How To Become A More Efficient Landlord In 5 Steps

While landlording may sound simple up front, anyone who has been a landlord for any length of time can tell you how tricky it can become quickly. If you are just starting out your journey as a landlord, now is the time to build a specific, sustainable plan for how you will operate. If you have been a landlord for years but find your process ineffectual and cumbersome, there is no time like the present to become more organized.

If you are looking to become a more organized and efficient landlord, check out these top tips for organization and effectiveness. The goal is to create a sustainable plan that will work for you whether you have one rental property or you expand to twenty. This is where the following four tips come into play.

#1: Make A Written Roadmap

You may feel like you can handle your one rental unit without a written plan, however, the reality is that when you do not create a clear roadmap with defined goals, you will waver and find yourself lost. Creating a written plan will help you on days when you’re overwhelmed. It will act as a guide for yourself that you can turn to when needed. It is a method for organizing your thoughts and your ideas.

Take time to first clearly define your goal. Are you hoping to purchase more properties down the road or are you sticking to one property? Will you be selling properties as well? Define a precise goal up front. You can change this later if your goal changes but start with a set goal.

Next, write out a roadmap for how you will achieve those goals. Be detailed and spell out even concepts you think are obvious and you could never forget. For example, the goal you set might be to keep your two units occupied with high-quality tenants. Your path might include steps like how you will market your property, how you will screen tenants, and the criteria you will use to pick a tenant.

Be sure you brush up on local laws and regulations as well as the Fair Housing Act. Include any pertinent legal information in your roadmap.

#2: Keep Yourself Organized From The Start

If you have already gone through the headache of purchasing a property, you understand just how much of a nightmare paperwork can become. If you do not start out organized, it will become difficult to organize yourself later. Figure out a system for filing paperwork and keeping track of applications. Ensuring your paperwork is organized and that you have detailed notes about everything will also protect you in the case of a discrimination accusation.

Using online software can help keep things more organized as well. The less paperwork, the better for your sanity.

#3: Streamline As Much As Possible

As the old adage goes, work smarter not harder. Use technology to your advantage. For example, you can use an online marketing tool to syndicate one rental listing out to dozens of sites. This saves you from needing to type out a property listing for each website.

You can streamline applications by switching to online applications. You can make tenant screening easier by integrating it with the application process. You can find trusted contractors for maintenance and repairs and build a relationship with them so you have quick points of contact when needed.

Get creative and brainstorm how you can use your mind to create faster processes. Pinpoint what part of the landlording process costs you the most time and find a way to improve it.

#4: Practice The Word No

If you have a hard time saying no to people, you are going to need to toughen up. While this by no means implies you need to be a rude and unkind landlord, you will face a myriad of scenarios where “no” will be an important part of your vocabulary. Being a pushover can land you in a world of trouble when it comes to landlording.

For example, if a new tenant moves in and calls you up to ask about putting in a fire pit, you might be tempted to say yes even though it’s against your policy. You might reason that they are a good tenant and you’d like to accommodate them. However, you put a no firepit policy in place for a reason. It can be a serious hazard and liability. You will need to learn how to provide a tenant with a reasonable no, explaining that while you appreciate that they asked you, a firepit is too much of a hazard and will not be allowed on the property.

This is why planning, screening, and creating a solid lease will go a long way in helping you down the road. It is much easier to say no if you have a clearly defined plan for your property. If your lease says “no additions to the property” you can simply point back to the document you both signed.

#5: Learn From Others

Being a landlord can become overwhelming quickly. However, there are entire networks of landlords out there who can help you. By joining a community, such as BiggerPockets, you have access to a wealth of knowledge. Join a local group and meet other landlords. Not only can you learn from the wisdom of others, you can also learn to laugh at your mistakes together and to find solace in common problems.

If you find you cannot handle all the work alone, hire an assistant. One of the best things you can do, not only as a landlord but in life, is to learn how to reach out for help when you need it. Instead of drowning alone during difficult times, find help and create a better process going forward. There will always be ups and downs in landlording, but ultimately, it should be a journey that you profit from and enjoy.

What has helped you become more organized and efficient?