There are many great reasons to invest in rental property. For one thing, the demand for rental property is high and supply is still low. In other words, places to rent typically never stay vacant for long. This is probably due to the lower unemployment rates in the US in recent years. But one of the main reasons why some choose to buy rental properties is because of the opportunities for passive income. When you think of renting out houses, you might imagine hiring a tool-belted maintenance man to constantly do repairs around the property. And while it’s true that some properties require this, it is completely possible to outsource all your work.

Finding your property

If you wish to fully outsource your rental business, it’s best to start with a quality property that doesn’t require much work. Of course, you can also hire people to take care of improvements and upgrades for you. But that requires some oversight on your part to make sure it’s done right. You can purchase apartment buildings, condos, or single-family homes to rent out. Just make sure the price leaves you room for profit. Commercial rental is another way you can go. You might start by looking for commercial real estate companies Denver to check out some properties you might lease to businesses. Commercial property has some advantages over residential: for one thing, business owners usually don’t occupy the property 24 hours a day, so there is less opportunity for middle-of-the-night emergencies.

Paperwork

You can either handle the process of finding tenants yourself or hire someone else to do it. Many people are now opting to list their rental properties with real estate agencies, and there are several benefits to doing this. For example, the agency does all the marketing for you. They’ll be also the ones who make arrangements to list your property, show it to prospective renters, and even screen all your applicants. For landlords who find this to be the most tedious part of the business, a realtor can save your sanity.

Maintenance

In most cases, you don’t have to hire a full-time handyman to oversee your property. Doing so might be the best choice if you own apartment buildings or large commercial spaces. But usually, you can get by with hiring someone to be on call. If you wish to fully outsource this responsibility, it’s a good idea to have the number of more than one. But simply having someone to take care of repairs as they pop up will keep you from having to do much work. This on-call maintenance person should have full authority to hire plumbers or other technicians when the need arises.

Billing and payments

Many landlords don’t realize that there are companies they can hire to handle all their billing and payments. Services such as smart payables outsourced payment processing do just this. They can take care of all your billing and make sure you never miss a due date. They can also send out statements to your renters, 1099s to any contractors you might hire, and automate all your processes.

Landscaping

This is the most common duty farmed out by landlords. You can certainly delegate this obligation to your tenants in single-family homes. But if you own apartment complexes or commercial properties, you’ll want to ensure that it always looks its best. There are many landscaping companies you can hire on a contractual basis. And they will be responsible for checking the property year-round to keep the premises well-maintained.