Managing properties as a real estate investor can feel like juggling flaming torches while riding a unicycle.
You might have seen online that you can make passive money in real estate with no money down and spend zero hours a week on it. There are entirely passive options, but managing rental properties typically isn’t one of them. Between tenant issues, maintenance, and administrative tasks, your time and money can disappear quickly.
The good news? There are simple, cost-effective strategies you can implement today to save time and money, thanks to our partners at RentRedi. Here’s a look at some of them.
Streamline Your Communications
Good communication is the cornerstone of tenant relations. But let’s face it: Answering calls and emails at all hours is exhausting.
Set boundaries and expectations upfront by outlining every concern in the lease. Putting things into writing, such as office hours for tenant inquiries and providing a frequently asked questions (FAQ) sheet at move-in, will eliminate confusion during the lease duration. This prevents tenants from calling you at 2 a.m. to ask how to reset the thermostat. Make sure to outline what warrants an “emergency” (water gushing into the unit from a water heater is an emergency) and what counts as routine maintenance (the door squeaking is not an emergency).
Create a Maintenance Cheat Sheet
Maintenance requests can be one of the biggest time drains. Save time (and potentially a service call) by leaving tenants with a troubleshooting guide for common issues, such as:
- Resetting tripped breakers
- Fixing a clogged drain
- Replacing smoke detector batteries
Providing tenants with this cheat sheet empowers them and reduces unnecessary calls. You can even take it a step further and use private YouTube videos to demonstrate everyday tasks that a tenant might need to perform. Some people are visual demonstration learners, and others like reading solutions to their issues.
The most advanced move is using RentRedi’s premium maintenance feature to help manage tenant requests, connect with vendors, and control costs while correctly completing your repairs.
Embrace Digital Document Storage
Stop digging through a file cabinet to find leases or inspection reports. Scan your important documents and store them in them directly in RentRedi. Each property should have a specific folder, and each tenant should have a folder inside these digital file cabinets. Bonus: You’ll never misplace another piece of paperwork again.
Perform Routine Inspections
Minor problems can quickly spiral into expensive disasters. Schedule regular property inspections to catch issues early. Your lease should outline when you will inspect (typically quarterly) for major underlying problems, and the tenant should agree to this in writing. Not only does this save money on major repairs, but it also reassures tenants that you’re proactive about maintaining the property.
Standardize Your Lease Agreement
A solid lease agreement can save you hours of headaches. Use a standardized lease template outlining tenant responsibilities, fees, and processes. This eliminates confusion and reduces disputes down the line.
Luckily, BiggerPockets has lease agreements reviewed by attorneys to use as a template for your next rental.
Screen Tenants Thoroughly
A bad tenant can cost you thousands of dollars and countless hours. Avoid this by conducting thorough tenant screening.
Check credit scores, verify employment, and call previous landlords to ensure you rent to responsible tenants. Checking the tenant’s previous rental history is crucial, as you may catch a made-up landlord occasionally or one of their friends as the reference. Cross-check the name of the landlord/manager with the public tax records of the person who owns the property.
Use Free Scheduling Tools
Scheduling showings and meetings can be a nightmare. Free tools like Calendly or Doodle make it easy for prospective tenants or contractors to book time with you without endless back-and-forth emails. You can also eliminate multiple showings for the unit by holding one massive open house on specific dates or combine showings with numerous tenants. Hence, you only have to open up the property once within a set time frame.
The Ultimate Solution: RentRedi
While these tips can save you time and money, there’s one tool that can revolutionize how you manage your properties: RentRedi, the all-in-one property management software designed to make landlords’ lives easier.
Here’s how RentRedi can help:
- Automated rent collection: Say goodbye to chasing late payments. RentRedi makes collecting rent seamless with automated reminders and online payments.
- Maintenance management: Tenants can submit maintenance requests directly through the app, complete with photos and descriptions, so you know exactly what’s wrong.
- Tenant screening: With built-in tenant screening, you can find reliable renters faster with less hassle.
- Expense tracking: Keep tabs on your expenses and income in one place, making tax time a breeze.
Investing in RentRedi isn’t just bright—it’s a game changer. With its affordable pricing and robust features, RentRedi pays for itself quickly and saves stress.
Final Thoughts
Managing properties doesn’t have to be chaotic. By implementing these simple strategies and investing in tools like RentRedi, you can focus on growing your portfolio instead of getting bogged down by the daily grind. Remember, the goal is to work smarter, not harder—RentRedi helps you do just that.
