Establishing a long-term relationship with vendors you trust can make this entire process much faster and easier. Still, having to take the time to find a handyman or contractor to take care of every request can be incredibly daunting. Most maintenance requests are routine and mundane. Establish relationships with contractors. That way you won’t have to worry about manually keeping track of everything, which gets increasingly difficult the more your portfolio grows. Don’t miss out on the opportunity to re-up your better tenants by letting these important dates slip by! Set automated reminders for yourself, for each and every tenant. There are specific laws and regulations regarding the amount of notice a landlord or property owner must provide tenants before renewing a lease. Also examine the applicant’s moving patterns. When screening, don’t just look at credit and background data. By investing in thorough tenant screening, you’ll be better able to identify those individuals or businesses that would be most likely to not only pay their rent on time and in full, but also be long-term, low-maintenance renters. The more legwork you do upfront when filling your vacant properties, the less you’ll have to worry about down the road. While it’s highly unlikely that you’ll be able to achieve this degree of autonomy, the good news is, there are some things you can do to shorten your to-do list and make your professional life infinitely easier. Many have this idea that they’ll simply be able to sit back, relax and collect all kinds of passive income. One thing that surprises many new property managers is the amount of day-to-day work that’s involved in being successful.
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