Summer represents the busiest time of the year for the real estate industry, and landlords are no exception. Passive income property owners are, therefore, expecting just as much activity as their fix and flip counterparts — if not more so. That’s right, there is no doubt about it: the impending warmer weather will bring with it a slew of opportunities for those in position to take advantage of them.
Provided you are ready for the upcoming summer rush, there is no reason you shouldn’t expect an uptick in activity. It’s worth noting, however, that only those who prepare their passive income property for the summer rush will be able to partake in all of its glory.
If you want to prepare your passive income property for the summer rush, look no further. Below you will find several tricks to make sure your home is ready to start producing cash flow as efficiently as possible.
If you want to prepare your property for the summer rush, I have some passive income ideas you may want to consider. The following represents some of the best tricks passive income property owners can implement to see to it that they can cash in on this summer’s impending activity.
1. Hire A Property Manager
I can assure you it’s no coincidence that the first bit of advice I have to offer passive income property owners has to do with property managers. If for nothing else, a well-vetted property manager is worth their weight in gold to the passive income property owner. It’s by aligning themselves with a worthy property manager that the true benefits of passive income are not only realized, but also optimized. It’s not enough to hire a property manager when summer kicks off; you must seek them out before the busy season gets underway. And while I would argue that it’s never too late to hire a great property manager, the sooner you find one that meets your needs, the better.
With the summer real estate market right around the corner, I highly recommend hiring a property manager for your assets. Their services will come at a price, but I can assure you it’s well worth the cost of admission. At the very least, a good property manager can make a poor property better and a good property great. With their help, you can essentially sit back and watch the magic happen. It’s entirely possible for a good property manager to take care of everything from finding tenants to collecting rent checks. What’s more, it’s safe to assume they are better at running passive income properties than even the best of investors, so why not leave them to do their job? Case in point: property managers specialize in running and operating passive income properties with precision. As an investor, you are most likely better off leaving the job to a professional and focusing on what matters most: finding your next asset.
2. Commission A Professionally Written Lease
If you want to prepare your passive income property for the summer rush, there are few things that will help you as much as a professionally written lease or rental agreement. That said, I maintain that no passive income property owner should go into what is expected to be the most active time of the year for prospective renters without a proper lease. It’s worth pointing, however, that not all leases are created equal. There are certainly those that do their best to protect both the landlord and the renter, but that’s not to say there are more than a few with gaping holes.
I want to encourage every rental property owner to hire a professional lawyer, one that specializes in lease agreements, before they set out to fill their vacancies. Those that specialize in writing lease agreements will have a much better idea of what to include — including what not to include. And while you may assume you are safe drafting your own lease agreement, your doing so would only increase the margin of error. On the other hand, a professional lawyer, one with experience in this area, will know exactly what to put in your specific lease to ensure peace of mind for all parties involved.
Believe it or not, there are a lot of moving parts to a lease, and even today’s most prolific real estate investors don’t know all of them. The said, passive income investors are better off telling a lawyer what is is they want out of their property and proceeding to let them draft the lease accordingly. Perhaps even more importantly, however, is the need to do so sooner rather than later. Summer is just a few weeks away; you need to make sure you are ready for the influx of renters that the property management company you hire sends your way. And one of the best ways to do that is to have an air-tight lease already drafted and in place.
3. Hire A Professional Cleaner
Few steps will prepare your passive income property for the summer rush more so than making a good first impression. If for nothing else, neglecting to make a good first impression is the surest way to rid yourself of potential suitors for your property. Instead of starting off on the wrong foot, consider hiring a professional cleaner so that your property won’t scare people away, but rather draw them in. What’s more, a professional cleaner will have the place looking as good as new in a matter of hours, for a minimal fee nonetheless. What more could you ask for?
Take these last few weeks of spring and hire a professional service to conduct a thorough cleaning of your entire property. And while you could do it yourself, you may find that the time you save is well worth the price. In letting someone else worry about the cleanliness of your home, you will be free to focus on what really matters: preparing your passive income property for the summer rush. Even just a few free hours on a weekend can make a big difference in attracting tenants. Don’t let something that can easily be done by someone else get in the way of something more important. Plus, not unlike the professionally drafted lease, there is a good chance professional cleaners are better at it than you.
If you want to prepare your passive income property for the summer rush, these tricks should get the ball rolling. Done correctly, there is no reason you shouldn’t find more potential suitors for your property.