5 Property Management Tasks Worth Delegating
When you started as a landlord, you probably wanted to handle everything yourself. You may have done it to keep overhead costs down or because you weren't sure exactly what tasks are required from a landlord on a day to day basis. Once you get a property or two under your belt, however, you likely discovered that the situation isn't as workable as you think. You find yourself taking too much time out of the day to check out issues on the property, dealing with tenant billing or spending hours figuring out screening. Instead of forcing yourself to do it all, consider delegating these 5 property management tasks.
If you aren't an accountant by trade, keeping track of income, expenses, and other associated property fees can be a full time job on its own. If you stick with a handful of properties, you may not need to delegate bookkeeping tasks, but if you entered the landlord business to grow your property portfolio, a bookkeeper is essential. Bookkeeping and accounting services also make tax time significantly less stressful and keep you on the right side of the IRS.
Marketing is another specialized skill that could essentially be a full time job. Content marketing, paid search engine marketing, local marketing, direct marketing, and search engine optimization are all strategies that help improve your property's presence. You only need marketing services when you have open properties, so it makes sense to delegate this task to a contractor or consultant who handles it on an as-needed basis. While it's possible to do your own marketing, it takes a significant amount of research to figure out the most cost effective methods. When you delegate this task, you get that specialized expertise on hand at all times.
3. Rental billing
Want to avoid the time it takes to chase tenants around to pick up rental payments? Electronic billing services geared toward landlords provides you with a way to cut that hassle out of the way. These systems not only eliminate the time it takes to get payments from your tenants, it also provides you with a way to quickly deposit the money into your operating accounts. Mobile deposits remove some hassles associated with checks, but it still requires action on your part. Rental billing, on the other hand, only requires action from the tenant.
4. Tenant screening
Tenant screening takes up a significant portion of time. It's also important to know how to accurately read the information on credit reports, background checks, and other screening information. Instead of dealing with it yourself, third party services can handle the checks for you and give you accurate feedback to help you choose the best tenants. You want to get the full tenant picture so you don't experience heavy tenant turnover.
Even if you're a DIY master, it's useful to have contractors on hand for plumbing, electrical work and general contracting. You won't have to drop what you're doing to run out to a property for a repair emergency. Instead, you call up your contractor and send them to the property to handle the issue. Contractors are also likely to know the local building regulations by heart. You can hire contractors for general maintenance check ups to head off problems before they become major issues.
Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More
Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More
Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More
When it comes to being a landlord, one should know that it is not for the unprepared individual. This should be clear that being a landlord does not simply mean that you will be taking the rent and... More
Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More
If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More
Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More
Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More
If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More