Education and news for smart DIY landlords!
Are you struggling to manage your responsibilities as a landlord? When it comes to running your rental property business efficiently, it's important to use your time wisely. Time is a valuable commodity, but it seems that a lot of landlords don't have enough of it to get things done.
In this blog post, we reveal simple time-saving tips. We know that as a landlord, you want to be able to relax at the end of a busy day!
Prequalifying your applicants will greatly reduce the chances of welcoming a bad tenant into your rental - and wasting time and resources. To move forward with each prospect, you'll want to ask applicants about the following:
Make sure that you take notes of your conversation so you can compare them with the completed rental application.
Read more: Top Mistakes to Avoid When Screening Tenants
As much as possible, answer your phone when tenants call you. A lack of proper communication is a common reason for unresolved problems in the unit. These problems could grow bigger. The longer you respond, the longer it will take you to solve the issue.
When choosing appliances for your rental property, high-quality products will save you time in the long run. Cheap, low-quality appliances may break down sooner. That means frequent inspections, repairs, and replacements on your part. The next time you shop for appliances, factor in durability.
If your rental property business isn't accepting online payments yet, perhaps it's time you try it. The modern renter uses technology to make their lives easier, and you should consider it too. Collecting rent online will reduce the chances of late payments because tenants can pay you regardless of the place and time.
Renting to smokers will cost you. It takes more time (and money) to restore a smoker's unit. Removing smoke odor can be a real headache since smoke odor is difficult to eliminate. You may also be left with cigarette burns and yellowish stains on the walls. Prohibiting smoking will also help you attract the best renters.
Save yourself from answering a ton of questions over the phone by writing a detailed description of your rental property in your listing. Mention the following:
Our courses here at Landlord Prep discusses in detail how you can create a stellar rental listing. Check out our full educational course right here.
There are certain situations where it helps to seek the advice of someone qualified. Whether it's creating a rock-solid lease or handling evictions, consult a legal professional. Also, equip yourself with landlording knowledge and practical by reading books, investing in courses, and speaking with experienced landlords.
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!