Prior to purchasing your first rental property, you likely heard from well-meaning friends and relatives how difficult owning investment property can be. (This could have been the case, regardless of whether or not they have ever actually owned and managed rental units).
The reality is that, being a landlord does have some challenges – and it can definitely be a lot of work. There are items that will undoubtedly need repair and / or replacement, and tenants may not always pay their rent on time.
But, regardless of all the time you may spend managing and maintaining your units, owning investment property can also allow you to reap some great rewards. And oftentimes, these rewards can be attained much easier by following some simple tips on how to be a successful landlord.
Keeping the Property in Tip Top Shape
“I can hardly wait to fix a leaky toilet in the middle of the night!”, said no landlord, ever. But if you own rental property, you are bound to get this type of call. And, the more properties you own, the more likely it is that these calls will come in more frequently.
In this case, it is important to know when to outsource. For instance, have the name and number of a handyman and / or other similar professionals ready – and don’t be afraid to use it. Granted, you may save a few dollars by doing the work yourself, but when you consider the amount of time – and frustration – that you can save by having repairs done right, it can be well worth it.
Set Up Smart Rent Collection Systems
Worrying and wondering when – or if – you will receive the rent money from your tenants can be frustrating, too. So, in order to ease your concerns, there are ways to help ensure that you’ll receive the rent – on time – every month.
For example, consider setting up an ACH (automated clearing house) or other electronic pay system for the collection of your rent, such as having the funds automatically drafted from the tenant’s bank account.
The Whole Package
If you want to reap the benefits of owning rental property, but you just simply don’t have time or the desire to do all of the work yourself, you could consider hiring a property manager to take over the land lording responsibilities.
Although there is a fee for the property manager’s services, this can also be well worth it if going this route frees up your time to focus on other things. For more information on hiring an experienced property manager in the Orlando and surrounding area, Contact Us.