Whether you’re a new or experienced landlord, you probably need all the help you can get in organizing your rental properties and maximizing profits. It’s not easy being in charge of a separate property and the subsequent renters, particularly if you have difficult tenants.
While some people choose being a landlord as a profession, most landlords are doing it as a side job. They’re busy with their full-time job and don’t always have time to give landlording their best effort. And for that reason, we’ve compiled a list of useful online resources that are designed to help landlords operate their rental efficiently and save time on their daily tasks.
- Property Management Tools
Are you a landlord who tries to do everything themself? You might perform basic repairs, mow the lawn, collect rent, interview tenants, and evict them. If you’ve tried this method, you know how quickly it can take its toll on you. When you’re constantly on the go, you have little time for your personal life.
Online property management tools take care of all those problems for you. You can find free tools and take advantage of things like marketing your rentals, writing property listings, accepting, online applications, making professional flyers, talking with experts, and more.
One of the most important property management tools to look for is free tenant screening services. If you’ve been a landlord for long, you know the perils of allowing a bad tenant to live in your unit. They might fail to pay the rent, damage the property, or be the cause of countless neighbor complaints.
By screening your potential tenants through a property management service, you’re more likely to land great tenants. The screening will check for past evictions, credit reports, and even criminal charges. The service will also collect the fees for this background check so you don’t have to worry about a thing.
- Coffee Subscriptions
Every condo association, apartment complex, or community with a clubhouse has either coffee in the lobby, the rental office, or near the amenities. Rather than needing to remember to run inventory, stock up, and constantly check supplies simply sign up for a coffee subscription service.
You’ll not only save money and time, but the coffee will be of a much higher quality than anything you’ll get from a traditional bulk supplier – and it will leave a much better impression with all prospective and existing tenants. Don’t underestimate the impact a quality cup of coffee can have on someone’s impression of your community!
- Tax Guide For Rental Properties
There are many rules and regulations pertaining to landlords and their properties stipulated by local and federal governments. Adhering to these rules is an absolute must for property managers. Otherwise, you could land yourself in serious legal trouble.
When you adhere to these rules, you’re able to take certain tax deductions that make your rentals more profitable for you. IRS Publication 527 talks about all the tax implications of rental properties to help you maximize your returns come April.
For example, the IRS stipulates that you can deduct any and all expenses related to operating your rental property. That means all the money you’ve shelled out for repairs over the year can be deducted to lessen your tax burden.
It’s true that the content can be a little dry, but it will be invaluable in helping you get the most out of every rental expense. If you run into any concepts that you don’t understand, your accountant can probably answer those questions for free.
The internet is a magical place filled with resources you should know well. It’s amazing what you can find to make your job as a landlord easier!