Last Updated on: 12th September 2024, 03:31 pm
Both being a landlord and a business owner are stressful roles in themselves, but what if you want to be both? Many business owners inevitably go on to invest their earnings in property. While this can allow you to grow your money and keep it safe until you retire, it can also leave you running a property and looking after tenants. Then, if the thought of doing both roles at once is overwhelming, here is a guide to minimize the stress of being both a landlord and a business owner in 2024.
Get a Property Manager
One of the best solutions to your landlord/business owner dilemma is to have control taken out of your hands entirely. Although this is not possible for your business, and nor would you want it to be, reluctant landlords can employ a property manager to take over all the hard work for them. This property manager can help you to find tenants, sort out maintenance issues, and collect rent each month. Even though this is an additional expense, it can allow you to go on vacation and focus on your business without constantly worrying about what is going on in your property and feeling as if you need to be there all the time. However, you need to find a property manager that you trust and feel able to communicate with easily, so you should start your online search for a Bristol property management company today.
Get Great Tenants
One element that you need to remember is that you are able to pick and choose your tenants. You do not have to have anyone living in your house that you do not want to. You can meet potential tenants long before they move in and, get to know them and even perform background checks. Not only this, but you can also set down ground rules that they can follow throughout their stay, such as preventing your tenants from bringing pets into your properties. You can find great tenants by posting your house on online platforms that can help you to match with a tenant, as well as through print media. Once you have found the perfect tenants, it is important to keep up communication avenues with them throughout the duration of their tenancy.
Take Out Insurance
Anything can happen while you are renting your property out, and you need to be prepared for any eventuality. You can do this by taking out landlord insurance, which might include basics such as house insurance. It can also cover issues that you encounter with your tenants, ensuring that you are never out of pocket for issues that are not your fault. However, you should make sure that you check the terms of each policy before you take one out so that you know that the company will pay out when you need them most. You should also check reviews for this insurance, and make sure that you take out this insurance long before you start inviting tenants in. It is also vital that you have business insurance for your company so that you are able to take your eye off your company for a few moments without worrying about it.
Use Technology
There is also a lot of technology that can help you to enjoy being both a landlord and a business owner at once. For instance, project management and organization software can ensure that you are on track with deadlines and that you never miss viewings or business meetings. This will help you to merge both sides of your life into one. Project management software can also help you to keep track of each area of your business and ensure that no aspect has fallen behind in the chaos of being a new landlord. There are also many apps for property management that can be useful in allowing you to control multiple properties and check up on issues. This will ensure that you always know what is going on with your properties at once.
Get Great Employees
Back to your business, and it is vital that you employ a great assortment of staff who can act as a team and take over some of your responsibilities for you. They will also be able to run the company in your stead if you are focused on your landlord duties for the afternoon. This will mean that your business is always in safe hands and that it is never left unattended. However, you might need to put your team through leadership training before you can do this.
