There are between 10 and 11 million landlords in the United States. Some are accidental landlords; some have decided to make being a landlord their career. But the dream for most is to as hands-off as possible.
Being a landlord can be a great way to generate a passive income. Unfortunately, all too often, that turns out to be a pipe dream. Chasing rent, screening tenants, and maintaining the property can turn owning a rental into a full-time job.
Thankfully, there is a way to achieve your goal of being a hands-free landlord. Read on to find out how.
Be Organized
It's vital that you take an organized approach to running your homes for rent. Everything should be done according to a schedule. This includes having a regular maintenance checklist that includes:
- Gutter cleaning
- HVAC tune-ups
- Interior and exterior repainting
- Pest control
You also need to make sure that the rent is paid on time and chase the tenant if it is paid late. It's also wise to have a handyman on call in case anything goes wrong with your rental and you need an urgent repair.
Automate Regular Processes
Some processes, such as rent collection, can be automated. Banks have solutions for this now, and it makes life easier for you and your tenants.
You can also arrange contracts for regular maintenance with local HVAC and pest control companies. They will contact the tenant to arrange regular maintenance visits, meaning it's one less thing that you have to follow up on yourself.
Invest in a Home Warranty
A home warranty can simplify property management for landlords. You can purchase different levels of coverage. The most comprehensive cover everything from your plumbing and electrics to your garage door opener.
They will repair HVAC systems and even certain appliances, even if they are several years old. If they can't repair it, they will sometimes replace your appliance. Some policies even cover roofs.
Hire a Property Management Company
If all of the above still sounds like a lot of work, why not let property managers do the heavy lifting for you? They can take care of:
- Property marketing
- Tenant screening
- Rent collection
- Eviction proceedings
- Regular maintenance
- Emergency maintenance
Working with a property management company is the best way to simplify real estate investing. They will answer those calls in the middle of the night when the dishwasher has leaked at your rental. They'll liaise with the tenant on your behalf.
All you have to do is watch the rent payments flow into your account each month and pay for any necessary maintenance.
Be a Hands-Off Landlord with Home River
Property management can quickly become a full-time job if you're not careful. Whether you have one rental property or many, Home River Atlanta is here to help.
Our experienced property managers can handle every part of the process. They'll market your property and find great tenants. Then they'll keep them happy with regular communication and maintenance.
Contact us today to find out how we can help you achieve your dream of being a hands-off landlord!
