For many, owning your own investment property is the ultimate American dream.
Almost everyone wants the opportunity to acquire an asset that will promise returns for years to come. However, many landlords don’t realize that owning an investment property can be more than a full-time job.
Suddenly, you become an investor, inspector, cleaner, handyman, accountant… and the list just keeps going! It can be incredibly overwhelming if you don’t know what you’re doing. Luckily, there are many ways to organize the different hats that you’ll wear during your time as a landlord.
Now more than ever is the perfect time to be a landlord. Technology has given landlords a slew of tools that will not only help them manage their properties, but allow them to be mobile. Everything you need, from performing background checks to managing your list of to-do’s, can be done online. See our editor’s list on the top tools you need to have in your back pocket as a landlord.
Tenant Credit/Background Checking Tools
Your investment property is an asset. You would probably never let someone rent from you without knowing their credit and criminal history. Getting the best tenant for your property will help safeguard your asset. Check out these three resources to screen your tenants prior to move-in.
Tenant Placement Services
One of the biggest avoidable headaches for landlords is vacancy. Every month that your investment property sits empty is another month that your bank account empties as well. Landlords that are wanting to reduce the amount of time that their home sits unrented need to check out the On Q Cloud. The On Q Cloud is a systematic approach to getting better tenants faster while keeping you in the know.
Direct Deposit Program
Get your rent money faster! Your home is an investment, and chances are you’d like to use that rent money each month to cover the mortgage. Make sure you get your money quickly with the On Q Property Management Direct Deposit Program. On Q ensures that you will see your funds by the 15th of each month if it is paid on time. On Q does all the work for you in collecting the rent, so it’s one less thing you have to worry about. No more waiting around for checks to clear!
Looking for information on how to evict a tenant? Perhaps you’re wondering what forms you’ll need to make sure that you’re covered. Crossing your t’s and dotting your i’s can seem like an insurmountable task when you don’t know where to begin.
Check out www.landlord.com for legal tips, advice, and tons of information on how to protect yourself as a landlord. Browse through articles that apply to the state your investment property is in. You can even access a discussion thread to ask more specific questions.
At On Q, we offer a vast array of services to make your life as a landlord easier! As an owner/ landlord, you have access to our legally binding documents. Some of these include owner agreements, leasing documents, and tenancy agreements. We’ve hired the best to help us draft up these forms so that you don’t have to sweat the what-if’s. Don’t cut corners by using pre-made templates that won’t protect you in court. Eliminate any future headaches by having us help you cover the bases.
It’s Really a No-Brainer
There’s no doubt that you can rent your investment property on your own. However, if you are looking to save time and have less stress, hiring a property manager just makes “cents”. Although you may think you’re saving yourself money by doing it yourself, in the long run things add up. Whether its your time, or the costly mistakes that can happen by not protecting yourself legally, you’ll want to re-consider. A great property manager can help you find the perfect tenant for your home faster and likely has many more resources to market your home than you would. Let them deal with the awkward, sticky situations, and you focus on having your investment pay off.
Being a landlord has never been easier thanks to the many tools that are out there. At the end of the day, saving time and money while protecting your asset is whats most important.
As a landlord, what tools do you find most effective? What advice do you have for first time investment owners? Comment below.