With all the time it takes to market your property, screen tenants, and schedule appointments, there seems to always be a task looming overhead, waiting to get done. Time management becomes even harder if you aren’t a full-time landlord and have another job that needs your attention. Whether you’re looking to boost productivity or find a little more downtime, let’s take a look at a few incredibly effective time-saving strategies landlords need to try.
Utilize Online Rental Applications
Keeping track of physical applications, reading poor handwriting, and having to determine if everything is complete are all serious time hogs. Online rental applications will save you a lot of time. You don’t have to spend extra time printing applications, giving them to tenants, keeping them in order, or rejecting them if they aren’t filled out. As a bonus, filling out an online application is much easier, which means that applicants will fill out and send in their paperwork much faster.
Automate Payments and Collection
Many experienced landlords will tell you that one of the most frustrating parts of property management is having to track down a check. Security deposits can get lost in the mail, or a tenant may try to skip out on rent or forget to send you money for a repair. Regardless, you don’t want to waste your time chasing a check. Instead of in-person or mail check delivery, give your tenants the ability to pay online or through banking apps that can automate payments. This saves you time and makes it more likely that you get paid when rent is due.
Thoroughly Screen Applicants
Irresponsible tenants can be a massive waste of your time and money, so learning how to properly vet your applicants can save you from serious tenant trouble. When you vet applicants thoroughly, it becomes easier to determine if they’re responsible and whether they’re the right fit for your property. A good background check should be able to tell you whether they have the financial stability to rent from you and what their rental history and credit score are like.
Conduct Preventative Maintenance
When you conduct property inspections, you should take the time to ensure that everything is in order, even if the task seems long and arduous. The earlier you catch a problem, the less likely you are to waste more time and money down the road. For example, say you notice the ventilation system isn’t working like it used to. Now, you can make sure it gets repaired before mold starts to run rampant through the home.
Communicate Clearly and Concisely
Practicing clear and concise communication is the best time-saving strategy for landlords. The clearer you are about your expectations, rules, and policies, the less time you have to waste clarifying down the line. Your property listing and rental agreement should be as clear and thorough as possible. This will help you spend less time answering questions like when rent is due or what your smoking policies are. Plus, your tenants will be much happier with a landlord that can communicate clearly.
