Time is the only thing that we cannot control, which is why it is so important to use it wisely, especially when you are growing your own property portfolio.
With legislation, tenants and the constant stacks of admin adding up, it makes sense now more than ever to look out for ways to save as much time as possible.
Check out some of the ways you can reduce time spent on managing your properties and put the time back into the things that really matter.
Reduce the vacancy time of your properties
Reducing Voids is a massive challenge in the market today. Most are inevitable with the constant changeover of tenants but you can mitigate the time the property is empty with failsafe planning.
Some hints and tips include:
- Being on top of move-in and move-outs on your current properties.
- Detailed and up-to-date information about your properties, and fresh photos really help!
- Being proactive with prospective tenants when it comes to paperwork and deposits.
Some strategies to help include:
- Outsource tasks to professionals, such as cleaning
- Work with current tenants to help find new tenants
- Start the advertising process as early as possible
These are just a few things that can help you get started on reducing potential voids of your properties!
Practical tips to reduce the amount of time your properties are empty
Here are some more tried and tested approaches:
- Fully Vet Tenants to reduce the overall time taken to get new tenants in your properties
- Take advantage of electronic payments and accounting platforms such as Xero and QuickBooks to streamline payments
- Consider inspections and maintenance throughout tenancies
- The devil is in the detail – make sure you provide as much information and detail on your properties listed so that potential tenants get a good idea of what to expect
- High-Quality finishes attract high-quality tenants, worth the return on investment (ROI)
- Use a Property Management Software (PMS) like Lofti, you’ll be able to better spend your time on improving and growing your property portfolio or doing the things you really enjoy!
Consider investing in a Property Management Software
Having the right property management software in your property business can save you the hours you previously wasted on countless admin tasks, chasing contractors, renewing documents, keeping tenants in the loop and the list goes on!
If that doesn’t work, then handing it off to a reputable and professional lettings agent or manager is another way to get the time back in your day. It will reduce your income but will take the hassle out of managing the property and everything attached to it.
Good habits for property managers
Now that we have shared our top tips on reducing voids there are some things that you can get into good habits as a landlord which will inadvertently save you time in the long run.
- Track your time, use a diary to ensure you plan your week ahead to get the maximum out of your time when it comes to working with and on your property portfolio
- Go paperless, keep a log of notes and updates that you can always refer to instead of piles of paper, and use a property management platform
- Communicate with your tenants – by having dedicated messaging channels to manage and improve the way you handle tenant requests. No one likes waiting around for a response!
- Always check before you let your properties – simple checks or even a full professional reference can save you from finding the wrong tenant!
- Have a compliance file for all those important things – making sure you have a filing system that works for you so never miss a deadline reduce money wasted on late fees and renewals you missed due to lack of organisation and preparation.
And finally….. AUTOMATE YOUR PROPERTY MANAGEMENT PROCESSES
By having the right tools in place, you can continue to improve how efficient you are with tasks on a daily basis.
Integrations with accounting software like Xero, software management systems like Lofti to act as a hub for all your property needs and templates that you can use ready for you as a property manager and your property portfolio – such as Welcome Tenant Packs to help new tenants feel at home and safe in their new abode!
So! If you can take away at least one of the points above mentioned you will be well on your way to saving time and increasing efficiency when managing your property portfolio