An increasing number of people are starting to jump on board with the idea of finding some passive income streams in addition to their 9-5 jobs. Passive income refers to work you continue to get paid for after you’re done—whether you purchased a franchise you have managers run or you have a rental property, minimal day to day work is required to generate income. Having additional revenue streams can open so many doors and give you more freedom in life. Whether you use the extra funds for travel, retirement savings, paying off your student loans, or you continue to build your investment portfolio—passive income helps you escape the constant grind of getting financially ahead. Sounds like a pretty nice deal—do the up front work, and then make money while you sleep. However, this only works when you plan ahead to minimize your time commitment while maximizing your profit.
When it comes to rental properties, there are often so many logistics that it can start to feel like a second job, rather than full time income. From tenant check-ins to repairs to showing properties when you need to fill vacancies—it all adds up to be time consuming and can even eat into your profits.
Here are some tips for how to plan ahead, make things more efficient, and get some of your time back so your passive income actually feels passive.
- Pre-schedule tenant meetings via video call. If you don’t need to check in on the property in person for a repair or an inspection, you can pre-schedule video calls with your tenants to check in on how things are going, ask if they need anything, and stay proactive about communicating with them, without the time and hassle of commuting.
- Budget for repairs. Staying on top of saving money out of each rent check you receive can help you be prepared for expensive repairs that may come up in the future. It won’t feel like such a big loss if the money is already set aside, and the flexibility to hire a reliable contractor will save you time and energy.
- Sign up for Showdigs. When you have a vacancy, filling it is can be a very time consuming process. Coordinating with prospective tenants to schedule property showings, commuting for the appointment, and dealing with cancellations and no shows that need to be rescheduled are all time consuming tasks that eat into your revenue with every day that the property sits vacant. Showdigs helps you fill those vacancies faster by allowing your prospective tenants to schedule showings on-demand with a licensed real estate agent. Showdigs works around your prospective tenants’ schedules while eliminate all of the hassle of property showings for you.
Contact Showdigs for more information!