You might be interested to know that rent prices have risen by double-digit percentage points year over year. It’s a good time to be a landlord, but being a landlord comes with a lot of responsibilities. That is unless you decide to be a hands-free landlord.
Not only do landlords have to worry about the property they own, but the landlord also has to worry about the tenants.
That means finding tenants, collecting rent, dealing with maintenance requests, and more. Being a landlord is a great way to generate passive income unless you're dealing with landlord responsibilities every weekend.
In the article below, you’ll find a list of tips on how to be a hands-free landlord. Continue reading to learn more about how to be a landlord without stressing yourself out.
Partner With a Property Management Company
The first step to becoming a hands-free landlord is to find a trusted property management partner. A property management company can deal with all the little details of being a landlord that you don’t want to deal with.
The property management company will help you find tenants when your property is vacant or about to be vacant. Your property management partner can also ensure tenants pay rent on time. They can also communicate with tenants when needed.
Your property management company will be able to deal with all the small maintenance requests that tenants have, so you don’t have to drop everything every time your tenant needs a small repair.
Determine Your Budget for a Property Management Company
Before you hire a property management company, you’ll want to make sure you can afford one. Property management companies will take a small percentage of your monthly rental income.
You’ll have to analyze your monthly mortgage payment. You should also look at your potential rental income to determine if you’re able to afford a property management company.
You should also think about the costs of not hiring a property management company. Think about how much your free time is worth, and whether you’d prefer to have a worry-free landlord experience.
Tell Your Existing Tenants About the New Property Management Company
If you have existing tenants, it’s important that they know with whom to communicate. Tell your tenants that they should go to the property management company with any maintenance requests. You should also make sure the tenant knows about any new payment portals they’ll have to use in order to pay rent.
Reviewing the Best Ways to Become a Hands-Free Landlord
Now you know how to be a hands-free landlord. Hiring a property management company to handle your rental property will help you realize passive income without spending too much time on your property.
When you’re ready to partner with a property management company in South Carolina, get in touch with the team at Home River Group.
