How to minimize your duties as a landlord

Many homeowners have found themselves as landlords, courtesy of the current real estate market. I have had tons of questions regarding ways of minimizing your duties as landlord. So below I listed some that has helped me over the years.

1. Paint Touch Up: When you are preparing a home for rental use flat neutral color paint. It is easy to use, and makes it easy to touch up later. Most people want to use custom colors and semi gloss paint, they are impossible to touch up and the more colors to keep track of the more work you have made for yourself. I use a product by Olympic paint called Fast Hide, but most brands will have something similar that also works well.
2. Heat Pump Maintenance: Most heat pumps have filters that need changed every three months. As landlord I schedule myself in every three months to change those filters. While your there you can check to make smoke detectors are working properly, and that the batteries aren't being removed to operate the remote. It also gives you a chance to check out the property to ensure its being taken care of.
3. The Leasing Hassle: Too many people that don't understand real estate have found themselves leasing out property. If you don't have the experience and patience let a professional Agent do your leasing. It will save you money in the long run. You still have the final word about everything concerning your property, but you will not have to worry about advertising, meeting with clients, pulling credit, finding a lease, or breaking any fair housing laws, you can let the agent worry about that.  
4. Eliminate the Small Things: Add a clause in the lease that puts the tenant in charge of small maintenance items, changing light bulbs, plunging the toilets, t/u paint, caulking, etc... The clause could say anything under $25 or $50 dollars. This will help eliminate a lot of phone calls for the minuscule items.
5. Walk Through List: Have your tenants fill out and sign a walk through sheet, showing what the house was like when they moved in, and take pictures. Give the tenant a copy and it should help them remember how they need to leave your house when they are gone.

I hope this can help someone, that is frustrated with having to rent out their home. Let me know if you have any more ideas that have worked for you.

Thanks

Aaron Poling

Long & Foster