You didn't get into being a landlord to waste away your precious weekend hours. You want to use all the time you have to earn as much as possible.
That's why you get a rental analysis to see if a property is worth your time and money. What it doesn't show is the maximum amount you can earn.
Delegating certain tasks will raise your profitability. Read on to learn five ways most Denver landlords are wasting their weekends.
1. Maintenance
Americans spend 34 minutes per day or 8.7 days per year cleaning their home. It's like a second job.
Maintaining a property can become a third if you do it alone. You're responsible for issues such as:
- Washing windows
- Minor repairs
- Landscaping
Outsource them and you'll have your weekends back. You'll save time and reduce your maintenance costs.
2. Tracking Finances
A rental analysis is only the beginning of your financial journey as an investor. You need to track all your earnings and expenses, especially at tax time. That requires a property accounting system.
Going through records can take up your entire weekend and doesn't guarantee accuracy. Outsource it to professionals for peace of mind.
3. Collecting Rent
Rent collection is one of the most important but draining parts of being a landlord. If you have multiple properties, going between them feels like being a hummingbird darting between flowers in search of nectar.
Automate the payment process to enjoy those two words many first-time investors seek: "passive income." You can sit back and watch it roll in instead of having to chase it.
4. Tenant Screening
The most important asset to your rental property can also be its most serious threat. A well-behaved tenant is an easy source of income. A problem tenant can lose you money due to unpaid rent, damage, or even illegal activity.
Distinguishing between the two means carefully screening every applicant. It's a necessary but complicated and time-consuming process that involves:
- Reading applications
- Checking references
- Running credit reports
- Performing criminal, rental, and employment histories
Outsourcing your tenant screening makes sure these necessary steps are taken without having them eat up your weekend. You'll also reduce vacancy rates, get more rental income, and avoid legal mishaps.
5. Tenant Requests and Disputes
Tenants may wait until the weekend to send in a repair request because they didn't have the time before. That means you also have to handle them during your free time.
Complaints between tenants such as noise disputes disturb the peace of your rental property. Arguments between landlords and tenants can lead to the even more serious issue of eviction.
What if they could become someone else's problem? That's what a property manager is for.
How to Earn More Than My Rental Analysis Predicted
A rental analysis tells you how much your property is worth, but not how much you can make from it.
Take your time back and you'll earn even more. This means outsourcing tasks such as maintenance, financial reporting, rent collection, and tenant screening and communication.
Laureate, Ltd. is a full-service property management company. We've been helping clients since 1982.
We tailor our service to each client and are dedicated to maximizing their returns while making the experience as stress-free and seamless as possible. Contact us to take back your valuable weekend time today.
