Top 7 Time Wasters When Managing a Rental Property
Many tasks, from tenant interactions to maintenance issues, to management tasks can drain your time if not managed properly. Here’s a breakdown of the top seven time wasters when managing a rental property and how to mitigate them.
Inefficient Tenant Screening Process
Tenant screening is vital. However, it can become a significant time sink if not done efficiently.
Solution: Use online tools to automate parts of the screening process, such as credit checks and rental history verification. Pre-screen potential tenants with a set of questions before they submit a formal application. This approach saves time by filtering out unsuitable candidates early in the process.
Frequent and Unnecessary Communication with Tenants
While maintaining open communication with tenants is essential, over-communication or unnecessary interactions can waste significant time. Tenants might frequently contact you with minor issues or questions that could be addressed through other means.
Solution:
- Establish clear communication channels and protocols.
- Consider setting up an online portal where tenants can submit maintenance requests or find answers to common questions.
- Encourage tenants to use this portal instead of calling or emailing you directly for every minor issue.
Regularly scheduled check-ins or newsletters can also reduce the need for constant back-and-forth communication.
Tenant Communication Tips
1. Let Tenants Know You’re Available
The first step in establishing good landlord-tenant communication is letting your tenants know you’re available to talk to them whenever they need you. By showing your willingness to stay in touch, tenants will feel more comfortable reaching out in the future. Establishing open communication from the beginning will save you time and money in the long run, since tenants will be more likely to keep you in the loop if there’s ever a problem.
2. Minimize Maintenance Visits
Though you may think that sending a repair person for every single maintenance request will satisfy your tenants, the best option is to enable them to take care of some small fixes on their own. Tenants will be glad to avoid the hassle of scheduling a repair visit, and you’ll save money in the long run.
3. Respond Quickly to Repair Requests
Anytime your tenants make a repair request, it’s vital that you respond promptly and politely if you want to maintain good communication lines. As we mentioned in the last point, the tenants might be able to make some quick repairs on their own, but they’ll still appreciate hearing back from you quickly. Send a professional repair person for more serious repair requests and emergencies, like flooding.
4. Establish Trust
If your tenant’s not communicating, it may be because you haven’t established enough trust. Show that you’re a trustworthy landlord by doing what you’ll say you’ll do, checking in regularly, and being honest. Your tenants will feel more comfortable reaching out to you when they know you’ll follow through and keep your word.
5. Give Tenants a Heads-Up
No tenant likes it when a handyman or contractor shows up unannounced or on short notice. Make sure you always give your tenants plenty of notice when it comes to repair appointments, showings, or other events that require you or someone else to enter their home. Try to work around their schedule and give a friendly reminder on the day of the appointment. Your tenants will appreciate the respect you’ve given them, and show the same respect in return.
6. Be Honest
Competitive rental markets can make it tempting for landlords to gloss over some of the less-than-desirable details about a property, but it’s best to be honest with tenants from the first interaction. This means you need to disclose everything a tenant should know about the condition of the property or the included amenities. Exaggerating certain aspects of the property will only cause distrust down the road.
7. Spread Good News
When it comes to learning how to talk to tenants, you might be focused on how to deliver bad news or deal with stressful situations. But these conversations will be much easier if you take time to emphasize positive things that are happening to the property. If you’re investing in upgrades like new carpet or fresh paint, make sure all of your tenants hear the good news.
Procrastinating Maintenance and Repairs
Delaying maintenance and repairs can lead to more significant issues down the line, consuming more time and resources. Neglecting minor problems often makes them more severe and costly, requiring more time and effort to resolve.
Solution: Implement a proactive maintenance schedule with regular inspections and timely repairs. Utilizing a trusted network of contractors and repair services can also help expedite repairs.
Handling Rent Collection Manually
It collects rent manually, whether by check or cash, which is time-consuming and prone to errors. It involves keeping track of payments, following up on late fees, and manually entering data into your records.
Solution: Switch to an automated rent collection system. Many property management software solutions offer online rent payment options that automatically track payments, send reminders, and even apply late fees if necessary.
Not Using The Right Software
Managing a rental property without software can lead to much manual work, from tracking expenses to managing leases and handling maintenance requests. However, the relief that comes from using property management software can significantly reduce this burden, giving you more control over your property management.
Solution: Invest in property management software. These tools can automate many tasks that typically consume your time, such as lease management, accounting, and tenant communication. Software solutions often include features like automated reminders for lease renewals, financial reporting, and integrated communication channels.
Dealing with Problematic Tenants
Problematic tenants can drain your time with constant complaints, late payments, or breaches of the lease agreement. Addressing these issues takes time and can be stressful, mainly if the tenant needs to be more cooperative.
Solution: To minimize the chances of ending up with problematic tenants, start with a rigorous screening process (as mentioned earlier). If issues arise, handle them swiftly and per the lease agreement. Document all interactions and follow a clear process for dealing with disputes or late payments. If necessary, do not hesitate to initiate eviction proceedings; while unpleasant, this can sometimes be the quickest resolution to ongoing problems.
Failing to Delegate or Outsource Tasks
Many property owners try to manage every aspect of their rental property, from maintenance to tenant screening and bookkeeping. While this hands-on approach might save money upfront, it often results in burnout and wasted time on tasks that others could more efficiently handle. However, strategic delegation can empower you and make you feel more in control of your property management, reducing the feeling of being overwhelmed.
Solution: Delegate or outsource tasks that are time-consuming or outside your expertise. For example, consider hiring a property manager, outsourcing maintenance to a trusted contractor, or using an accountant for financial management. While these services come at a cost, they can free up your time for higher-level decision-making and reduce the stress of day-to-day management.
By recognizing and addressing these common time-wasters, you can streamline your processes and improve tenant satisfaction. This improvement in tenant satisfaction can bring a sense of accomplishment and fulfillment to your property management journey.
Rent Portland Homes Professionals manages hundreds of single-family homes, condos, townhomes and small plexes throughout the Portland Metro area and is widely considered a leading authority on property management marketing and landlord tenant maters.
Learn more about the property management services we offer by calling (503) 646-9664 or clicking here to connect with us online
