How to Manage Your Rentals When You Want to Start Traveling More
For years, you’ve managed your property yourself. Now, however, you need more flexibility in your life. Perhaps you’ve retired, and you’re ready to start traveling more. Maybe you just need more space in your schedule. If you’re ready for a change in your overall rental management responsibilities, these strategies can help you accomplish your goals.
1. Have a Home Warranty
With a home warranty, the company responsible for maintaining that warranty will manage many basic callout responsibilities for you. They’ll have a team of contractors on call who can take care of essential tasks, freeing you up to focus more on other responsibilities in your life. Furthermore, a home warranty can make those repairs more affordable, which means you can designate funds to your new travel plans.
2. Build Up a Network of Contractors
When you don’t know and trust the contractors doing work on your rental property, you have to keep a much closer eye on any repairs or maintenance. Furthermore, you may have to spend time finding the right company to come out and take care of those tasks–a time sink you don’t want to have to worry about when you’re on vacation. If you’re trying to free up time in your rental management schedule, build up a network of trusted contractors. That may include:
- HVAC maintenance
- Yard work
- Plumbing
- General repairs
- Cleaning
When you have those contractors already on call, you know who to turn to when there’s an issue–and trust that they’ll take care of those repairs effectively and efficiently. Furthermore, your team can take care of the regular tasks that go into maintaining or turning around a rental property, whether you need cleaners to come in and take care of move-out tasks or you need yard maintenance taken care of while you’re between renters.
3. Utilize a Property Management Company
If you’ve always managed your rental properties on your own, working with a property management company for the first time can feel daunting. A property management company, however, can take care of many of the tasks and responsibilities that fill up your schedule and demand your time, allowing you to enjoy more passive income from your rentals. Property management companies can handle:
- Finding and selecting tenants
- Collecting and managing rent payments
- Inspecting your properties
- Arranging for needed maintenance and repairs on the property
- Checking in on vacant properties
With the help of a property management company, you won’t have to worry about late-night, last-minute calls from renters, nor will you have to be there in person to take care of rent collection and other vital tasks. Instead, you can simply feel confident that your property is being taken care of while you enjoy your newfound freedom.
4. Use Technology Effectively
Modern solutions allow you more freedom than ever to automate the tasks related to property management. You can automate messages for your tenants, including rent reminders or late rent notifications. Technology can also make it easier for tenants to automatically report problems with the property through a website or app, which means that you won’t have to take those calls directly. Technology can even simplify rent collection: instead of having to make contact with a tenant directly, you can let them take care of those tasks digitally.
5. Choose the Right Tenants
Some tenants naturally cause more problems than others–and that often means a lot of time and energy spent dealing with them. Whether you have a tenant that you have to chase down each month to get your rent payments or a tenant who has caused more damage than anticipated to the property, chances are, you’re familiar with those challenges. Taking the time to screen your tenants properly can help avoid unnecessary time spent on your rental management efforts.
Make the Most of Your Time
When you have rental properties to manage, it can quickly become a heavy demand on your time and energy. However, when you have the right team on hand, you’re prepared to automate essential tasks, and you have the right team on your side, those management tasks suddenly become much more manageable. Look for strategies that will allow you to reduce stress and free up time as you manage your properties.