Tuesday, November 26, 2019

Want to Rent Your Home for Extra Cash? 4 Ways to Let Your Property Run Itself



Renting out your home can be an excellent way to make some extra money, but that type of project could become quite stressful if you aren’t careful. Luckily, with a few basic upgrades and some professional help, your property could practically run itself.

Hire a Property Manager


There are quite a few reasons why many landlords decide to hire property managers. In addition to limiting their risk of high tenant turnover, an experienced property manager can also minimize the amount of time that they need to spend on each piece of property. 


Those professionals can be hired to carry out a wide variety of important tasks, including finding and vetting tenants, collecting rent, and taking care of repairs.

Put Tenants in Charge of All Utilities


Covering a few expenses on your own could attract high-quality applicants, but all of the primary utilities should be signed over to your tenant. Once the utilities are in their name, you won’t have to worry about figuring out additional bills or collecting extra money each month. 


As an added bonus, switching the utilities over to a tenant will also limit your risk of a major blow to your credit if the bills aren’t paid on time.

Use Landlord Software


One of the best ways to simplify this process is to use high-quality landlord software. That type of software will allow you to save and track vital information, such as when rent is being paid and how much you are making on your property. 




Some landlord programs also make the process of finding a tenant much easier by allowing you to create eye-catching listings, organize incoming applications, and screen those who have applied.

Invest in Maintenance Contracts


It might be tempting to save some money by carrying out maintenance on your own, but that is only going to eat into your time. Even seemingly simple maintenance could take up hours every month, and that is why some landlords invest in maintenance contracts with local companies. 


Local contractors can help you take care of many different tasks that are going to keep your rental property running smoothly. That includes regular pest control, HVAC maintenance, electrical work, and minor plumbing repairs.

Before you rent out any type of property, you should always speak with some type of financial adviser or tax specialist. Becoming a landlord is going to have a huge impact on your finances, and you want to be absolutely sure that you don’t make any mistakes that could eat into your profits.


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