Making Money as a Part-Time Landlord

Are you a part-time landlord, with a traditional job? Or are you a full-time landlord wanting to make more money on your real-estate investments? Either way, there are some smart, time-saving tips to help you make the most of your property investment – and let you get back to having free time.

If you are managing properties ‘on the side’ and have the demands of a typical job, any tools to save you time are great options to consider.
Like what? Landlord software, such as Schedule My Rent, which gives you the ability to collect rent online, is an example of a big time saver. We’ll share a few other time saving tips, to enable you to attain a greater return on your investment.

Top 5 Time-saving Tools:

1.    Effective advertising. When listing your property on listing sites such as Zillow, provide pictures of all rooms in the apartment. Why? By giving the prospective tenants the most detailed view of your available property, you save yourself time. The prospective tenant can immediately determine their interest from pictures alone. Only those tenants truly interested in the property will contact you and seek out a showing.

Provide a lot of details in your property description, including the square footage, layout, flooring type, appliances, and a reflective description of the property.

Should you share who pays which bills and the rent amount? Absolutely! Share information on expenses, deposit, and qualification requirements. This again will enable you to spend your valuable time on truly interested tenants, and those that meet your requirements.

2.    Application Process. This is a biggie. Many landlords have an application they ask prospective tenants to fill out. Great. But, how can you use the application to save you time? By identifying the best tenant for your property, you save time in the long-run. How? Ensuring your tenants can make payments, won’t cause problems, and are good to your property - all of these things make your life easier and save you time.

Let’s talk application specifics. What type of questions should your application include? Rental history is important. Ask for two prior landlords to contact to ask specifics on payment history, disruptive behavior, and lease compliance. Current job references can also provide insight into the applicant’s ability to pay rent. You’ll also want to ask if your prospective tenant has a criminal record, if they are a smoker, and pet information. Your landlord policy can help guide your acceptance criteria.

3.    Screening. Now that you have an application from a possible tenant, what next? It’s important to verifythe applicant’s background for potential criminal records and evictions. Does your policy allow tenants who have previous evictions? Does it allow for tenants with a felony record? Your policy can help guide your decisions and save you time as you look for the best tenant for your property.    

4.    Lease Agreements. Once you’ve approved an applicant, it’s time to formally agree to lease terms. By having a written lease agreement, all parties know the expectations and rules. As a landlord, any specific requirements you have can be part of a standard agreement you share with all current and future tenants. Simple lease terms, such as when rent is due and when late fees are applied are spelled out in your lease agreement. This saves you time in setting common expectations upfront.

5.    Electronic Rent Payments. Now that your tenant is moved in, and your lease is in place, save time and energy by collecting rent payments online. Landlord software, such as Schedule My Rent, enables rent to be automatically deposited into your account. No need to mess with paper checks, trips to the bank and post office. Schedule My Rent’s landlord software makes it easy to invite new tenants to sign up for online rent payments, select a payment date, approve payments, and even provides a receipt of payment – all done electronically.

For landlords with multiple properties, with one sign-in and account, Schedule My Rent shares the status of properties on a single dashboard –saving you time.

What about late fees? Schedule My Rent allows the landlord to determine if a late fee is applied, and will electronically communicate late fees to tenants. e-Mail reminders save you time as well. With Schedule My Rent, there’s no need to call your tenant to remind them that their rent is due.

As a property investor and owner, the objective is to make a profit, and reduce the amount of time doing so. As we’ve described above, a few simple improvements can save you time and money, increasing your profitability.