Property management is more than just a job, it’s a trade. So many factors can affect a landlord’s success in property management. Outsourcing jobs and using the right tools will allow you to optimize your profits and manage your time according to your wants and needs. These are some of the most advanced landlord property management techniques that can help any landlord step up to the property management plate.
As a landlord, your time is valuable. This goes without saying, especially due to the fact that landlords deal in high valued assets, with high margins. Knowing this, some jobs included in your workflow could potentially be outsourced for less. Consider this example. You may have 5 prospective properties that you are thinking of purchasing, but you also have 5 vacancies that you need to fill. You could hire someone to market your properties and work on the digital and/or physical aspect of placing a person in those properties while you optimize your time by seeking cash flow from the units ahead. This is one of the number one problems that withhold a landlord’s potential. Rather than spending their time being a landlord, they use their time trying to accomplish something that they could be outsourcing for cheaper.
One landlord property management technique that are often overlooked are virtual assistants. Always on the phone? Have so many prospects calling that you just don’t have the time? This is a good problem to have! Although you may see it as a problem now, there may be someone a few states over or overseas who has the time that you don’t. Zirtual.com is a website that has many US based virtual assistants looking to help people like you and is a great place to start looking. Virtual assistants can be easily trained to answer your phone calls, schedule tours with potential tenants, and even forward personal calls to your direct line. With a virtual assistant, you can stop worrying about phone calls eating up your precious time while you are off hunting down the next property deal!
Not worried about your phone? Maybe you need help accomplishing simple tasks in your workflow. Well, an actual assistant is a great way to outsource for you! You you might even hire an assistant who will fulfill the same tasks as a virtual assistant and more! Have an assistant schedule and tour the property for you! Need to set up signs on busy roads for advertising purposes? Your assistant can do this for you! Although it is safe to say that real assistants cost more, they have the potential to provide even more value to your business.
It would be wrong to limit helpful landlord property management techniques to outsourcing because there is so much more! To further advance your skills and grow your business, use online tools! Online tools are a great landlord property management resource mainly due to the versatility they bring to the user. Use Zillow’s Zestimates to help you evaluate housing prices and determine rental rates. Use BiggerPockets investment calculators to evaluate your deals and make sure you are making a great buy. By just using a few online tools, a landlord can decrease their time wasted evaluating bad properties and focus on the good opportunities.
Online Property Management Software
As a landlord, you are sometimes thrown into situations that are out of the norm. Maintenance, tenant emergencies, plumbing and electrical problems and that’s just the tip of the iceberg! Online property management software intends to expedite these processes. By allowing landlords like you to put all of their information on the cloud, property management software lets you keep everything in one place (some of the features included in property management software can be found here). Tenants can even pay their rent online, making things a whole lot easier. Lots of property management software exists, but only one is dedicated to simplifying rent and appealing to the users’ needs. Rentpost.com is continually evolving around property managers and landlords who exist on the platform already, join the movement and get online!
There are so many things that landlords could be doing that can optimize their time and profits. Outsourcing tasks, and using online tools are two great resources that landlords are tapping into to optimize their business. These things have unlocked the door to astronomical success in rental real estate for so many people who have chosen to expand their business. The only question is will you?