The truth is managing Miami rental property could be hard. Aside from the financial commitment, many people don’t take into account the time it takes to successfully manage a rental property. If your time is important to you, consider the following 5 ways to save time managing your Miami rental property.
Make sure the property is in good condition
When renting property, owners often spend money upfront with the expectation to turn a profit over time. Many owners consider the investment of their time in the same manner. Like with a financial investment, the problem occurs when the demand exceeds the expectations. Making sure the property is in good condition before you even secure a tenant will:
- Attract quality tenants who pay the rent on time and take care of your property
- Minimize the maintenance calls you receive
- Keep the tenants in the home longer minimizing the time it takes you find a new tenants
Create a relationship with local companies
Whether you live near your Miami rental property or not, it’s important to have reliable people you can call if you need help. Meet with local professionals who you can call on if your tenant or property needs immediate attention. Some to consider are:
- Real estate professionals
- Property managers
- Insurance agents and insurance adjusters
Related: Should You Screen Tenants in Miami
Take the time to learn what it takes
You don’t know what you don’t know. Take the time to learn as many aspects of being a landlord as you can. Even experienced landlords need to study up on changes in landlord tenant law and housing codes to stay within regulation and best practices to maximize profits. Knowing the time commitment needed will help you budget for that time.
Provide your tenant with a good way to contact you that’s not your cell phone
Providing your personal cell phone number is perfectly okay if you are 100% on the same page as your tenant. Boundaries and phone etiquette are hard expectations to set however. With cell phones being synonymous with work and personal life, many people will not mind. If you like to keep your work and personal lives separate however, consider having a different method with a small buffer such as email. Provide your tenant with a simple form that they email to you. Instruct them to provide the who, what, where, why and how of their request with pictures and video if appropriate. You’ll save time gathering the information you need to help the tenant. Make sure you respond within 24 hours of the request.
Have a payment system set up
There are a lot of secure payment options available nowadays; Venmo, Paypal, Google Wallet to name a few. These will definitely save you time. The important thing is to keep accurate accounting. Establish what is an acceptable form of payment. Choose one that you can easily track, convenient, not time consuming and be sure to stay consistent. Don’t ever accept cash or pickup the funds from the tenant.
If you understand the time commitment your Miami rental property requires you should be in good shape when issues come up. Taking these few simple steps will make your process more efficient. It will minimize the time it takes to effectively manage your property so you can focus on the other important things in your life. Happy renting!
Pedro Cedeño, Lic. Real Estate Agent, Real Property Management Dade – Miami, FL | My team and I are here to make it easy and profitable to own rental property in Miami by focusing on the people and not just the buildings. We love to see the positive effect good rental practices have on people. Sharing the knowledge we’ve gained over the years with current and aspiring landlords is part of our mission.