4 Services Every Landlord Needs to Be Successful

Your success as a landlord depends on your ability to become (and remain) profitable and retain tenants long-term. If you can achieve these two things, you’ll do great. 

However, while you’re building your business, try to avoid falling into the trap of believing you shouldn’t spend any money and need to save every penny. There are a lot of expenses you can take on as a landlord that will actually help improve your profitability.

1. Tenant relocation services

Many property management companies offer relocation services to tenants because it helps them to better manage their business. This service involves helping tenants move into and out of their home, and can include everything from packing to moving furniture from their previous home or even a storage unit.

For landlords who own property with a high turnover rate, like student housing, relocation services protect their investment in several ways.

• Reduces the risk of damage from frequent move-ins and move-outs
• Increases tenant satisfaction, which boosts the property’s reputation
• Decreases vacancy periods
• Gets tenants in and out quickly
• Increases the potential for renewed leases
• Supports a stronger community through tenant satisfaction

With relocation services, tenants feel taken care of, and are more likely to renew their lease if they have a reason to stay in the area. Since you can get tenants in and out faster, it gives you a little more control over reducing the potential for damage. For instance, when professional movers are the ones carrying heavy furniture through rooms, halls, and down steps, there’s less chance of damage, including scuff marks.

When tenants know their landlord is going to help them move in and out of their unit, they have even more reason to sign the lease. Moving is a stressful experience for just about everyone, and movers are expensive. However, when you offer relocation services, you can form an exclusive partnership with a local moving company and lock in a better rate by guaranteeing work.

2. Professional landscaping

Oftentimes, tenants neglect yard work, but sometimes their reasons are legitimate, despite being lease violations. For example, if your yard requires an enormous amount of time to maintain, or needs a full landscaping crew to handle, costing the tenant thousands of dollars, it’s unreasonable to expect them to do the work themselves.

Tenants should only be held responsible for routine maintenance, and nothing too extreme. It’s reasonable to expect tenants to cut the grass, get rid of weeds, trim back tree branches, and keep everything below a certain height. It’s not reasonable to expect a tenant to spend every weekend shaping hedges, trimming bushes and branches, handling invasive plants, and re-landscaping areas that grow wild every season or pay a landscaping team a few thousand dollars to get the job done.

If your yard requires significant landscaping to maintain, consider hiring a professional landscaper to handle the job. They’ll come in and do everything on a weekly or monthly basis, whatever you choose. The job will get done how you want, and it will take enormous pressure off your tenant.

3. A tax professional

No matter how many times you prepare your own tax return, there’s always a chance you won’t know about the current laws and other changes that you can utilize to lower your tax liability. When you hire a tax professional each year to file your return, you’ll always have access to updated information. CPAs and other tax professionals are required to stay up-to-date with current regulations and laws, and that information isn’t easy to find or verify online.

Another benefit to hiring a tax professional is having representation in case you get audited. If you’re chosen for an audit, you will have peace of mind knowing the person who prepared your taxes will handle it for you.

4. Property management

If there’s one service that stands out above the rest, it’s property management services. Your property is a significant financial investment, and a property manager can help preserve the value. For instance, they’ll handle all the legal aspects of tenant interactions, including collecting rent, sending notices, and even evictions. They’ll also handle emergency calls, complete repairs on time, and manage security deposits by the book.

Outsource your landlord duties

These are just some of the services that will help you become a more successful, profitable landlord. The less time you need to spend managing a property, the more time you have to pursue additional investments.

As a rule of thumb, if you can outsource your responsibilities, it’s usually worth paying for that service to keep tenants happy, reduce vacancy times, and minimize the potential for damage.