Timesaving Tips for Landlords

What do experienced landlords do when they get asked complex questions? How do they respond to tenants who need handholding and other special treatment? Above all, how do veteran landlords manage their business lives so that they don’t waste time?

Believing that, as Roman author Pliny the Elder once wrote, "experience is the most efficient teacher," we asked a cross-section of landlords how in their everyday work lives they manage to save time and remain productive.

Of those we talked with, some are full-time managers of their own rental properties. Others own the three-flat buildings in which they live. And at least one manages his property from afar. Together they have more than 40 years of landlording experience. Here are the tips they’ve found work day-in, day-out.

Put all contact information for everyone you might need to get in touch with in one place. All the information about each of your tenants, the contact information for your service personnel and the telephone numbers of your lawyer, accountant, banker and mortgage broker should be organized in one Rolodex™ or other address filing-system on your desk. You may find that a PDA works better because it’s more mobile—and the information is backed up on your computer. But whatever system you choose, the primary objective is to keep yourself organized so you don’t want to waste time searching all over your office for the number of your tree trimmer in the fall.
Know the law. Don’t just hire a lawyer; understand what the renters’ laws in your state and city mean to you and your tenants. With this knowledge you’ll find you’ll have fewer problems you need to call your lawyer about.
Ask tenants for their opinions. You don’t have to take their advice, but they will feel as if they’ve been consulted. And they may give you a good idea that will save you money.
Don’t be afraid to say no. Some tenants will always try to get special treatment because they believe the rules don’t apply to them. Become known as the person who says no, and many of your problems may disappear.
Don’t give immediate answers. If you repair your own properties or are on-site to oversee the work, you’ll end up getting asked long-winded or complicated questions by tenants. You don’t want to be tempted to say yes to something just because you’ve got three leaky faucets that need your attention, so ask them to call your office and leave a message. And then do get back to them later.