Ways to Avoid Time-Wasting Activities for Landlords

Well, being a landlord is a good income job; but, time is money too. Whether you are a landlord or managing rental property for someone else, you need to understand the importance of efficiency. Moreover, you cannot just let any tenant waste your time. Being a landlord comes with a lot of responsibilities and accountabilities. With a lot in your hand, you cannot afford time wasters. Let's learn about some of the biggest time-wasters.

Mode of Payment:

The mode of payment is one of the biggest time-wasters. Also, getting rent on time is the most challenging task for a landlord. Whether you write this on a tenancy agreement or not, there will be issues on payment mode at the end of every month. The checks seem like a good idea, as the landlord can cash them out at his/her convenience. On the other hand, checks can get lost in the mail as well.

Moreover, bounced checks are also common; the landlord has to take multiple bank trips. Therefore, the wise idea is to get this communicated clearly. Ask your tenant to pay through the online banking system. This will save time and effort, and it is also easier to keep track of costs. Besides, online payments are more manageable, as you do not need to deal with the bouncing and delayed checks. In addition to this, some tenants are more comfortable with online payments and transactions.

Communication is the key:

As a landlord, you must keep everything transparent. Effective communication is extremely important for both tenants and landlords. However, most landlords do not understand the importance of communication; when the time comes, they do not have the proper record of the conversation. Email is too formal, and you cannot keep up with your tenant through email. However, phone calls are an inefficient method, as you cannot record a call every time. Text messages can work in certain situations, but there is no way to search or keep track of things.

First things first; Tenant communication is essential, especially for maintenance issues. A centralized communication platform helps in storing everything in one place and provides backup as well. Property management software is efficient, and it is an effective platform for communication between landlords and tenants. Find software that provides proper communication features and can schedule individuals or groups to the tenants automatically.

Keeping a list:

You must have answers to every question from the tenants. Keeping listings is the easiest way to keep track of everything. Variety of information is never a bad idea; it gives a good view of the property to the tenants, and they have the answers to the queries beforehand. Keeping the tenants aside, you should have a detailed list for your check as well. For example, you have the reason why hardwood and vinyl floors are more comfortable. Moreover, you can also write down the property inspections' date; this way, you will be reminded to catch up on the small problems; before they turn into a time-consuming project. Nevertheless, keeping a check of everything saves you from headaches in the long run.

Expenses:

Along with keeping track of rent and communication, expenses should be measured as well. As a landlord, you must have a proper view of rental yield and cash flow. Moreover, these records are beneficial in the long run, as they are the key to tax deductions. Recording and keeping a check of the expenses every month; can be challenging. Also, more people are involved with the costs; harder is the expense management.

With the advancement in technology and innovation, there are ways to encounter all these small issues. Using expense management software will help you in getting the updates in real-time. Besides, there will be no surprises with the software at the end of the month, as everything will be in your attention.

Technological advancement:

Technology is a blessing; with time, everything has become a lot easier. There are applications and software for almost everything. You can accomplish your task with just a couple of clicks. However, the variety of applications can waste a lot of time. The best way is to; explore the option and figure out what problems can be solved with the software. Besides, determine which one best fits your needs.

Organization and time-management:

Whether you are a landlord or a tenant, you should be efficient with scheduling and organization. You can save a lot of your time; if you are efficient with time management. The priority work must be well-defined, and the day-to-day task must be planned before the time. Make a schedule for the day, and prioritize the tasks. Without proper scheduling, things can slip from your mind, causing issues afterward.

In a nutshell:

You need to identify the problems that are wasting your time. Also, come up with solutions that can save your time. Unnecessary paperwork and issues; hide the stuff that needs real-time attention. Cutting down time-wasting activities and help you gain control and relieve stress.

If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.

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