How to Manage Multiple Rental Properties: 3 Tips for Success
Investing in real estate is one of the best ways to grow your wealth and secure your financial future. But even investing in just one property can feel a bit overwhelming, let alone managing multiple rental properties.
Investors have to worry about marketing, finding and screening tenants, collecting payments, dealing with legal issues, handling maintenance, and much more. And for every property you own, those tasks multiply. However, if you can learn how to manage multiple properties successfully, you’ll be building wealth at a much faster pace and higher rate.
Read on for a few tips on how to manage multiple investment properties with ease.
1. Utilize the Latest Real Estate Tech
Technology is created to make life easier for everyone. With the latest real estate tech, you can perform tasks and duties virtually and with the click of a few buttons, making managing multiple properties a lot easier.
For example, if you want to show a property to a prospective tenant but don’t want to do it in person, you can do virtual showings. These showings can give tenants a 360 degree view of your property without having to step foot inside. Another piece of technology you can use is an online billing system where tenants can submit their monthly payments so you don’t have to worry about collecting checks each month.
If you work with a property management company, you’ll have access to all of the latest technology for property investors which will make owning multiple homes much more convenient and simple.
2. Always Stay Organized
When you’re juggling all of your properties, it can be easy to lose track of important tasks you need to get done. This can lead to delayed maintenance, missing payments, or upset tenants. Being unorganized can make managing several homes ten times more complicated and difficult.
You need to prioritize organization as a property owner. If you’re more tech-savvy, keep things online and in designated folders, use spreadsheets, and add reminders to your online calander. If you prefer doing things offline, make sure you keep everything organized in their appropriate file and use effective ways to stay on top of your to-do list, whether that means carrying a notebook with you or hanging a to-do calendar above your desk.
By staying organized, you won’t ever have to feel overwhelmed by your management duties. You’ll stay up-to-date and ahead of the game at all times and your tenants will be pleased. The best way to stay organized is to outsource management duties to a professional real estate management company that can handle things like rent, maintenance, and tenant issues.
3. Work With a Professional Management Company
Unless you’re prepared to become a full-time landlord, managing multiple properties won’t be possible without the help of a professional real estate management team on your side. When you get assistance with managing your many properties, you can sit back and collect monthly checks while watching your properties appreciate in value, all while letting the pros handle the hard work.
A property management company will handle:
- Marketing your properties
- Screening tenants
- Lease agreements
- Legal issues
- Security deposits and rent collection
- Maintenance requests
- Property inspections
- Filling vacancies
- And much more
Managing Multiple Rental Properties Is Easy When You Get Help
Don’t make your life more complicated than it already is; let Premis Realty help you with your investment properties. Our team has the experience necessary to help you grow your wealth through real estate without having to put in all of the hard work.
Contact us today to learn more about our investment property management services.