According to a real estate investment report, there are more than 10 million individual investor landlords across the United States. If you are a private landlord, you may face triumphs and challenges along the way. Being a landlord requires constant communication, patience, and attention to detail.
You must always be available to troubleshoot or show a property. And, dealing with the challenges of tenant relations is no easy task! But, a tenant’s income can make the hassle of ownership well worth the effort.
However, to grow your investment portfolio, you may need to increase efficiency. Read on to discover how to be a better property landlord and keep your rental checks coming.
Establish Communication Channels
One of the challenges around private landlord rentals is establishing communication channels and expectations between landlord and tenant. When an issue arises, it is your duty as a landlord to effectively solve those problems. But, open communication should be at the forefront of landlord and tenant relations.
Create an email template or print-out to share with tenants. The information disclosed should include contact information, emergency information, and even banking details. This eliminates the stress and inefficiency of looking for missing information.
As a property landlord, you have to keep units up-to-code, habitable, and safe. To be a more effective landlord, create or streamline a tenant safety plan. For example, set yearly reminders to renew insurance plans.
Research state housing codes and regulations to ensure the property is compliant. Having this safety plan eliminates any serious issues with your tenants.
Streamline Marketing Efforts
Do you own one or more private rentals? Part of being an efficient landlord is renting units with the least amount of time spent on the market. To rent units in the quickest time possible, streamline marketing efforts.
Tenants will have a load of questions when it comes to renting your property. Instead of wasting time measuring the floor plan or photographing the home’s interior, having this information at the ready can lead to increased efficiency. Consider creating a slide presentation or hiring a professional photographer.
Or, type out a fact sheet or quick overview of your property. While this may take effort and a small upfront investment, your return will be worth it.
Consider Property Management Assistance
Besides being a landlord, you may have another full-time job or other responsibilities. In this case, it can be hard to work efficiently and manage the daunting tasks of managing tenants. Consider hiring a property manager.
Property managers have real estate knowledge and tenant relations experience. They handle everything from scheduling maintenance calls to tenant payments. This can help you focus on other responsibilities and be more efficient.
A Private Landlord Needs a Plan to Be Effective
Managing tenants can be difficult. But, the reward of earning passive rental income is a great benefit. To be efficient and earn money on real estate investments, you need an action plan as a private landlord.
Remember that establishing communication channels and setting safety standards can help. But, if you’re still overwhelmed, a property manager can be beneficial.
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