There are plenty of ways to measure your success as a landlord in 2024. Your cash flow and ROI will always be solid objective metrics, but there are also subjective measurements – productivity is one of them.
The question is, how do you measure productivity? And what can you do to enhance your productivity and output? Let’s explore this topic in further detail.
What Does It Mean to Be a Productive Landlord?
There are tons of technical definitions for productivity. But what does it mean in practical terms?
Lifestyle blogger and entrepreneur Lianna Smith puts it this way: “To me, being productive isn’t about getting all the things done. I believe it’s about getting the right things done. The things that have a positive impact on my life. But it’s even more than that. It’s not just about things, and it’s not just about getting them ‘done.’ To me, being productive means making progress.”
That’s an extremely perceptive and insightful way to describe productivity. In other words, it’s not just about completing tasks. It’s about making progress toward important goals on an ongoing basis. This is certainly a noble definition for landlords.
If you want to be productive, you need to learn how to better utilize your time to complete the tasks that are worth doing. This is how you get long-term results.
4 Ways to Become a More Productive Landlord
As you attempt to become a more productive landlord, here are several steps you can take in the right direction:
1. Leverage Technology
Technology can be a lifesaver. But with so many different tech solutions on the market, you have to be discerning with the ones you choose to use (and not use).
Property management software is one solution to consider. Look for software that fits your specific needs and fits into your budget. Also, consider which tasks are most important for you. (Is it tracking rent payments, managing leases, scheduling maintenance, etc.?)
Maybe you just need an online rent payment solution to make collecting and processing payments a more streamlined ordeal. Again, finding and evaluating the right applications is paramount.
2. Hire a Property Manager
While certain property management applications and software solutions on the market can automate tasks, don’t underestimate the importance of having a living, breathing property manager at your disposal. This is the ultimate “cheat code” for greater productivity.
Property managers come with a wealth of knowledge, experience, and connections, which helps you deal with problems and issues much more efficiently. This frees up your time to focus on bigger-picture tasks that require more of your creativity and focus.
3. Build Strong Relationships With Tenants
When you have strong relationships with your tenants, it’s easier to focus on the things that matter. They don’t bother you about silly things and instead only involve you when there’s a real need or issue. This allows you to be more productive on a daily basis.
With this being said, focus on building relationships with your tenants. Keep things professional – you don’t want to cross the line – but get to know your tenants on a personal level. Send them the occasional gift or note to show you’re thinking about them.
4. Be Proactive With Maintenance
In the short term, scheduling and doing maintenance work probably seems like anything but productive. But you have to adopt a long-term perspective. When you invest in preventive maintenance today, it saves you time and money tomorrow. Here are a few reasons why:
- Preventing Costly Repairs: Regularly inspecting and maintaining essential systems can catch minor issues before they escalate into major, costly repairs. By dealing with problems early, you save time and money that might otherwise be spent on extensive fixes.
- Prolonging Lifespan of Systems: Systems like HVAC, plumbing, and electrical can have their lifespans significantly extended through proper maintenance. This means fewer replacements and upgrades needed over the long term, contributing to cost savings.
- Improving Property Value: Regular maintenance helps preserve and even enhance the property’s value. If you decide to sell or refinance the property in the future, a well-maintained property can command a better price or terms.
Set Yourself Up for Success
You can’t operate with 100 percent efficiency every day of the week. You can, however, prioritize productivity and pursue your goals with greater clarity by implementing sound practices and principles.
Use this article as a launching pad toward becoming a better real estate investor and landlord.
