Hands-Off Rental Management: How to Succeed

By Alyssa Laffitte on December 8, 2020

Many people are entering into the world of property management hoping to make money. Specifically, it’s becoming more popular to do property management “on the side” while you work another job. However, property management is a full-time job in and of itself. It requires lots of time, energy, and patience. If you want to make passive income through property management while still working another job, you should become a hands-off property manager. This means you will be a manager who will be involved in the more “big picture” aspects of your property, rather than the day-to-day details, which will allow you to focus on other things. In this article, we will discuss tips for becoming a hands-off property manager.

via Unsplash

Screen tenants more carefully

One of the best ways to succeed in hands-off rental management is to screen tenants more carefully. Many property managers screen tenants on the basis of whether or not the tenant will be consistent about paying rent on time every month. Of course, this is important. However, this is not the only factor you should consider when screening tenants. If you want to be a more hands-off manager, you need tenants who will not only pay the rent on time but who will also be low-maintenance. In other words, you need tenants who will not be calling you every week. A good way to figure out what type of tenant a person might be is to ask their current landlord, who can give you a good idea of how reliable the person is as a tenant. This way, you can accept tenants who will be low maintenance and consistent in paying their rent on time. Screening tenants more carefully will help you reach your goal of becoming a hands-off property manager.

Automate reminders

When you are a hands-off property manager, you will likely have many other things going on in your life. Property management responsibilities could easily slip your mind. For example, you might forget that you need to ask a tenant if they intend to renew their lease. Setting automated reminders is the perfect way to prevent this. Use your favorite device to set these reminders. This way, every year, you will remember which tenants need to renew their lease. Automating reminders is a helpful step in becoming a hands-off property manager.

Use an online rent payment system

Nowadays, everything happens online: even rent payments. Gone are the days when people would leave their rent checks in your mailbox. Having an online payment system is extremely convenient for you and for the tenants since the system can automatically send you the rent payment. Your tenant won’t need to worry about remembering to write and drop off a check every month, and you can be more confident that you’ll receive the rent money on time. Do your research on the multiple online rent payment systems that are available, then choose the one you like best. When you use an online rent payment system, it makes life easier for your tenants and for you as a hands-off property manager.

Have a person to help you with repairs

Being a property manager, even a hands-off one, requires you to be responsible for repairing your property. It’s inevitable that the property will need regular maintenance and repairs, so you might as well be prepared for it. If you don’t want to deal with the repairs yourself, since you are a hands-off property manager, consider forming a relationship with a person who can help you with these repairs. When a tenant has a problem, you can simply call this person to fix it (of course, compensating them appropriately). This person will be a very helpful resource to you and your tenants. If you want to be a hands-off property manager, consider having a person you can go to for property repairs.

During transitions, hire a leasing manager

Transitions are the busiest time for a property manager. This is the time in between one tenant vacating the property and another one moving in. When you find out a tenant will not be renewing their lease, it’s time to start looking for another one to fill in their place. After all, you don’t want a vacant property! As a hands-off manager, it would be a good idea to delegate this responsibility to someone else, like a leasing manager. You can choose to hire someone for the busiest months of the year (if you’re in a college town, this would be from May to September, as senior students move out and younger students move in) to help you fill vacancies. This way, you don’t need to do all the work yourself. In other words, hiring a leasing manager during the busiest months of the year will help you be a hands-off property manager.

If you are interested in doing property management “on the side” to make passive income while you work another job, consider being a more hands-off property manager.

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