As a landlord, you want to make sure you're getting the best possible price for your property. You also want to make sure that your tenants are taking care of your property and paying their rent on time every month.

In the United States, renters lived in about 44 million housing units as of 2021. As part of a long-term upward swing dating back to 1975, this figure has been steadily rising since 2010. While the figures are optimistic for landlords, it can be difficult to know whether or not your property is being taken care of if you're not there to see it firsthand.

Luckily, there are tips out there that can help you keep an eye on things and make sure everything is running smoothly. In this article, we'll go over 3 tools that will help ensure your peace of mind as a landlord:

Install Submeters

When you own a home and rent it out, you want to make sure your tenants are paying their bills. You want to know that they're not going to leave behind a mess when they move out, and you want to be sure that they're taking care of the property.

The best way to ensure peace of mind is by installing submeters in your rental properties. Submeters are installed inside the unit and measure water usage, electricity usage, and gas usage. 

They can also be used for other things like heat or air conditioning. This allows you to see how much energy your tenants are using throughout the month so that you can have an idea of what their monthly bill will be before it comes due.

You can even set up alerts so that if a tenant is using too much energy or water above a certain level, you'll get an email notification about it! That way, if something does happen (like if someone leaves their water running), then you'll be able to take care of it right away instead of waiting until after they've left.

You can find a submetering guide on different websites on the internet. The information provided in these guides will allow landlords to understand how submetering works and why it's important so that they can make informed decisions about whether or not installing submeters is right for their properties.

Adopt Property Management Software

Property management software is an essential tool for landlords looking to rent their property. It can help ensure that you’re able to keep track of everything that goes on in your home, from tenant applications to maintenance requests and rent payments.

One of the best things about property management software is that it allows you to communicate easily with tenants and other members of your team. You can create templates for sending emails or text messages to tenants or even use the software’s built-in calendar function for scheduling appointments.

In addition to keeping track of tenant information and schedules, property management software also provides reports that help landlords make informed decisions about their properties. For example, if a repair request has been made by a tenant but hasn’t been resolved yet, you can see exactly when it was first submitted and how long ago it was last modified by opening up one of these reports.

With the growing adoption of property management software by landlords across different countries, the size of the global property management software market is anticipated to reach $4.1 billion by 2027, growing at a 5.4% CAGR.

Get Property Insurance

The last thing you want is to have to deal with a tenant's property damage on top of everything else. Property insurance can help protect you and your tenants against these kinds of events, and it's important that you get it before you start renting out your property.

There are several different kinds of property insurance, but they all work in the same way: they provide coverage for damage caused by events like fires, storms, vandalism, and theft. These events could cause significant damage to your rental property that could put you out of business and even put you at risk of losing money if you have to pay for repairs yourself.

If a tenant causes damage to the property while they're living there, that damage can also come out of your pocket if the tenant doesn't have their own insurance policy in place. Without adequate coverage from your own insurer, this could lead to financial disaster for both parties involved.

The Insurance Information Institute estimates that, for the same dwelling, landlord insurance plans for rental property typically cost 25% more than homeowners insurance policies.

However, it’s completely worth investing in property insurance as it can protect your investment against all kinds of disasters and help you recover financially if anything goes wrong.

Summing Up

The right tools can help you maintain your peace of mind while renting out your property. With the right tools, you'll be able to know exactly what's happening on your property at all times.

You don't have to worry about your tenants taking advantage of you, or whether they're paying their rent on time, you'll know. You won't have to waste time waiting for mail that may never arrive or spend hours on the phone trying to reach someone who doesn't care about helping you out.

When you have the right tools, you can focus on doing what matters most: making money and having fun.