How To Be A Great Landlord, Without It Taking Up All Of Your Time

Renting out a property can be a great way to make some additional income, helping you grow your future with a sound investment. But the dream of being a landlord can quickly turn into a second job if you’re not careful. Many landlords have existing work and responsibilities, which can make it difficult to be responsive and responsible, while protecting your own time and sanity.

Does being a good landlord have to take up all of your time? Absolutely not! Learn how to save time and streamline your landlord duties to provide the best outcomes for you and your tenants.

Being a good landlord starts with finding good tenants, which may feel easier said than done. You should start with a thorough screening process that checks their background, requests references, and so on. You could arrange a meeting with any prospective tenants that can help you find out a little more about them, helping you build a good relationship from the beginning.

If you’re struggling to find the time to source tenants, you could work with an agency or a friend to help you out. You could also consider asking friends, family and colleagues if they know anyone in need of a place, making it a little easier to find a trusted tenant. Good tenants will bring you fewer problems, so it’s worth investing your time at the beginning of this process to ensure the best outcome.

Once you’ve found your tenants, it’s time to put an airtight tenancy agreement in place. This will help set out where both parties stand, and help prevent disputes before they happen. Your rental agreement should include clauses related to repairs, communication and notice periods, making it clear what your expectations are for your tenants, and what you’ll offer as a landlord.

Make sure you get your rental agreement checked by a lawyer or someone knowledgeable to ensure your agreement is solid. Again, putting the work in upfront can help you save a lot of time down the line.

Using a property management tool can be an excellent way to save time while keeping up to date with your landlord responsibilities. TurboTenant is an effective property management solution that can take care of everything from marketing your property to rent collection, with all kinds of useful features. Using a property management tool can help you keep on top of things, and it will be especially useful if you decide to rent additional properties in the future.

As a landlord, maintenance is one of your most important responsibilities. Not only does it help prevent problems for your tenants, but it can help you preserve your property and protect your investment. Creating a maintenance schedule is a good place to start with every new tenant that comes in, helping you avoid emergencies and being able to check from time to time that your property is in good shape. Building a network of trusted tradespeople can also help make maintenance easier, especially if you have to deal with emergencies.

While maintenance is important, it can also be costly. Maintenance is one of the biggest financial responsibilities that come with being a landlord, so be sure to budget for repairs and maintenance to ensure you’re covered.

A needy tenant can spell disaster for you as a landlord, consuming too much of your time and energy. Establishing clear communication channels from the outset can help ensure you’re contacted in a way that fits your needs, as well as your tenants. Using email or messaging apps can be a good way to avoid being on-call 24/7, allowing you to respond promptly without being dragged into long conversations. To set clear boundaries, consider setting some ‘office hours’ with a procedure for emergency calls.

Maintaining records is another important part of being a landlord. Keeping digital records helps make things easier, ensuring you can find what you need, when you need it. From rent payments to legal documents, keeping your records stored safely in the cloud can give you peace of mind, and be useful if you’re dealing with a dispute or filing your taxes.

As mentioned above, a property management tool can be a useful way to keep all of your records together, or you can find your own storage system that is easy to access and can be easily shared with others are needed.

Being a landlord can take up a lot of your time, so if you find it’s becoming too much, consider outsourcing some of your responsibilities. You can outsource tenant relations, maintenance, rent collection - almost anything that comes with being a landlord. While this will come at a cost, it could be money well spent if it saves you time and stress.

Research property management companies to help you understand a little more about what they can offer and whether they can help take on some of your landlord responsibilities.

Finally, being a good landlord means keeping up to date with your legal obligations. You can find this information by checking out real estate and landlord publications, or by joining a landlord association to ensure you receive regular updates.

For important safety and compliance checks, consider using checklists and calendars to plan when things need to be completed. This forward planning can save you a lot of stress and time in the long run, while ensuring you do what’s right for your tenants and your property.

Renting out your property can be a fantastic way to boost your income and help you grow your real estate portfolio, but as any first-time landlord knows, it can be a lot of work! Finding ways to save time and energy will help you become a reliable, responsible landlord, helping to make your investment a success.