvements.
Tenants should ideally abide by the lease terms, but this isn't always the case. Unfortunately, we don't live in a perfect world. Reduce your chances of experiencing problems right from the start by training your tenants to follow the lease. Have them pay rent on time by setting reminders. Educate them on keeping the unit sanitary and free from damage.
Whatever decision you make in your landlording business, may it be selecting a potential tenant or evicting one, always have an intention behind it. Being intentional helps you get clear on what really matters. It makes you more accountable and prevents you from regretting your choices.
It's time to get your landlording business to operate more joyfully!
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!