Do you know what your most valuable resource is? Value is an assessment of what is scarce. So, your most valuable resource is your time because it’s limited, and you can never get it back once you’ve spent it. When it comes to managing a property, or any business, being efficient and effective with your time makes the most difference in getting the best return on investment. So, what you do with your limited hours in a day can positively or negatively affect your profit. The following time-saving tips can save you countless hours and headaches if done properly.
If you’re a landlord, you know that how you choose to spend your most valuable resource, time, can help you run your property efficiently with a profit.
Keep reading to learn some time-saving tips that will help you run a profitable property.
Time-Saving Tips For Landlords:
Use Standardized Forms
By using standardized forms, you are assured that everyone, including landlords, property managers, and tenants, is answering the same questions. This way of doing business reduces the chances of missing important information and eliminates the required time to track down what’s missing.
Standardized forms enable data entry to be easier for anyone responsible for entering information into a computer. Information is listed similarly, in the same order, which means it takes less time to read a form and enter the information contained on it.
Standardized forms can also benefit the tenant. They are less confused because the property management team is more assured. Tenants can be worked within a standardized way, which eliminates the chance of mistakes. Fewer management mistakes are always a good thing for tenants.
Automate Rent Collection
Another time-saving tip for landlords is to automate their rent collection. If you’re not already using online payments to collect rent, it’s time to start. Online rent collection, like PayRent, makes some things more manageable:
- It stops landlords from wondering if a check got lost in the mail if it doesn’t arrive on its due date.
- In addition, it allows landlords to send out rent reminders quickly. One or multiple reminders are set automatically to go to tenants as you want to be specified. For example, send a reminder two weeks before rent is due, one week before rent is due, three days before, one day earlier, etc.
- It is more attractive to younger professionals who, honestly, may have never written a check in their life. If they can use their phone, go to an app, and pay, they will be satisfied and happy.
*NOTE—There are fees attached to online rental apps, which can deter some landlords. If you feel this way, keep in mind—how much time and money do you spend finding lost checks, returned checks, and chasing down tenants? The fees for online rental payments may be as much as or even less than what you’re spending by collecting rent using the “old school” method.
Invest in Quality Furnishings and Appliances
There are two reasons to invest in quality furnishings and appliances—
- Attract higher quality tenants. A higher rate of a tenant can offer stability, on-time rent payment, and long-term staying power.
By providing quality furnishings and appliances, you are attracting this tenant. High-quality tenants know their worth and will bypass your property if they believe that you, the landlord, don’t respect them enough to have high excellent functioning appliances and up-to-date décor.
- Investing in high-quality furnishings and appliances can help a landlord save on maintenance costs.
Vet Your Tenants Properly
Properly vetting your tenants can save a lot of time and headaches later.
I know that sometimes the thought of having that next month’s rent can be a pull, but going for the rent in the short term can lead to more bad stuff to deal with down the line. For example, a poorly vetted tenant can eat up your time, energy, and money.
When vetting for a good tenant who will provide stability and long-term staying power, consider the following:
- No history of past evictions
- No past criminal convictions
- A good credit report (you need your prospective tenant’s permission to check this)
- A stable and predictable income
- Shows good communication skills
- The prospective tenant gives you a good feeling the first time you meet them, i.e., a good impression.
- A strong rental history
*NOTE—The Federal Fair Housing Act specifies that landlords must treat prospective renters equally, without bias. You cannot discriminate based on: race or skin color, religious beliefs, national origin or ethnicity, gender, familial status (children or no children), or disabilities.
If you have any questions about the law in your state, be sure to reach out to an attorney.
A Final Thought
Time is money. Spend your time wisely at the beginning of every process and every transaction. Set your business up to mitigate mistakes, so you don’t spend your time fixing them. Nothing will ever cost you more in your business and reduce your profit margin, like using your time to correct mistakes.
Consider including these time-saving tips to support you and your tenants so you all win and your property produces the profit that satisfies you and your lifestyle.
SIGN-UP FOR PAYRENT
- Control when and how renters pay you
- Automatically remind tenants when rent is due
- Accept bank transfers and credit cards
