As the age-old adage says, time is money. Handling all the work that comes with a rental property can seem impossible while also managing other business ventures full-time. Since there isn’t an eighth day in the week to get everything done, having an efficient approach to managing your rental property is key to turning it into a success. We’ve outlined a few ways to streamline the process of handling all the work associated with running your rental property.
One way to make the process of managing your rental property more efficient is to digitize as much as you can. Whether you’re doing short-term or long-term rentals, having all the necessary paperwork and communications online will make your life much easier. Using digital documents for lease paperwork or short-term rental agreements allows both you and the rental party to have access to all necessary information with the click of a button. Setting up e-transfer payments for rental fees ensures there is no delay in payments and also sets you up for easy integration with popular accounting applications like QuickBooks. Setting up as many digital processes as possible will allow you to streamline a lot of the day-to-day work. Consider implementing a client portal system where your renters can make payments, request maintenance or access documents. This reduces the number of communications needed by giving your renters access to what they most commonly need on a regular basis.
Scheduling many of the maintenance tasks for your rental property ahead of time can be a great way to stay on top of the necessary upkeep. Schedule quarterly property maintenance tasks to keep your rental property in good condition. This also avoids costly repair bills later down the road because of issues that have been missed along the way. Proactive upkeep helps to maintain your property in tip-top shape and will attract a higher quality of potential renters. Properties in great condition with curb appeal can allow for higher rental rates, both for long-term and short-term rentals. By having a routine maintenance schedule, you systemize any property upkeep tasks and can make arrangements ahead of time.
Another strategy for making your rental property a success is to consider hiring a property management company. This is especially helpful for investors that have a large portfolio of rental properties to maintain. By hiring a property manager, you have a dedicated representative to take care of all the day-to-day work and stress that comes with owning a rental property. A great property manager will handle all the communications with your renters, including answering their questions, following up on issues and arranging for maintenance or repair jobs. One of the greatest catalysts for growing a successful portfolio of rental properties is to turn them all into self-sufficient investments with the help of a trusted property manager. Having a good property manager is crucial in situations where you don’t live near your rental property and can’t quickly travel to the property to deal with on-site issues. It is also extremely beneficial when you are managing short-term rental properties since they are able to systematically handle the quick turn-around between bookings.
When owning a rental property is a side gig, not a full-time job, it’s best to develop systems to allow them to be autonomous. This also gives you the opportunity to scale your rental property portfolio to own multiple properties. If you’re ready to turn your rental property into a success, it might be time to partner with a rental property management company. Flex is an Ottawa property management company that specializes in luxury property management. We know the ins and outs of handling a wide range of property types, from cottage properties to family homes and luxury apartments. Outsourcing your property management allows you to focus on your business ventures while freeing up the capacity to scale your real estate investment portfolio. Step up your property management game by calling in the experts! We’re your go-to team for full-service property management and tenant placement services in Ottawa and the surrounding areas. Contact us to book a call to discuss outsourcing your property management to turn your rental into a success.