Owning and renting out a property can be a lucrative business, but there's a lot of management that goes into it. As the owner, you have to pay taxes on the property, keep it well-maintained, and deal with renters.
Despite all that, the landlord doesn't need to be directly involved with all the daily ins and outs. They can rely on the renter to some extent as well as outsource the property's maintenance.
Here are a few ways to make the job much easier and become a hands-free landlord.
Common Landlord Issues
Managing a property can be hard work, especially when you have to deal with the everyday problems that pop up. Depending on the type of lease used, you may have to provide weekly custodial services. Tenants may have to go through you when they need repairs or want to make changes to the property.
You may also have to handle tenant disputes, such as nonpayment and possible evictions. In a worst-case scenario, you could have to go to court to settle a dispute.
Talk to Your Tenants
In order to avoid issues, one of the first things a landlord should do is talk to their tenants before and after renting out to them. Discuss your expectations with one another and how hands-on they'll need you to be. You might discover that they're completely fine with managing repairs and clean-up without your input.
Use a Net Lease
One way to become a hands-off landlord is to give most of the responsibilities to the tenant using a net lease. A net lease has the tenant pay at least a portion of the taxes, insurance fees, and maintenance costs for the property.
This is a great option for renters that want to have more control over the place they're living or working. It also takes away some of the common landlord issues you would otherwise have to deal with.
Hire a Property Management Service
Owning and renting out a property is a great investment, but it can take a lot of time and effort to keep up with. Luckily, there are services available for developing a property management strategy or taking over the management altogether.
They provide a quick response time for the various needs of your tenants and manage vacancies so you don't have to. The only negative to consider is the cost.
Most property management companies take a portion of your rental income. However, that investment can mean saving more time and money overall.
Become a Hands-Free Landlord
There's nothing wrong with a landlord that wants to deal with the everyday issues and stay connected with their tenants. However, that isn't as easy to do when you own multiple properties and have to manage them all.
That's where we come in and can help you become a hands-free landlord. HomeRiver Group provides Oklahoma City property management for serious investors. Through our website, you can search available properties and rely on us to protect your investment.
Contact us today to learn more about our services.