The Lone Star State is up for rent! The median gross rent of Texas renters is nearly $1,100. If you become a landlord, you can make tens of thousands of dollars a year, turning it into your full-time job.
But yet many people avoid becoming a landlord because they think it's stressful. You can become a hands-free landlord in Fort Worth, handling your tenants from a distance. The key is that you study a few habits of great landlords.
How do hands-free landlords screen their tenants? How can you handle processes like paying rent without wasting too much of your time? Who should you hire to help you out?
Answer these questions and you can become a full-time hands-free landlord today. Here are three things you need to do.
1. Screen Your Tenants Well
It's easy to be a hands-free landlord when you don't have your hands full with your tenants. You should screen your tenants carefully, selecting only the ones that will cause you the least amount of trouble. Read a guide on how to screen tenants so you manage the process well.
When you're marketing your property online, you should write a detailed description of your property. You should target businesspeople, older people, and people moving in without pets.
Conduct background checks on each applicant and ask for references from their employer and previous landlords. If you have a short list of applicants, you should ask to meet with each of them and give them a tour of your property.
2. Use Digital Tools
You should use digital tools during the screening process. You can market your properties through social media and open an email address to handle applications.
Handle security deposits and rental payments online. Some tenants use PayPal, which can transfer money to your bank without fees in less than a few days.
You can also open a website or a social media account and handle tenant complaints through it. You should give your tenants your phone number so they can call you if there is an emergency or something personal they want to talk about. But you can handle most problems through emails.
3. Hire Contractors
Property maintenance is something that all Fort Worth landlords must take care of. You should require your tenants to clean their own properties. But you should clean the common areas, yards, and walkways around your building.
You can hire contractors to take care of these areas for you. Keep the contact information of a contractor and give it to your tenants. They can hire this contractor to clean their parts of the property.
You can hire a full-time employee to monitor your property. If you have elderly tenants who need help, the employee can help them with certain tasks.
Join Hands-Free Landlords
You can become one of many hands-free landlords once you think about good landlord strategies. You should screen your tenants and find reliable people who can take care of themselves and pay rent on a regular basis.
Handle many of your processes online so you don't have to spend too much time at your property. When your property needs repairs, you should hire a contractor to take care of them.
You can also hire property managers to handle your landlord processes. 1st Choice Property Management helps Fort Worth landlords. Contact us today.