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As I enter Week 4 of living the beach life down in Florida, I have had time to swim, read in the sun, workout. But want to know what hasn't been on my mind so much?
Managing my rentals daily.
"Why?" "How?" you may ask. You may be reading this while waiting for a handyman to fix today's issue. You may be scrolling Lady Landlords looking for an answer on how to manage your latest tenant fiasco. So you might just be a woman intrigued on why handling tenant issues is the farthest thing on my mind right now.
And it's because I designed it this way!
To me, landlording and Real Estate Investing is a way of life. It is an opportunity to live a better quality life that allows for freedom of choice and freedom of time. So if Tenant Management became another chore, another job, well, I wouldn't want to do it.
From the start of my portfolio growth in 2018, I have continuously put systems into place to maximize cash flow while decreasing my time burden...just the way I like things! 😉
Here are my Top 3 Tips for running your rentals on autopilot:
1. Use Online Management Systems
We are so lucky to live in an online world these days! Landlords in the past used to have paper applications, have to run credit checks on their own and had to be in person to hand over keys while collecting checks to take to the bank! But, for us, online sites allow us to do all of these tasks electronically in a fraction of the time. What's also great is that these options make our tenant's lives easier so it really is a win win situation! Check out our website here to learn about all of the resources that I use for Tenant Management.
2. Get your Contacts on Speed Dial
Another benefit of technology is my fave tool in Tenant Management. No, it isn't some fancy website. Or outsourcing my responsibilities for some high cost, but simply a device that goes with me no matter where I am. You guessed it. My cell phone. I have everything I need to run my properties right there regardless if it is my rental across the street or the one I own in the Dominican Republic. Near or far, most problems have a solution just a phone call away!
3. Repeat this System for 1 Door to 100 Doors!
One of the smartest things I did (if I do say so myself) is that I started implementing these systems with my very first househack. Even with just one set of tenants, I organized the way I handled them. I treated that one rental as if I had been running a full service property management business for years! I put the time in upfront to do things right and it allowed me to scale quickly to a 7 figure portfolio in just 2 years. And if I can do that, you surely can too!
Need help taking back your time? Take the Lady Landlords Tenant Management Certification program today!
