Education and news for smart DIY landlords!
As your landlording business grows, one of the things you’ll need help with is time management. You start out great but over time, you realize that you lack hours to get everything done. But as they say, time is money. The question is, how do you make it work?
Whatever you’re struggling with right now, whether it’s addressing tenants’ concerns or screening new tenant applicants, here are seven time management strategies.
As much as you hate it or as much as you think it doesn’t matter, create a to-do list. Write down all the tasks that you have to complete in a day. This helps you remember them. Put the most urgent task at the top of your list (for example, repairs).
If you’ve dealt with tons of unqualified tenants, you know how time-consuming this can be. Avoid this right from the start by featuring the rental criteria itself in your photo listing. Your smoking and pet policies are more likely to be seen since people naturally pay more attention to photos.
Don’t get immersed in reading Facebook notifications when you should be focusing on a business-related task. Better yet, dedicate a few minutes for checking social media after lunch or by 5:00 PM. Giving your full attention to an important task is the way to get it done on time.
Are you sending out monthly or weekly newsletters to your tenants? Email newsletters can be fully automated. Decide on a particular day to create all your newsletters and schedule them. Email marketing services like Mailchimp and Aweber help you send emails on specific hours and days while you’re asleep or busy at work!
Can you imagine meeting up with 15 tenant applicants, only to realize that 12 of them don’t satisfy your requirements? You can save a ton of hours by conducting an initial interview via phone call. Prepare a list of questions that will help you decide whether a tenant is a good fit or not. Once you’re done with this process, you should have a shorter, more qualified list. That’s the time you can see eye to eye and show your property.
Don’t let monthly occasions or important appointments get forgotten because of focusing too much on your daily landlording tasks. Encircle or mark appropriate days, such as the day your taxes as due. Stay on track and avoid delays by using a calendar.
Here at Landlord Prep, I’ve always been emphasizing the importance of tenant screening. Tenant screening lowers the risks of landlording, and it definitely spares you from wasting time on problematic tenants. Problematic tenants don’t just throw your entire schedule out, they harm your finances.
To be an efficient landlord means to manage your time well. While you follow these tips, don’t forget to ask for outside help. Sometimes you just need an extra pair of hands.
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