Outsource Your Rental Property Management
Owning and managing a rental property can be a rewarding experience. Being able to be your own boss and making the decisions on rent, upgrades, and even landscaping can be satisfying. However, there are some aspects of being a landlord that can spark the opposite of joy. Identifying these areas and the option to outsource some of these can help to alleviate the stress can help to spark more joy.
Are You Ready to Outsource?
When you run a rental property, there are several responsibilities that can make it seem as if the time spent isn’t worth your personal investment. Heck, you might not even have the parts or equipment to complete the tasks. Marie Kondo suggests asking yourself the following questions to see if outsourcing is right for you.
- How many hours would those tasks take you to complete? Keep in mind, it will take you longer than an expert.
- What is the cost of special tools, equipment, or materials for those tasks?
- What is the going rate for someone to complete those tasks?
Once you are able to answer these questions, it may be time to look at what tasks you might outsource.
Finding Tenants
While your rental property may currently be occupied, that most likely won’t be the situation forever. This is where outsourcing can be such a benefit. Finding tenants can be one of the most time-consuming aspects of owning a rental property. However, with the widespread use of online options, such as Craigslist, Trulia, Facebook, and Zillow it is easier than you may imagine to share your available rental.
But if it is so easy to advertise, why look to outsource? Easy. Time. Your time is valuable and posting, responding, then pre-screening potential tenants. It all adds up. Property managers can perform background checks, speak with the tenants, and save landlords time and money.
Showing and Screening Tenants
You want tenants to be interested in calling your rental home their home. This is especially true if it is vacant, as a vacant property means you’re losing money. However, if you do not live near your rental property or showing it just does not fit into your schedule, you can also outsource the showing and screening of tenants.
Video tours are a great option currently, as are lock-box showings for pre-screened tenants. These types of showings are great, as they help to give prospective tenants the ability to view your rental property, with the hopes that they will fill out an application. Even the application can be completed online, saving trees and time!
Managing Maintenance
Here in Colorado, the extreme weather conditions can equate with higher rates, both incident and cost-wise. You may have the skills and equipment, but do you have the time or desire to make the repairs yourself? Compiling a team of excellent and dependable subcontractors is an essential part of property management. You might be tempted to go with the lowest price, however, be careful, as you may pay for any mistakes or corners cut later down the line.
In addition to maintenance tasks, you can also look into outsourcing housekeeping services if you own more than a few rental properties or manage a multi-dwelling rental property. This service comes in especially well during tenant turnover. Keeping and showing your property in good shape can help to increase the odds that your tenants will stay with you long-term.
Handling Finances
We all know that operating a rental property is not a get-rich-quick plan. It takes time, devotion, and proper handling of finances. While you may excel in certain areas of property management, your strength may not lie in finances. That is perfectly fine too. There are professionals who are skilled in the financial aspects of operating a rental property.
Hiring a bookkeeper, even if it is just on a part-time basis, can help when it comes to collecting and processing payments from your tenants. Some of the more popular methods of rent payment collection include drop boxes for larger apartment complexes, mailing payments to a PO Box or physical address, and even online payments. So many options, and most bookkeepers can help to manage this part of rental property management.
Conclusion
As you can see, there are several tasks that are associated with operating your rental property. You may actually enjoy some aspects, while others leave you drained of all joy. Weighing these costs and benefits can help you to be on your way to a more enjoyable lifestyle. Consulting a property management company, such as the professionals at The Property Manager can help you on that journey.
References
How To Outsource As An Independent Or Long-Distance Landlord
The ultimate guide to outsourcing your rental business
Understanding the importance of outsourcing: Here are the tasks you should hire out
