How First-Time Landlords Can Make Their Jobs Easier

Although many aspiring rental property owners believe that being a landlord is a low-effort occupation, this is far from the truth. While some landlords regard the needs of their renters as an afterthought and refuse to lift a finger on the maintenance front, these individuals generally see low tenant retention rates and have trouble attracting new renters. That being the case, it’s in every new landlord’s best interest to start things off on the right foot. Even if you’re pressed for time or have other professional obligations, there are a number of ways you can manage your rental property effectively.

Work with an Experienced Property Manager 

Not all landlords regard managing their properties as a full-time job. It’s hardly unusual for a landlord to have a day job that’s completely removed from owning rental property. This is particularly true in the case of people who own small single-family properties, and frankly, having a separate day job is far more feasible if this is the type of property you own. On the flip side, if you own an apartment or condo complex that contains dozens – if not hundreds – of units, you’re liable to find holding down a separate job much harder – unless, of course, you enlist the services of a dedicated property manager.

As the title suggests, a property manager is someone who attends to any and all aspects of rental property management. From processing rental payments to addressing maintenance requests to mediating conflicts between tenants, an experienced residential property management company can act as the perfect proxy in your absence. Whether your property is big or small, hiring a professional property manager can bring many benefits to the table. 

Of course, this isn’t to say that you should leave everything in the hands of your property manager. Even if you’re not present day-to-day, you should still make a point of checking in on a regular basis and requesting to be consulted regarding large decisions.   

Hire Reliable Maintenance Personnel 

Addressing maintenance issues is a large part of any property owner’s job. When it comes to small single-family properties, landlords can often save money by performing maintenance-related tasks themselves. However, when dealing with large multi-family properties, there’s often no way around hiring dedicated maintenance personnel. Ideally, the maintenance professionals you recruit will be well-versed in a wide range of handyman-related disciplines, as this will help limit how often you need to seek outside assistance.

Having a full-time maintenance staff will also ensure that you’re well-equipped to tackle maintenance issues in an expedient fashion. The longer you allow maintenance problems to go unaddressed, the more serious and costly they’re likely to become. Furthermore, adopting an unresponsive approach to maintenance requests can result in low renter retention and potentially even land you on the receiving end of lawsuits. So, when it comes to property maintenance, remember that being proactive is key. 

Put Genuine Effort into Screening Rental Applicants 

While you may find the rental applicant screening process to be cumbersome and time-consuming, it also stands to make your job a lot easier in the long run. One of the biggest mistakes a landlord can make is failing to properly screen an applicant and getting stuck with a tenant who’s unable and/or unwilling to keep up with rent as a result. Simply going with your gut when deciding which renters to take on can create a multitude of headaches. For example, in some areas, evicting non-paying tenants can be an arduous and drawn-out process, and while this process is underway, you won’t be making any money from the unit.  

So, with each applicant’s permission, make a point of running credit and background checks. You should also request proof of income, as this will provide you with a good idea of how easily an applicant will be able to afford rent. If you don’t have the bandwidth to commit yourself to proper applicant screening, consider delegating this task to your property manager. By extension, make sure to utilize reliable rental registration software. 

While owning a rental property may be regarded as a way to earn passive income, some first-time landlords mistakenly take the “passive” part far too literally. In reality, managing a successful rental property requires a fair amount of time, effort and capital on the part of the landlord. Fortunately, there are a number of ways fledgling landlords can provide their tenants with the best possible living experience while making their own jobs easier.