Becoming a successful landlord doesn’t happen overnight. Even the most efficient housing providers with the most lucrative tenancies have created their success by developing very important habits. Developing strategic methods of getting tasks done can help you organize your time better, streamline business operations, and build a solid reputation. In most cases, developing solid daily habits as a housing provider saves you money and increases your rental income.
Of course, you also always want to make sure you are following standard practices for managing your investment property. This includes things like screening applicants effectively, running background checks, rental history, credit, employment history and income just to name a few.
If you are a first-time landlord, developing these habits and processes are crucial to your success and will keep you from giving up once things get tough. It’s always best to learn from the habits of other successful property managers. So, today I’m going to talk about 5 tips on what successful landlords do to save time, boost their revenue and build a robust reputation in the rental market world.
1. Use Technology
Learning how to use the latest technology can save you time, resources, and money. Thanks to technology, housing providers are no longer burdened with piles of files and paperwork. The reality is, there is virtually no landlord-related task that you can’t do using technology.
Some examples of technology used in the property management industry are; Rent collection apps, Virtual showings, Cloud tech tools, and process-creating software to keep you on track and responsible of what has been completed and what still needs to be completed as you screen tenants, place tenants, collect rent, perform maintenance, and much much more.
2. Create Processes For Recurring Tasks
One of the most effective habits for landlords is creating effective processes for recurring tasks. There is a laundry list of repeating tasks that landlords perform again and again. For example, marketing, screening tenants, moving tenants in, maintenance tracking, moving tenants out, and vacancy turns. Create a checklist and document your tasks using technology as a tool for doing so.
Some examples of recurring tasks for landlords are; late rent process, new tenant move in process, new rental property onboarding process, inspections, emergencies, recurring maintenance like sprinkler winterization and start ups. The list goes on and on, the most important part is to start documenting. This will save you time in the future when you use this process again if everything is documented and ready to start checking items off your recurring checklist.
3. Be Proactive With Maintenance
It’s never a good idea to wait until something breaks before you fix it. Get on top of maintenance by performing quarterly inspections and catching things that could become a problem in the future. Get familiar with being proactive when it comes to property maintenance. Have a documented maintenance schedule to carry out regular inspections.
Prioritize maintenance requests accordingly but still try to get them scheduled in a timely manner. Don’t let a broken kitchen cabinet go for weeks on end. And ALWAYS, ALWAYS communicate with your tenants, most tenants will be understanding if they know you are aware of the issue and working on getting it resolved. This is a very important job as a landlord.
4. Build a network of trusted professionals
Whether you only own one rental unit or have a multifamily dwelling, having a list of trusted contractors will help save you time and money. Having the benefit of expertise and relationships when it comes to maintenance is priceless in this industry.
If something breaks, the heat is out, or there’s another emergency, knowing who to call in the middle of the night can save you from scrambling to find someone to show up.
The top professionals you need in your network are an electrician, plumber, roofer, carpenter, and plumber. Some other important professionals to have in your pocket are an attorney, real estate agent, and a trusted accountant.
5. Make communication key
Communication is the basis of any business. As a landlord, you need to communicate clearly and regularly with your tenants. This includes everything from maintenance requests, to late rent, and lease renewals.
Additionally, managing investment properties means having effective communication with all your contractors and any other agencies that might be involved in all the moving parts of your investment.
Don’t let yourself fail as a real estate investor, following these simple strategies will help you succeed in this industry. Think about where your investment is going for the long term and surround yourself with experts.
If all of this seems too overwhelming, and you want help choosing a Northern Utah property management company with years of experience to do all of this for you, please contact us at Envy Property Management. We are a wealth of information when it comes to professional property management of your investment. You can always ask us for valuable tips and extra resources to make the choice simple and painless. Give us a call today, 801-337-4337 or visit our website at envypm.com where you can easily view our three-tiered pricing plan, so you can choose the package that best fits you and your needs.