Around 36% of American households are renting those properties to live in from landlords. Being a landlord is one of the most popular ways of investing and side hustles.
But just because it's common doesn't mean it's easy and doable for everyone. Being a landlord can quickly develop into more than a full-time job and consume every waking minute if you let it. That's why it's so important to set yourself up for success to not have to be there all the time.
Here are our top tips for landlords to be as hands-off as possible to be able to more fully enjoy their rental properties!
1. Open Communication
Being a landlord means you are constantly making a lot of decisions and policies about your properties. These will range in importance or significance and sometimes won't be necessary for all of your tenants to know.
The most important thing to remember is to have open communication. When everyone knows what is happening and what is to be expected, there will be fewer problems in the future!
2. Create Solid Systems
Along the same lines, successful landlords have systems in place to handle all of the day-to-day tasks. This helps not only to lighten the landlord's load but also for the tenants to know exactly what they are responsible for and how to handle each situation.
3. Hire Property Managers
The easiest way to be a hands-free landlord is to hire a property management company. These teams can handle everything from repairs to collecting rent to improvements to the property.
With a property management group, you can be as involved (or not!) as you'd like. It's a completely customized system to meet your needs and preferences.
4. Be Selective in Tenants
When you're becoming a landlord, the first thing you'll notice is how tenants affect every other aspect of the job. It's absolutely crucial to be selective in who you allow to live in your property or not.
Setting clear criteria for screening potential tenants will help you avoid certain issues down the road, making your job much easier!
5. Set Boundaries
Probably the most important piece of landlord advice is to set clear, firm boundaries as soon as you can. The more specific the boundary the better. This way everyone knows what they can expect from you and what you deem as acceptable or not. It will help keep the peace in your life and make managing property much more simple.
Tips for Landlords to Be Hands-Free
Following these tips for landlords will help you develop a positive relationship with your tenants and rental properties. They won't feel like such a drag on your daily life.
The most important thing to remember is that you don't have to do everything on your own and it's good to ask for help when you need it! Often this will save you not only the stress and overwhelm, but money as well. The professionals can handle their tasks in a much more efficient way than you in most cases.
If you're interested in learning more about getting help for your Florida rental properties, contact us today!