Millions of independent landlords spend every waking moment worrying about their rental properties. They might have maintenance repairs to take care of and new prospective tenants to screen.
Managing your rental property can be stressful and time-consuming. There are steps that you can take to make sure that you can prioritize your day job and your family rather than landlord responsibilities. This is especially helpful if you have multiple properties to take care of.
Continue reading to learn how landlords can be hands-free in Vancouver, Washington.
Invest in Property Management
For a small percentage of your rental property income, you can hire someone else to handle all of your landlord responsibilities for you. A property manager is a hired individual or company that can oversee your properties and your tenants.
Full-service property management means that the property managers are equipped to handle everything from maintenance requests to rent collection to tenant screenings. They can handle advertising apartment vacancies and drafting tenant leases. The best part is that they can do all of this without having to bother you.
Be Transparent with Your Tenants
When you write your lease agreements, make sure you establish the expectations you have of your tenants.
Once they understand what you expect from them as their landlord, provide them with contact information for your property manager. If they know who to call during an emergency, you will be less likely to receive the dreaded 3 AM phone call alerting you of a burst pipe. Your property manager will be able to give you an update at a more convenient time.
Another option is to allow your tenants to acquire maintenance services on their own. Once the work is completed and paid for, they can send you an invoice allowing you to deduct the cost from their rent. This, however, might require a more familiar relationship with your tenants.
Digitalize Your Tenant Processes
Most of your prospective tenants are already leading busy lives. They likely prefer the simplicity of pushing a few buttons on their phone to apply for a tenancy, sign a lease, and even pay rent.
Another way to be more hands-free in your role as a landlord is to use the internet. There are tools available for landlords to renew tenant leases and run background checks online rather than waiting on snail mail or courier services.
Hands-Free Landlords Reap the Financial Rewards
Hands-free landlords, get ready to kick back and relax! Your property manager is going to have everything covered so that you don't have to.
You will still have a rental income without having to do much of the heavy lifting. You will also have some more free time to worry about more important things. You will notice that you have more time to focus on your family, your day job, and the hobbies that you never seem to have enough time for.
Contact Invest West Management today to inquire about our property management services in Vancouver, Washington. We'd be happy to help you achieve a hands-free landlord status.