• Get organized by creating a filing system and setting a schedule for the maintenance and automation of processes.
• Utilize property management software, accounting software, and online payment platforms to simplify processes.
• Enlist the help of professionals such as real estate attorneys and management companies.
• Leverage online resources to stay informed and get advice from other experienced landlords.
Owning rental property can be a great way to invest money and build wealth. But, if you already have a day job, managing your rental properties can often feel impossible. It can all become overwhelming, from juggling tenant issues to finding reliable contractors. Thankfully, there are ways to juggle both without losing your mind or sacrificing quality in either area. Read on for tips on handling your rental properties when you have a day job.
Organization is the key to managing rental properties while keeping up with your day job. If you’re still thinking it’s still too hard, here are some ways to effectively get organized:
Put Together a Filing System
This will serve as the basis for your record-keeping. Separate folders for each property and document tenant issues, payments received, maintenance requests, etc. This system will help you stay updated on any tenant or property issues that arise quickly and easily.
Create a Calendar and Stick to It
A calendar is an excellent tool for staying on track with your rental business. Block out time for tenant requests, finding contractors, and other management tasks. If you stick to this schedule, staying on top of all your rental property needs is easier without stressing over them at the last minute.
Set a Schedule for Maintenance
Maintenance is an essential part of managing rental properties. So, create a schedule to help you stay on top of issues before they become major problems. Doing regular inspections can save you time and money in the long run. Plus, it will give your tenants peace of mind that their property is well-maintained.
Automate Your Processes
Technology has made it easier to manage rental properties while still having a job. You can automate many tasks you would normally do manually, such as collecting payments and sending notices to tenants. Automation also makes it easy to stay on top of any changes in the market or laws that could affect your business. You can use the following tools:
Utilize Property Management Software
Property management software can help you streamline many tasks associated with managing rental properties. It can keep track of tenant information, payments, maintenance requests, and more. It also allows you to communicate with tenants quickly and easily.
Take Advantage of Accounting Software
Accounting software makes it easy to keep track of your rental income and expenses. You can use it to track your business’s rental payments, taxes, and other financial aspects. It can also help you prepare financial statements to give you a better understanding of your rental business.
Online Payment Platforms
One of the easiest ways to manage rental properties while working is to use online payment platforms. They make collecting rent easy and convenient, as tenants can pay directly into your bank account. This eliminates the need for you to collect payments each month manually. This also allows you to keep better track of payments to ensure tenants stay current.
Enlist the Help of an Expert
Don’t be afraid to hire professionals. They are professionals for a reason—they know what they are doing. Here are some of the professionals that help you navigate the busy world of managing rental properties:
Real Estate Attorney
Legal documents such as leases, tenant rights, and regulations can be complicated. A real estate attorney can help you navigate these waters and ensure your documents are in order. Having a lawyer on retainer can help save you from potential legal issues and costly mistakes.
Real Estate Management Company
An experienced real estate management company can help you manage your rental properties without being on-site. They can handle tenant issues, maintenance requests, and more. Plus, they have the expertise to help you maximize your rental income and lower expenses by leveraging their knowledge of the market.
Utilize Online Resources
There are numerous online resources available to help landlords manage their rental properties. From blogs with current information on tenant laws to forums for discussing property management issues, these websites can be a great way to stay informed and get advice from other experienced landlords.
If you’re managing rental
Real Estate Broker
A real estate broker can help you find tenants, manage property listings and market your rental properties. They have a deep understanding of the rental market, which will give you an advantage when finding the right tenants and getting top dollar for your rental properties.
A rental property is a great way to invest money and build wealth. But it can quickly become overwhelming if you don’t have the proper tools and strategies in place. Utilizing these tips allows you to manage your rental properties while still having a day job without skipping a beat.