Real estate is one of the best asset classes available. There are countless benefits, from appreciation to tenants paying down your debt. And don't forget the favorable tax benefits.
The only problem with real estate is that it isn't as passive as other asset classes. While the opportunity for larger returns exists, the fact is managing properties takes time and energy.
Buying a house and preparing it for rent is a huge process in and of itself. But after that, landlords also need to get landlord insurance, market their property, sift through tenants' applications, screen tenants, and chase down monthly rent checks.
This is why many new landlords are losing all of their weekends and free time. Their investments are becoming jobs.
Wondering how exactly landlords are wasting their time, and how they can solve this problem? Keep reading below to find out now.
Tenant Screening Process
One of the most important things you can do as a landlord chooses the right tenant for your property. But that requires a lengthy application and screening process.
Sometimes you'll need to sift through dozens, if not hundreds of potential tenants in order to find the right don't. For an inexperienced landlord without systems and processes in place, this can take a lot of time.
Landlords Requiring Paper Checks
As a landlord, your favorite day is the first of the month. This is when rent is due.
Smart landlords make the rent payment process as easy as possible for tenants. But old fashioned landlords still require physical checks from their tenants.
It's true that accepting a check is free, while digital payments and debit cards often result in transaction fees. But requiring manual payments from tenants means they are less likely to pay on time.
This means that to save a few dollars, you're going to have to spend time calling, texting, writing letters, and visiting your tenants in person to try and track down your rent payment.
Have tenants pay through their online bank. Or use a software program to collect rent digitally, where tenants can schedule an automatic monthly payment with ease.
Repairs and Upkeep
One of the biggest time wasters for landlords is property maintenance. The house will experience regular wear and tear, resulting in the need for regular repairs on plumbing fixtures, appliances, and the HVAC system.
Along with that, the lawn needs to be mowed and weeds need to be pulled. Some of this can be the tenant's responsibility, but certain tasks will be left for the landlord to handle.
The easiest way to waste your weekend is to handle all of these tasks yourself, rather than hire them out.
Save Time With a Nashville Property Management Company
Looking for an easier way to manage your Nashville real estate, so you can actually enjoy your weekends rather than work them away? Then it's time to outsource your property management to professionals.
All of these tasks, along with the others not mentioned, can be handled by a property manager with ease. Not only will it save landlords time, but each task will be completed professionally.
Hiring property managers can save money long-term as well as lead to happier tenants who stay put longer.
Contact Home River Group today for all your property management needs.