66 Micro Tasks Of Landlording – Are You Really Ready For It?

By on July 8, 2016

You might be filled with excitement for finally entering the game of real estate. But do you actually realise what kind of game you are getting into?

Unlike what TV shows and seminar speakers would like you to believe, managing rental property is not as simple as putting your name on a house and then collecting perpetual rental till eternity.

No. There is a lot more to real estating. And in this case… landlording.

Let’s stop looking at the big picture for a moment and dive into the many little tasks that you will have to fulfill as a responsible landlord. Each one of them can be time-consuming. And if you are new to this business, you could take twice as much time than an experienced investor.

Pre-Tenancy

1) Prepare a house into move-in condition

2) Research and determining optimal rental point to avoid overpricing and underpricing

3) Training yourself with sales tactics

4) Learn what are the best selling points of your property

5) Work out the amount to collect for security deposit

6) Drafting forms for use in the business

7) Enforcing Fair Housing Laws compliance

8) Buying suitable and related insurance policies to manage your risks

Prospecting and Tenant Screening

9) Buying ad space and negotiating with media representatives

10) Preparing and placing “”For Rent” or “FSBO” signboards in the yard

11) Taking photos and learning how to upload them in online classifieds

12) Copywriting to grab attention of prospects who come across your ads

13) Exploring qualifying criteria for tenants

14) Attending to enquiry phone calls from prospects

15) Making background checks on tenant applications

16) Scheduling and making appointments to show the house

17) Meetings with interested parties

18) Calling former landlords of prospective tenants for reference checks

19) Income, documentation, and identity verification

20) Running and verifying credit checks

21) Tactfully declining interested tenants who have put in an application

22) Dealing with your agent and prospects’ agents (if any)

Tenants Secured

23) Calculate commission, negotiation, and payment to agents (if applicable)

24) Drafting a lease (tenancy agreement) with the help of a real estate lawyer

25) Weigh up you priorities in encounters with tenants who want to negotiate terms

26) Collecting and securing rental deposits

27) Home inspection with tenant before move-in

28) Agreeing to a mode of payment and setting up collection systems

29) Accepting payments with proper documentation

30) Ensuring the proper transfer of utilities

31) Endorsing the original lease and making copies for parties involved

32) Pay stamp duties to authorities (if required)

33) Setting up proper filing systems to ensure important documents don’t get lost

Managing Property and Tenants

34) Taking calls from actual tenants

35) Dealing with, and managing maintenance issues

36) Resolving disputes arising between tenants

37) Calculating a fair rental increase that will not make you a pig

38) Actually raising rents without losing your tenants

39) Ensuring terms of lease is abided to

40) Scheduling and making regular inspection visits to the house

41) Sourcing for dependable contractors who charge a good price

42) Managing contractors when doing your work orders

43) Ensuring repair works adhere to a strict time line

44) Dealing with payment issues of hiring contractors

45) Preparing procedures for late payment and following through

46) Learning and executing the eviction process by the law

47) Dealing with problematic tenants

48) Managing relationships with neighbours

49) Preparing notices to vacate when necessary

50) Bookkeeping of income and expenses

51) Record keeping of all communication between you and tenants

52) Scheduling lawn care before bigger problems arise from negligence

53) Keeping an eye on business current accounts (including the mortgage) to avoid penalty fees and charges

54) Preparing and updating financial statements for internal record and filing with IRS

55) Responding to legal challenges from tenants

56) Checking with insurer on litigation and liability claims

Post-Tenancy

57) Performing moving out inspection when tenants leave

58) Checking if utility bills have been paid

59) Determining the repair works required to spruce up the house after tenant leaves

60) Getting repair costs estimates and hiring contractors for the job

61) Working out the security deposit to return to tenant after deductibles

62) Accounting for write-offs and depreciation

63) Changing of locks

64) Forwarding mails belonging to previous tenants that are still delivered to your property’s address

65) Keeping abreast of developments in landlord-related federal laws

66) Go back to task #1

Real estating can be a very lucrative business to get into. But don’t for a moment make the mistake of underestimating the effort and work you have to put in to make it a success. If real estate is not something you have a passion for, the hassle associated with becoming a landlord will burn you out in no time.



Related:

You May Also Like...

hair1 eye1 abs1
Access GOV-foreclosure property listings up for auction
Why friends look forward to your FAILURE
Give your resume a professional look for $5
Best EVER excuses for being late to work

Investors and homeowners receive our newsletters. Subscribe to our list.

Get More Real Estate Knowledge & Insights From Our Newsletters

Enter your email below