If you’re a rental property owner looking to make a profit off your PG, it’s important to understand how to manage a rental property the right way. It’s not just about knowing how to fix taps when they stop working or collecting rent from tenants. As a rental property owner, you’ll have to wear many hats and how you manage your rental property will determine whether it’ll be a profitable business or not.
Great rental property owners come in all shapes and sizes but there are some things that they all do. And if you are struggling to manage your rental property, then don’t worry, we have done our research and come up with these tips that will keep you on top of your game:
Start Creating An Everyday Action Plan
Planning out what needs to get done every day makes you stay organized. You can make general to-do lists and modify them accordingly daily. You should schedule everything before you start your day to avoid chaos. Just plan everything in advance – your meetings with tenants, your calls with leads, even your breaks. This routine will get you in the right frame of mind daily.
Start Grouping Similar Task Together
When you have a list of to-dos of the day, just go through it once to see what all tasks you can group together. You should always complete the related tasks at once collectively. It will increase your productivity.
For instance, If you want to remind your tenants about the due date, just make a list of all those tenants whose rent is due and call them one after another instead of wasting your time by reminding them as they cross your mind all throughout the day.
You will notice how efficient it will make you.
Communication is The Key
No matter how many rental properties you are managing, communication is important. Your tenants want to know they are being taken care of and they want to feel like they are home. One complaint that landlords get is that they don’t return calls. So make sure you don’t make the same mistake.
Make sure you communicate everything clearly. Good relationships are built on trust no matter if you’re a landlord or a tenant. If you want to keep trustworthy tenants, give them a reason to stay loyal.
Take Help of Technology
Technology helps in saving time and makes a lot of tasks easy. Especially when there is a pandemic going on, tenants prefer to avoid in-person meetings. So make them feel comfortable by going digital. With technology, you can automate many rental property tasks like rent collection, expense management, tenants’ documentation, complaints redressal, etc.
Be smart and make technology your friend.
Know the laws – Knowledge is Power!
You need to keep up with the laws and regulations to be successful as a rental property owner. Your tenants will trust you only if you have answers to their problems. So start following the news that may affect your rental property business. You can also join rental property-related Facebook groups to stay updated.
Last but not least, just have fun and let all this get into your head and consume you. Have a laugh. We hope all these tips will help you become a better and happier rental property owner.