If you purchased some new rental properties to bring in extra money each month, it may be stressful if this is the first time you have done this. Fortunately, there are many ways you can get some help so you can keep your renters happy and keep the checks coming. Two of these ways are listed below so you can determine if they will work well for you.
Hire a Property Manager
If it is in your budget, hiring a property manager can relieve a lot of your stress. The property manager you hire will deal directly with your current tenants, as well as prospects if you have empty rental homes. They can market the homes for you to ensure they stay full, collect rent payments, handle maintenance and repair problems, pursue evictions, and deal with tenants that have complaints.
Property managers own their own business and are contractors so you do not have to worry about hiring an actual employee that you must pay benefits to.
A property manager is beneficial if you do not live near the rental homes, do not have the time to care for them, or you have more rental homes than you can handle on your own. Talk with a few property managers in your area to find someone that would work well for you. There are also property management firms where you can hire a property manager. When you are interested in someone, check their references. Ask the person how many properties and/or homes have they managed in the past at one time. For example, if you have 20 homes, you do not want to hire someone that has only managed two or three homes at one time.
Collect Rent Payments Online
If you do not hire a property manager to handle monthly rents for you, you should consider collecting rents online, which will not only be beneficial for you but make things easier for your tenants.
Setting up an automatic payment or draft system will make things go much smoother. This is because the system deducts their rent payment on the same day each month so you know you will always get your money. This helps make bookkeeping easier, as everything will already be online for you. There are a variety of software packages that you can purchase to use for your draft or automatic payment system, which can be found online, or you can hire a company to set the system up for you.
If you have any renters that refuse to set up automatic payments, at least require them to pay online.
Once you start getting experience at renting properties, things will go even better for you. You may even want to purchase new properties to rent so you can make even more money.