Do you find it challenging to keep track of the numerous moving parts that come with running your property? If so, you’re not alone. With so much information being shared and moved around, many landlords are finding it hard to lose track of things.
In fact, a recent study found that the average landlord spends up to 5 hours per week on tenant management activities, often in addition to their day job!
No wonder so many landlords are looking for ways to streamline the process and make life easier again.
If you’re currently juggling too many tasks as a landlord, take a look at these seven services amateur property management companies offer landlords that can help ease some stress in your life!
Here Are 7 Convenient Services Project Management Companies Offer Landlords:
1. Create a Digital Lease Platform
One of the easiest ways to simplify the rental process is by using a digital lease. A digital lease can help you avoid the headaches that go along with collecting – and later verifying – paper documentation.
In fact, digital leases have been shown to increase both tenant retention and landlord satisfaction by reducing the stress around the lease process. And as a landlord, you should appreciate the reduced risk of having to challenge fraudulent documentation in court.
2. Collect the Rent
One of the most common challenges that landlords face is collecting rent on time. It’s estimated that anywhere from 20-40% of landlords end up in a dispute with their tenants over rent.
However, you can avoid this situation by using a property management company that allows you to collect rent electronically. This not only sends a strong message that you’re serious about collecting rent, but it also makes it easy to track payments.
3. Record Keeping for Taxes and Audits
Another helpful service that some property management companies offer is keeping track of your rental income and expenses.
This can help you stay organized and make sure you don’t forget any deductions you can make on your rental income taxes. It can also help you accurately report your rental income the next time you’re audited by the IRS.
4. Handle Your Property Marketing
If you’re looking to attract new tenants to your property, you’ll want to invest in marketing.
The best property management companies use highly sophisticated marketing strategies designed to target specific areas, property types, price points, or any other criteria you choose.
5. Amateur Property Management Companies Oversee Tenants Moving in and Out
If you’re moving out or helping your tenants move in, it can be challenging to keep track of everything that needs to be done on both sides. Luckily, there are amateur property management companies that manage all aspects of the move-out and move-in process.
This makes it easy to track what needs to be done and what has been completed, ultimately saving you time and effort.
6. Manage Your Leads and Showings Remotely
If you’re receiving many showings, but not enough qualified leads, it can be difficult to know who to follow up with next. Project management companies can help you keep track of your showings and lead follow-ups.
This can allow you to stay on top of your rental leads, while also making sure your tenants don’t feel like they’re being pressured to make a decision.
7. Offer a Platform To Streamline Communication
A great way to stay on top of communication with your tenants is by using a project management platform. This can allow you to easily set up communication channels between you and your tenants.
This can include a communication log for maintenance requests, as well as a log for payments which will ultimately help you stay organized and make sure you don’t miss anything.
In Summary
Renting out property can be a rewarding way to earn extra income, but it can also be challenging to keep track of the many moving parts involved in doing so. Fortunately, project management companies may be able to help you ease the stress that comes with being a landlord and make life easier again.
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