25 Jul How to Create Passive Income With Your Rental Property
Rent week is coming. That means that you’re already feeling behind. Instead of being happy that the rent is coming, you dread the thought of rent week because for you, it means knocking on doors to track down those checks that didn’t come in. Many landlords purchase rental properties because they want a passive income stream, only to discover that this income is anything but passive. Often, being a landlord can feel like you’re constantly troubleshooting the next problem. You signed up for a rental investment, and you didn’t expect to be dealing with chronically clogged toilets early on a Sunday morning. Is there a way to make it easier to own and manage your rental properties?
1. Organizing Promotion
Do you know how to market to Millennials? Can you highlight accessibility for your Boomer clientele? How well do your website and online listings feature your rentals?
Marketing is a tricky business, and those who decide to purchase and maintain houses for a living may not also have the skill set to easily market those properties online and offline. According to Fit Small Business, “…it’s important to create descriptions that will jump off the page and grab” your prospective tenants. If writing marketing copy, taking photos, and finding all of the best online niches to promote your property isn’t really your forte, that’s all right: work with a property management company and you’ll find that they have the experts you need.
2. Finding the Right Tenants
Finding the right tenants and bringing them on as tenants can be complicated. It can also be fraught with difficulties. Are you abiding by all of the relevant laws when it comes to accessibility and diversity? Are you conducting background checks on your tenants so that you have the references and credit checks you need to ensure that your tenants will treat your rentals with care? As you get busier, it can be more and more difficult to be as thorough as you need to be. However, if you are not thorough, you may not have tenants who treat your property well. According to JWB Real Estate, “Tenants who take excellent care of properties can lessen the chance of repairs being required with every lease renewal.” Working with a property management professional who is used to tenant interviews and background checks can help you secure the right tenants for your property.
3. Coordinating Day to Day Property Management
Some people become landlords because they truly love tinkering with properties. However, even the most enthusiastic landlord can get overwhelmed when their portfolio becomes larger and they don’t have the time to do as much hands-on work. If you find yourself drowning under dripping sinks and lawn mowing, your first step could be to hire a professional to do this work. However, even that requires that you manage those professionals, making sure that they’re the right people to do the job. Working with a property management company, you can get consistent care for your rentals without struggling to do it yourself or vet new landscapers, plumbers, and more.
4. Organizing Key Moments
There are certain key moments in the lifetime of your rentals. For example, move-in and move-out are times when you need to be particularly involved. You have to coordinate both your tenants and a home inspection at the same time. There could be work to do on the property before the new tenants come in. When you work with a property manager, you can decide to do this work yourself or you can ask the management company to coordinate with the appropriate people to fix that plumbing leak. Move-in, move-out can be a stressful time, and working with management professionals makes your life simpler.
At Lori Gill and Associates, we support your rental business. Lori Gill and Windermere Property Management have been working with property owners in the Seattle area since 1972. If you’re struggling to find the right balance between managing properties and enjoying life, we’re here to help. We can coordinate the details of your rental business so that you can enjoy your investment in rental properties. Contact us today.