Have you heard of the “Stop-Doing” list?
Basically, the idea is that sometimes what you stop doing is just as important as the things you start doing. So instead of creating a to-do list, with an endless number of tasks you want to complete, you should focus on things you hate doing or things that could be better completed by someone else.
Because everybody could use a “Stop-Doing” list—even landlords— here are 5 tasks you should consider eliminating if you want to reach your real estate goals.
1. Repairs and Maintenance Work
Property repairs and regular maintenance work often fall on the shoulders of the property landlord. However, before you pick up your trusty toolkit and head out to your property, consider this: Do you receive any benefit from completing property repairs and maintenance?
If the answer is no, then it is time for you to put down the toolkit and rethink your approach to property maintenance. Perhaps it is time to outsource the tasks to a local handyman, or to hire a property management company who includes regular maintenance as part of their annual management fee.
2. Letting Tenants Fall Behind on Rent
Too many landlords let tenants fall behind on the rent. Your rental contract is there to be upheld and part of the contract is the stipulation that tenants must pay rent on time.
3. Failing to Effectively Communicate With Tenants
When you fail to communicate effectively with tenants, you fail to properly manage your time. Tenant communication should be respectful, friendly, and purpose-driven.
For example, if your tenant has a rental question or maintenance request, they should know the proper communication channels. Effective communications will create positive landlord-to-tenant relationships.
4. Forgetting to (Or Choosing Not to) Properly Screen Tenants
Failing to properly screen tenants can easily become a disastrous experience. Tenants with poor rental histories and bad credits are more likely to be late with rent, cause damage to the property, or otherwise harm your investment. You must run a background check of credit and rental history, and receive references before you let a tenant lease one of your properties.
5. Being on Call 24/7
Have you ever heard the expression "time is money?" It’s true; if you are available 24/7 then you will not only have a poor ROI, but you also won't be able to accomplish other tasks outside of your landlord responsibilities.
If you’re guilty of completing the above tasks on a daily, weekly, or monthly basis, then it’s time for you to stop. These tasks are taking up valuable time and reducing your ROI.
Fortunately, there is a solution: hiring a property management company.
If you want to truly realize the value of your investment property, then you need to consider the benefits of outsourcing the majority of your landlord tasks.
In-state, out-of-state, and out-of-country real estate investors can all benefit by hanging up their landlord hat and instead choosing to use the services of LEAP Property Management. To learn more about investing in North Texas real estate, contact us today.