Management and land lording are what make property investing successful or failure. What we have learned over the years is to systemize and to try to have leases in which we do not have voids, management or maintenance.
Automation and optimization are the first steps. Through technology, we have eliminated a lot of the headaches that once accompanied owning rental properties. Below are some tips which will save you time and become more effective
Do Video Walk-Throughs of Properties
We do this on all of our properties. One for our records and one we can show potential international investors. Plus the social HMO properties we are not allowed to enter. Plus if you have professional HMOs as we do you can also make a video so potential tenants can view
This is an example of a Social HMO
This is an example of a Professional HMO
A video walk-through has helped save a lot of people time and money in the rental process of our Professional HMOs as well as sales to investors.
Video walk-throughs can be helpful when it comes to move-outs, too. You can document the condition of the property. We personally recommend documenting property conditions in between each tenant so you have video evidence of any changes made or damages incurred.
Save Property Listings of Photos and Descriptions
We do this for every property we buy. The majority of our properties need refurbishment thus we can substantiate the works done for appraisers or surveyors.
Ready-to-Go Documents at the READY!
We use dropbox and get any document to fill out or retrieve immediately on our phones or tablets. Basically you can work anywhere and everywhere.
Allow Online Rent Payments or BACS Payments
We never want cash. Everything has to be BACS. We also have tenants on whatsup to save time in order to leave calls…Quick text message reminders for rents.
Use a Business Calendar like Google Calendar
We set up all our reminders on google calendar. This way senility at a young age does not kick in. I mean everything ….rents due…leases needing renewals…payments in to be expected…payments to be made.
Use Google Voice & the Internet
Have a question…no longer need to ask your husband or wife…ask Google. For example we are looking to start investing in a new area. We can ask Google voice LHA rates for X council. We live on rightmove however that is when we are not driving. See what houses see for selling for exactly where you are parked.It is amazing.
Conclusion
If you employ even a few of the above strategies, I guarantee you’ll find all aspects of landlording to be much simpler and quicker.
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