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33rd Company News

Be a Hands-Free Landlord: Investing in Rental Properties

Tom Sedlack - Thursday, July 14, 2022

Did you know that the number of American households that are renters is 44.1 million? Additionally, the amount that renters spend every year on rent is about $485 billion. Also, the national average rent in December 2019 was $1,474 for an apartment.

Considering these statistics, you might be thinking of investing in rental properties. Landlords can make quite a lot of money and do so hands-free. However, if you aren't sure how this works, you might feel stressed.

Fortunately, in this article, we'll review how you can be a hands-free landlord. Finally, you can start property investing without having to do all the work involved. Read on to learn more.

Digitize Your Business

One of the best ways to make property management less work is to digitize your business. This way, you can complete many tasks online instead of going down to your rental property or office every time you have to complete one of these tasks.

These tasks include receiving rent, researching landlord and tenant laws, organizing works, discussing issues, and vetting tenants.

Having Processes in Place

Another way you can be a hands-free landlord is to have processes already in place. This way, you won't have to put a ton of time into organize everything when you're suddenly faced with having to complete a process.

Instead, you'll be ready to tackle that issue. For example, if a tenant has a complaint about another tenant, you can have a process for them set up so they can send that complaint directly.

You'll also already have a process in place for figuring out which tenant needs to pay for the issue, be kicked out, etc.

Other processes you can put into place to save time include cleaning homes, purchasing landlord insurance, and taking deposits. They can also include doing background checks and renewing leases.

Property Management Services for Landlords

Property management companies can help you to be a hands-off landlord. These companies will manage your investment property, market the property for rent, find a tenant, screen the tenant, and handle property maintenance and rent collection.

Additionally, they'll handle transition services (such as inspection and move checklists), complete comprehensive legal forms, complete property evaluations, and complete insurance reviews for free.

They'll also provide you with detailed activity statements every month.

Want to Learn More About Investing in Rental Properties?

Now that you've learned how landlords can manage their rental properties hands-off, you might want to learn more about investing in rental properties. Maybe you want help deciding what type of property is best for you to invest in, for example.

Whatever information you need, we can help. At 33rd Company Property management, we're experts when it comes to rental property investments.

We're also a full-service property management company in the Minneapolis & St Paul, MN area. We offer services such as comprehensive tenant screening, rent collection, and more. If you're interested, request a management quote now.


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