Although anyone can manage one property at a time, when you add multiple properties into the mix, it’s not as easy. That’s because several properties mean multiple tenants, rent checks, and overall problems. If you’re going to invest in more than one rental property, you’ll need to have a solid strategy for managing each one to ensure steady profit and success.
That said, here are seven tips that can streamline the process, so you can ensure that each property is in its best possible condition:
Perform Regular Maintenance
If you’re looking to manage multiple properties and keep each one in top condition, you’ll need to have a system in place, such as regularly handling repairs and maintenance issues promptly.
Hiring an all-around handyman is ideal, but you’ll still need to have access to other services like a plumbing company, painter, electrician, and roofing contractors for special projects like replacing roof tilings and so on.
If you want to handle multiple properties at once, you’ll need to ensure when people see any of your buildings — they see a ‘recognizable brand.’ Doing this helps you minimize and vacant properties at any given point, increasing profit. The best way to do this is to create a ‘strong’ marketing strategy. However, ensure you take an approach that considers all potential channels for advertisements.
For instance, if you’re targeting an older demographic, Facebook is a better choice, while Instagram is the best option for a younger audience. Your marketing campaign and brand need to match the audience you’re aiming for, so determine what sets you apart from other businesses and lean into that.
Screen Tenants Carefully
If you plan on renting out your properties, before letting anyone sign a lease, make sure to screen them carefully. That’s because any undesirable candidate won’t be able to pay promptly, tear up your units, or invite pests into your buildings. Besides that, you need to consider how many people will be living on the properties as well. Doing this helps you contain as many problems as you can and keep your buildings in top condition.
When it comes to managing multiple properties, your schedule is everything. Once you handle more, it’s easy to get your priorities lost in the shuffle. That’s why you should make regular scheduled visits and inspections of each property you own. Plus, showing management presence is crucial to many investors — giving you the chance to speak directly with your tenants, preventing issues from arising.
With technology improving every day, there are several ways for you to complete multiple tasks that come with owning real estate properties with convenience and a timely manner. You don’t need to deal with manual mail checking, exchanging keys, or conventional signing events anymore, as you can do most of these online and in ways that can help you stay organized than ever before.
For instance, video technology enables you to see any rendering of prospective properties, create virtual walkthroughs and allow potential buyers or tenants to see a first-person view of how your real estate properties look. Other technologies like instant messaging help establish seamless communication between your team and productivity tools that ensure the work you need to do is adequately organized.
Focus on the Customers
Although owning rental properties isn’t like other service jobs, you’re still providing some service for your tenants. You’re giving them a place to stay and care for it to ensure a pleasant stay as much as possible. It’s expected for tenants to call up property managers and have them directly issues regarding the properties. So, although you may legally ‘own’ them, they have the right to feel comfortable in a space they’re leasing.
If you fail to consider managing several properties, you’ll end up with an unhappy tenant, which may negatively affect your reputation.
One of the best ways to ensure you’re up-to-date with your properties is by regularly communicating with the tenants — and the most convenient way you can do this is by offering them a 24/7 line to call. Instead of leaving them to face automated messages, having a live representative talk to them to address any concern they may have regarding your property as soon as possible. Doing this keeps your properties intact and tenants happy, making it a win-win situation for all parties involved.
One of the best things about investing in real estate is that it begins to snowball, and though it may take a while to save up funds and get your first property — the succeeding ones will come much faster. Before you know it, you’ll have an extensive portfolio filled with properties with income rolling in, and the tips mentioned can help you manage all of them efficiently, ensuring long-term success.