Being a landlord can be a daunting task if you are on your own. Throughout the country, individual investors own more than 71% of rental properties.
For landlords, this means that they may get stuck managing the property by themselves.
If you are a landlord, you may be wasting your weekend without even knowing it. Read on to find out some of the biggest things that can take up your weekend.
Collecting Rent Payments
One of the top things renters are worried about is making sure that the rent keeps coming in. This allows landlords to keep their lights on and to continue making income off of their properties.
However, depending on what type of tenants you have, actually collecting rent payments can be a real hassle. You can have tenants that avoid you at all costs until they have no choice but to give you their rent payment. Then, you could have others that simply do not have the rent, and then you have to spend a lot more time trying to evict them.
If you have a property management company by your side, you could spare yourself from this daunting task and have this company be responsible for rent collection.
If you are running a real estate property by yourself, you may end up spending a lot of time making minor repairs. You may start to treat it like your own home and keep up with routine maintenance yourself to try to save money.
Considering that the average homeowner spends 90 minutes per day on household tasks, this can add up quickly.
What can you do? You can outsource this to a property management company that has contacts in the maintenance repair industry. You can leave these repairs up to them and not have your tenants call you for every little repair that their apartment may need.
Finally, when you are on your own, you may spend more time making sure that every room in your rental property is filled. That means finding tenants to take your vacant rooms and screening them to make sure that they are a good fit.
As a result, you could spend your weekends conducting background checks, performing interviews, running a credit report, checking employee history, and more. Have property management services spare you from these tasks that go into this.
Avoid These Weekend Tasks for Landlords
Do you want to get your weekends back? Then realize that landlords do not have to conduct these tasks themselves.
Admittedly, things like tenant screening, keeping up with repairs, and collecting rent are all important if a rental property is going to thrive.
However, your time and health are also important. That is why you should consider taking some of the weight off of your shoulders and hiring a property management company.
Are you a landlord in the Vancouver, WA area? Reach out to Invest West Management today for your questions.