If you invest in rental properties in Atlanta or around the country, then you understand the value of a dollar. Invested right, and your future may be nice and comfortable. Though no matter how often this is the goal, many investors waste too much time and it ends up costing them.
Once the rental property is purchased and ready to rent, many investors find themselves in the role of landlord - without the tools to make it cost-effective. Let’s take a look at a few key points that will help you manage your time better so you don’t waste it - or your money.
Quit Playing Phone Tag
While it may not be much, the way you handle your tenants’ needs and such can actually play a big part in how efficient you are as a landlord. Playing phone tag by leaving voice mails back and forth doesn’t accomplish anything.
Instead of wasting time, send an email or text. Many people tend to respond faster via these channels -- and, if they can’t get to it immediately, they know why you are reaching out and can respond appropriately when they have a minute. This avoids any great lags in communication and gets business taken care of.
Streamlining processes in any line of work is a smart move. So, of course, this would apply here, too. Landlords have a lot of responsibilities, from finding tenants and drawing up lease agreements to handling maintenance requests and collecting rent. It is not uncommon for a landlord to feel like he/she is all over the place while accomplishing very little. Phone calls, emails, texts -- many people need your attention, but there is only one you.
By automating some of these things, you will begin to free up your time. Invest in a software program that allows you to manage maintenance requests and schedule routine maintenance. Opt for monthly rent payments to be collected digitally, such as through an online platform or using services like PayPal or Venmo.
Do some research and find ways to keep things in order that fit your budget and needs. By doing so you will be able to spend more time investing and spend less time wasted.
Going Paperless with Technology
Gone are the days of storing boxes and boxes of documents, receipts, lease agreements, tenant applications, and so forth. There is no need for this as the technology is readily available for you to go paperless.
Let’s say, for example, that you know you paid for a refrigerator repair and it is having the same issue. At the time, you were told the part came with a warranty. You could spend time digging through filing cabinets or stacks of paper around your office just hoping you come across the receipt from the previous work. Or you can go to your computer, type the property name in the search bar and quickly see all documents that relate to that property - including the receipt you need.
Going paperless saves you time -- and frustration, too!
Hire a Property Manager
Hiring a property manager means turning over your landlord responsibilities to someone else. Thus, freeing your time to focus on what you do best - investing.
Property managers in Atlanta and around the country have managing properties down to a science. They know what needs to be done and the best way to do it. This not only will make you happy as a landlord but it will leave you with satisfied tenants, too. And you know what they say about happy tenants, right? They often become long-term tenants and reduce your vacancy rate.
Free up your time by finding the right tools.
Hire a property manager.
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out atwww.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, Bigger Pockets and REI CLub and LinkedIn.