Managing one rental property isn’t easy, so managing more than two seems unimaginable for many landlords. Fortunately, it isn’t as scary as it seems. Managing multiple rental properties is doable, but you’re going to need a “boost” to get started. In this post, we’ve put together a few tips on managing multiple rental properties at the same time, whether you own two, twenty, or even more!
Pros of Self-Managing Multiple Properties
One of the pros of managing multiple rental properties on your own is freedom. You’re free to do whatever you want with your properties, and you have complete control over your expenses.
If, for instance, you want to turn one property into a vacation home, you can decide for yourself. If you also want to take a break from being a landlord, you can choose to stop renting out your property once your current tenants’ contract ends. Self-managing is perfect for people who want to be hands-on with property management.
Cons of Self-Managing Multiple Properties
Managing more than one property is a no-brainer for many landlords, but here’s the thing: they may be able to do it, but that doesn’t guarantee you can, too. As with anything, property management comes with time – if you haven’t developed your property management skills over time, you won’t be able to manage multiple properties on your own.
Consider that managing multiple properties is time-consuming. If you cant commit your time to your rental, you won’t be able to provide your tenants with the attention they expect. Day-to-day management can also be a burden, as you’ll have to attend to every unit’s needs. Furthermore, if your properties are in various states, you’ll have to study state-specific laws to protect yourself.
Tips on Managing Multiple Rental Properties
Whatever you decide to do, it’s vital to know a bit about how to run multiple rental properties. Below, we’ve compiled a couple of tips on how to oversee your many real estate investments at the same time:
1. Take Advantage of Tech
Property management tools and apps can speed up property management processes. When you take advantage of tools like tenant portals, you’ll be able to do your day-to-day tasks with more efficiency. For instance, if you need to collect rent, all you need to do is set up rent reminders on your property management portal. You no longer need to knock on your tenants’ doors or run after them month after month. Similarly, if you want to show your property to a prospective tenant, but don’t have the time to do so in person, you can show it virtually instead.
It benefits your tenants, too. Modern-day tenants are more tech-savvy – they want a landlord who can provide them with the conveniences they need. When you work with a property management company, you’ll have access to these real estate innovations and more.
2. Prepare a Maintenance Plan
One of the things you need to regularly do is to repair the property. This is a relatively simple task, however, if you add more properties to the mix, it can become a bit more complex. This is particularly true if your properties are spread out across the states, as every property will have seasonal issues.
To manage maintenance, you’ll need to prepare a maintenance plan for all of your properties. Plan what needs to be done for Property A, Property B, etc. and when these need to be done. Consider the routinary tasks such as AC maintenance and create a season-specific checklist for each property. If a tenant is set to move out a certain month, schedule a professional cleaning service in advance to get your property rent-ready again.
3. Have a Network of Vetted Vendors
Your phonebook should be filled with the names and numbers of vendors, from professional cleaners to plumbers. In the event that one of your properties needs attention, all you have to do is call your local contact and they’ll handle it on their end. That way, you won’t have to deal with property repairs on your own, particularly if you live far from your real estate investment.
Establish a network of vetted vendors so you won’t have to waste time searching for someone who can get the work done. Alternatively, you could partner with a South Florida property management company that already has connections with on-call service providers.
4. Stay Organized
Managing multiple properties can be overwhelming. You have an extremely long to-do list, and your tenants expect you to stay on top of your to-dos, no matter how overwhelmed you are. Apart from your property management tasks, you also need to be a bookkeeper and maintain proper documentation of rental applications, work orders, and more. Remember that you can’t fail to sort your files – when tax time comes, you need to prove your claims with the proper paperwork.
If you don’t have a bookkeeping background, you can choose to partner with a professional accountant or property management company with its own in-house team of CPAs.
5. Screen Tenants
We’ve said it time and again – tenants can make or break your real estate investment. If you’re managing multiple properties, take the time to screen your potential tenants meticulously. You need to be 100% sure that your tenants are responsible, will pay their rent on time, and more. You need to be able to count on your tenants to care for your property, as you won’t always be there to deal with rental-related problems. They should, at least, be able to change a lightbulb. If anything, your tenants are your partners in property management.
The Best Way to Manage Multiple Rental Properties
Finally, the best way to manage multiple rental properties at a time is to partner with a property management firm. Companies such as Luxury Property Care are experts when it comes to property management. They’re your “go-to” team for everything and their goal is to manage your multiple properties for you, whether you have two or twenty.
At Luxury Property Care, we proudly provide expert property management services for South Florida rental property owners. Contact us at (561) 944 – 2992 or complete our contact form for more information. One of our property managers will be in touch with you as soon as possible.