The phrase ‘time is of the essence’ rings true in every professional space, but it hits closer to home for landlords. In fact, time management problems lie at the heart of most of the mistakes a typical landlord makes.
Fact check! Not every landlord has the luxury of devoting their whole life to the profession. Some of them juggle jobs, while others just about manage to strike a respectable balance between personal and professional life. In the realm of property development, blessed are those who get to work, have fun and find quality time for their family. When you are a hardworking landlord who’s constantly pressed for time, the last thing you want is to make time-wasting mistakes that professional landlords always stay clear of.
Even the most trivial mistake a landlord makes in the process of getting their property ready for renting can jeopardise the whole deal. In this blog, property experts at Snippie explore the common time-management mistakes landlords are guilty of making. If you are a landlord, you’re expected to come away from this blog with improved time-management skills.
So the next time you’re getting your property ready, use these smart hacks instead of running yourself into the ground.
Running a proper background check on tenants
As a rule of thumb, a landlord should never settle for the second-best when it comes to picking their tenant. What’s remarkable is that every tenant looks picture-perfect on the paper. Well, most of them always do, right up until you run detailed research into their backgrounds. Sometimes they show poor credit record, at other times they can’t even find a guarantor. In the worst-case scenario, a few months down the road, you find out that the tenant is not taking proper care of your property.
“If only more landlords would realise the importance of spending some extra time carefully choosing the right tenant”.
Conducting a comprehensive background check on your potential tenant will help you avert nightmarish situations involving legal quagmire and overdue rent. As a rental property owner, it’s important that you get your priorities straight, and background profiling of potential tenants should figure high on the agenda.
Communicating with your potential tenants
Remember the last time you patiently bided your time before reaching out to a tenant. Imagine the hours and days spent in vain waiting for somebody to respond. As a rental property owner, you must be well aware of the communication problems that come between you and potential tenants. Instead of desperately waiting for the email or phone call from tenants, you should figure out an effective way to save your valuable time. Look them up through different communication channels. For instance, sending them a message on Whatsapp will let you see whether they have received your message.
If calling them on the phone doesn’t help, try texting them on the phone. Studies have reported that people from the younger generation are not particularly fond of speaking on phones. Find a mode of communication that tenants are comfortable with, be it email or texting. The idea is to go forward with the most convenient means of communication so that you don’t end up wasting your and tenant’s time.
Earmark a good amount for property repairs
Buying cheap property undoubtedly makes for a terrible long-term strategy. As they say, when you buy cheap, you run the risk of buying twice. Every respectable, profit-seeking landlord should look into means of investing well in their property. Remember, each investment you make is a long-term deal. Hence, you should ensure that you have put aside a good amount for repairs, if and when something arises. You may get away with buying some cheap materials, but you can’t invest in the cheapest furniture and expect it to have the durability of some high-end product.
“Do your homework, read reviews on products, and invest in the best materials”
The best part about investing in good materials, is that you will end up paying less for any kinds of repairs down the road. More importantly, with a world-class property in their hands, tenants will be compelled to take better care of the property.
Start identifying your daily tasks
Your whole life, in essence, is a combination of years, months, days and a lot of planned or random events that come in between. As a landlord, you can’t afford to be a passive reactor to things that take place along the way. Of course, you can never be in total control of everything that life throws at you, but you can always prepare yourself. When you are unorganised and your tasks are not prioritised, you drift through your months, days and hours without any sense of purpose.
“There’s nothing wrong about being busy but you should still prioritise your tasks”
When you don’t prioritise your daily tasks, you will feel like being in many places, and not getting anywhere in particular. You should start prioritising your everyday activities and start finding time for things that really matter. Don’t hesitate to spend time making plans about what you should and shouldn’t do on a day to day basis. Set up things to do on your schedule and go about completing the assigned tasks on time.
Learning about all the legal niceties
Keeping on top of developments in the legal world will help safeguard your property and tenants against any unforeseen complications. You could even be looking at some time behind bars if you fail to comply with the property law. Hence, as a landlord, if you want to avoid unfortunate penalty and judicial action, it’s imperative that you stay on top of the property laws. Well, you can become a proper law-abiding landlord by subscribing to ‘Landlord today’ and making a point of reading it on a regular basis. So, the next time you charge your tenant for something, you can do so without worrying about the legal ramifications.
“Finding an agent who is reliable and well versed in modern property laws”.
All this talk about remaining up to speed with legal stuff may make sense to the legal-savvy landlords, but what about those who don’t have the time or energy to get their hands dirty?
Well, those who want to spare themselves the legal quagmire will need to hire an agent to take care of legal matters. However, you should make sure that your agent is reliable and well-versed in modern property laws.
Collecting property rent on time
Different landlords have different ways of prioritising their daily activities. But we’d urge every one of them to make sure that they’re collecting rent from tenants on time. Of course, it may sound like an easy routine task, but it can eat up lots of your time, owing to late payments, bank visits and so on. The advances in digital technology have paved the way for an easier and more convenient rent collection. Every lapsed rent payment presents news hoops for landlords to jump through. While rent insurance entitles landlords to claim lapsed payments, it will involve a good deal of paperwork. For instance, if you are renting out your property to tenants who are not financially sound, you can do so with a guaranteed rent policy that will cover lapsed rent payments.
Take control of your schedule now!
Being a landlord is no easy job. It’s important that you are in total control of your day. You can start doing this by prioritising your tasks and organising the way you spend your time. The best part about knowing whether you are working on the right stuff is that you will know what needs to be done or removed from your schedule.
Remember, with a greater sense of purpose and clarity, you will be in a better position to attain your landlord goals.