Owning rental properties can be a great source of passive income. Instead of day-to-day work on the properties, the main responsibility of the owner is the upkeep and maintenance of each building to ensure it remains safe and comfortable to attract reliable tenants. Some older properties may require more work than others, and when each tenant moves out, cleanup and refurbishing may be needed. If you don’t have much time to handle these tasks, here are some options to consider.
Negotiate with Tenants
Your tenants may be willing to handle part of the upkeep and maintenance of your property in exchange for reduced rent. Mowing the lawn, pulling weeds, and minor repairs can take a load off your plate while getting the needed work completed in a timely manner. You will need to make sure the tenants are capable of doing a good job, and you should provide the equipment and supplies. Both you and the tenants could benefit from this arrangement.
Involve the Family
Your preteen or teenage children and your spouse might be willing to help out if that will lighten your schedule to enable you to spend more quality time with them. Kids can learn valuable property care skills that will be helpful when they rent or own their own residences someday. Paying the kids for work well done provides an added incentive. They may need to be supervised at first but should soon be able to help out with basic maintenance.
Hire an Assistant
A college student or young adult looking for a job can help out or even completely oversee the care of your rental properties. If the buildings are in good condition and basic upkeep is all that is usually needed, you can hire someone to help out while you do the major work of large-scale repairs or equipment maintenance. The cost would likely be worth every penny to free up some time in your schedule.
Subcontract to a Property Manager
You might want to outsource most or all of the responsibilities of caring for your rentals by hiring a property management individual or firm to look after them. Experienced professionals can find tenants, collect rent, and file evictions if necessary. They also handle any tenant complaints or needs as well as standard maintenance for the properties, all for a percentage of the rent or a monthly fee.
Enjoy the benefit of owning rental property without the hassles. Recruit help from sources like these to keep your tenants happy and your life less stressful.
Anita is a freelance writer from Denver, CO. She studied at Colorado State University and now enjoys writing about health, business, and family. A mother of two wonderful children, she loves traveling with her family whenever she isn’t writing. You can find her on Twitter @anitaginsburg.