How can you earn money with rental properties while working as little as possible?
If you’ve been a landlord for long, you know it’s not all sunshine and roses. There’s a lot of work involved, from collecting overdue payments to handling maintenance requests. It can easily end up consuming all of your time.
Fortunately, there are easier ways to handle rental property management. In fact, you can even become a truly hands-free landlord. Keep reading to find out how.
Rely on Efficient, Repeatable Processes
In every industry, coming up with the simplest repeatable processes possible and then applying them consistently is essential for improving efficiency. So it’s no surprise that this is one of the best tips for landlords as well.
The idea is to organize your efforts by having a predefined, repeatable system for every recurring task.
Whether you’re taking and responding to maintenance requests, reviewing applications, or doing inspections, your processes should be the same each time.
Use Digital Solutions
Digitizing your business is one of the easiest and best ways to streamline your job as a landlord. This basically means moving as many of your processes as possible online.
Vetting new tenants, receiving feedback, researching landlord-tenant law, and accepting payments can all be done online. This removes the need to deal with excessive amounts of paperwork or travel to various locations throughout the day.
Hire Employees and Contractors
The only way to have a real hands-free landlord experience is to get others to work for you. Even though most things can be done online and much of your work can be automated, there will always be things to be done in person.
Property maintenance is an obvious example of something that has to be done on-site. To avoid spending all your time on maintenance, you might consider hiring an employee or partnering with a local handyman to make sure the work gets done.
Partner With a Property Management Service
The single best way to invest in rental properties without getting bogged down in work is to use a property management service.
A property manager will do practically everything for you, from marketing unrented homes to performing maintenance to managing evictions.
By outsourcing all of your work to a property manager in this way, you get to enjoy passive income from your rental properties without the fuss. It’s the best solution for allowing you to live your best life as a landlord.
Get Started With Rental Property Management
With these rental property management tips, you now know how to manage rental houses hands-free. But to truly free yourself from the hassle of real estate management, you’re going to need a rental property management service.
If you’re a landlord with properties in the Nashville, Tennessee area, Home River Group in Nashville has you covered. Get in touch right away and let us take some of the load out of being a landlord.