Around 11,000 landlords exist in the U.S., but most have a similar goal: to become a hands-free landlord.
Some landlords enjoy handling some duties required for their properties. But handling every task is cumbersome! After all, it's hard to be a hands-free landlord if you do everything.
With the right decisions, you can step back from management duties. First, though, you'll need to hire a property management firm.
Keep reading to learn why you need a property manager and other tips to help you achieve your goal.
Automate the Procedures
Simplifying the way you do things is an effective way to minimize your duties. You can achieve this through automated procedures.
For example, set up a tenant portal. A tenant portal allows your tenants to:
- Make rent payments
- Schedule automatic rent payments
- Request services
- Notify you of changes, problems, or concerns
Using an automated system reduces the number of phone calls you receive. It also minimizes other duties you might normally handle, such as picking up rent payments from your tenants.
Learning how to be a landlord takes experience and time, but you can also learn by reading a property manager guide. These guides explain the benefits of tenant portals in more depth.
Hire a Property Management Firm
Secondly, being a hands-free landlord requires hiring someone to help you manage your properties. Landlords hire property management firms for this purpose.
A property management firm can perform every task your properties need. This includes tenant screenings, repairing things, and collecting rent payments.
You'll reap benefits from hiring this out. The primary benefit is that it allows you to be a passive business owner.
Secondly, property managers can help you achieve financial freedom faster. They keep units occupied, collect more rent, and focus on excellent property maintenance.
You'll likely become financially free sooner with the company's help, even after paying their fees.
Additionally, you won't deal with the day-to-day duties that landlords have. As a result, your stress level will drop. You'll also have a lot more time on your hands.
Stay in Touch With Tenants
As a hands-free landlord, you won't have the work you used to have. However, keeping in touch with your tenants is helpful.
So if you hire a property management firm, tell your tenants. You can tell them personally or write a letter. Let them know they can still contact you but that the property managers will take over all the normal duties.
Keeping your tenants happy is vital. Happy tenants pay their rent and cause fewer problems. Thus, stay in touch with them and hire a property management firm with an excellent reputation.
Learn More About Property Management Services
Being a hands-free landlord gives you more freedom and reduces your stress. So consider hiring a property management firm to help you run your business. It will be worth it.
Contact us at HomeRiver Group if you own rental properties in Spokane, WA. We offer property management services for all types of rental properties.
