Working as a landlord can be difficult. You might find that the demands on your time are innumerable and that you often end up working long hours to satisfy your tenants and ensure that your investments remain profitable.
Let’s take a look at a few of the ways in which you might cut down your working time, without compromising on profitability.
Leverage Property Management Software
The most obvious wins can be found in the world of technology. Through the right digital tools, you can automate many of the tasks that might end up consuming your time. These tasks might include things like getting someone to visit a given property and inspect the boiler.
To do this effectively, you’ll need to not only issue the instruction, but advise the tenant, dispense payment, and collect feedback on the process. An automated calendar system that does all of these things can be enormously helpful, particularly if you’re looking after dozens, or even hundreds, of properties.
In the modern age, AI-based tools represent a promising new standard and as such, an increasing number of platforms are becoming based around this technology. They help you to streamline your workload, with a minimal learning curve.
Delegate Responsibilities to Professionals
You might also pay an agency to look after your properties on your behalf. This will eat into your profits, but the reduction in costs might ultimately be worth it. A good agency will be able to take care of things like property maintenance for you, and screen tenants before they move in. Enlisting the help of a reputable estate agent can also be vital.
By delegating in this way, you can focus on your areas of core competency. Put simply, you’ll spend more time worrying about your broader strategy, and less time worrying about day-to-day operations.
Implement Efficient Communication Channels
It’s vital that you know exactly what your tenants are thinking and feeling. If there’s a problem, you’ll want to be made aware of it quickly. In some cases, an agency will be there to intervene, perhaps without you even knowing about it. Having clear and direct lines of communication, perhaps through contact email addresses and special online services for feedback, can make you aware of broader trends, and areas where your agency isn’t providing the required level of service.
By communicating with tenants, you can address concerns early, and safeguard your reputation. This will help you to attract new tenants in the future, and stay on the right side of regulations.
Stay Updated with Legal and Regulatory Changes
Landlords must work in an ever-changing, complex regulatory environment. Staying on the right side of the rules means learning what those rules are. Make sure that you pay attention to industry-specific publications, and that you have a good solicitor available to provide advice, and to protect you when things go wrong.
