If you’ve never estimated the time spent on routine activities such as having lunch or working out, don’t worry! Daily routine activities are essential for well being and should never be underestimated. However, it’s reasonable to optimize time dedicated to business interactions by prioritizing and delegating some of the tasks on your to-do list. The right time management techniques will boost your productivity and allow you to stay in control of your schedule.
Practicing time management techniques is crucial for landlords and property managers alike. Listing properties, interviewing tenants, maintaining a rental property, accepting rental-related payments, dealing with contractors, conducting move out inspections - these are just a few of the things a landlord or property manager does to keep their business up and running. That already seems like a lot of work! But can it be optimized? Sure!
Take a look at these 5 tips that will help you nail time management and grow your rental business as a result.
1. Make a daily to-do list.
First off, develop a habit of planning ahead and list out your tasks with due dates assigned. This is a simple yet effective way to keep your day organized and never miss a deadline. Differentiate between business and personal tasks, but make sure they don’t overlap.
Setting priorities is also an efficient way to make your time work for you - complete the most important tasks first and then move on to less complicated ones. And NEVER put off urgent tasks, especially when it comes to home repairs, since even small maintenance issues may lead to expensive repairs if not resolved in time.
2. Add everything to the calendar.
Put your to-do tasks on your calendar to have them all in one place and set notifications about upcoming events. Ideally, take advantage of your property management system with a built-in calendar.
With the TenantCloud Calendar, you can view all your tasks, receive notifications about lease renewals, warranty expiration dates, rent increase/decrease reminders, and much more. It’s easy to add a recurring reminder or assign team members to a task.
3. Delegate tasks.
To take some share of the workload off your shoulders, start practicing task delegation. If you have a property management team, try to hand over some responsibilities to your team members. Sharing tasks to get more done is a great way to grow your business and keep it competitive.
Also, assign maintenance tasks to your service professionals instead of handling the repairs yourself. Surely, there are certain home improvements and repairs you can easily DIY but it’s better to seek professional help when it comes to urgent maintenance such as a broken water pipe or a gas leak.
4. Screen tenants thoroughly.
If you’re renting to qualified long-term tenants, the chances are you’re saving a lot of time and financial resources. An accurate background and credit check will help you get the necessary information about your potential renters and identify potential risks. So before signing a rental agreement, check if a prospect meets your requirements and don’t ignore common rental application red flags.
Read more about the benefits of tenant screening here.
5. Use online payments.
Accepting rent payments online is a great timesaver. Digital payments are also easier to track and document, which is important for landlords and property managers. You can have easy access to bank account information and schedule recurring transactions if needed.
With TenantCloud, you can view the status of each transaction on the accounting dashboard and be able to assign a bank account to a separate property to allow money to be deposited directly into the bank account linked.
What are other time management techniques you find useful? Does TenantCloud help you manage your time efficiently?