A big part of the allure of getting into property development for rental purposes is so that you can enjoy the fruits of what is perhaps the best example of passive income in existence. Consequently, you’d want to ensure all processes involved with the management of your properties remains as automated and passive as possible. The best case scenario is that you’d have a manager or a management team you can totally trust to handle everything and then all you ever really do is collect a pay cheque at the end of the week or month, less all overheads which include HR payroll, taxes etc.
Unfortunately though any property management venture requires direct involvement on some level, but there are some specific ways through which you can ensure to reduce the time you have to spend when completing a major part of the administrative work, which is visiting the properties when creating inventory reports.
Naturally this would apply to those properties in your portfolio for which the construction and renovation is yet to be implemented, and that would be building modular. Modular buildings are increasingly accounting for the dominant infrastructure central to the latest property development projects and they make for much simpler property inventories to manage as a result of the whole industry around their construction inherently meeting or exceeding related construction regulations. There’ll be fewer issues which require you to go out and physically inspect the premises, so less time spent on site.
Be clear about house/renter rules
Thanks to the robust nature of modular building technologies and processes, which are even slowly making their way into traditional construction methods, the subsequently fewer structural issues you’d have to address already mean less time spent on site, leaving “softer” issues to deal with as a possible result for having to go out to each of the properties. To reduce the amount of time you’d need to spend on site, be very clear about house and renter rules prior to letting prospective tenants occupy the property. That way and if there are clearly stipulated procedures around the handling of the various possible issues that could flare up, come inventory-report compilation time, you never have to spend more time than you have to dealing with issues for which you don’t have an existing template.
Plan site visits efficiently
Planning your mandatory visits efficiently simply entails moving along the most efficient path between each property site so as to minimise the total time. Basically the closest properties to each other will be visited first.
Use cloud based property reporting software
Used right, some of the best software with which to manage property inventories can have you doing it all remotely, thereby completely cutting out any time you’d need to spend on site at all. Click Here to get the full low-down on Inventory Hive, a simple and intuitive cloud-based property reporting solution which can be used from the desktop or via integrated app (or both). During the times when there are no physical issues to have to sort out, this way you can avoid having to spend any time at all on site.