How to Manage Multiple Rental Properties?
Updated: Sep 20, 2021
Juggling multiple properties somehow determines how successful your real estate investment is. It may look daunting and back-breaking as the more properties you manage, the more work demand it can get you. And it will never be easy, not always easy. Multiple properties are highly proportionate to a myriad of responsibilities, more complex problems, diverse tenants, etc.
However, not everyone is capable of managing multiple properties at once. Venturing into this level of investment requires a learning curve that is certainly manageable. Engaging yourself with strategies and getting yourself a daily dose of effective management will surely get you to places as real estate investment is concerned. Otherwise, you'll miss the opportunity for growth and success.
Therefore, regardless of how impossible managing multiple properties sounds, here are some takeaways to get you on top of your game.
7 Steps to Manage Multiple Rental Properties
The easy way to your tenants' hearts is good marketing. And knowing your target market will lead you the way to successful property management. Taking full responsibility for being a property owner must parallelly manifest a deep understanding of the market. Lack of market knowledge will result in the inability to grow your investment. Remember that knowing your market is getting the right tenant and getting the right tenant is one step closer to your goal. A good business foundation is marketing smart. You wouldn't want to screw up on this, so better be cautious. As you invest in your business, invest in your marketing too. How could this be possible?
Know your target market
Know where your target market is. Are they digitally knowledgeable? Are most of them on Facebook? Instagram? Or are they checking out properties on Zillow, Trulia, MLS, etc.? Invest in the right platforms.
Know what your target market wants. You should design and style your properties based on their preferences, not yours.
2. Screen Tenants Carefully
After successfully listing your properties, you will receive tons of inquiries from your prospective tenants. You'll get overwhelmed by a number of prospects; however, you have to go through each tenant meticulously. Maximize your resources as much as possible. Gather accurate data. Get their backgrounds checked. Gather updated information about them; this may include eviction history, criminal records, credit score, income, etc. Doing so will take quite some time before you eventually have the right tenant on board. Well, better be sure than sorry.
3. Establish Good Relationships with Tenants
One way to achieve more successful property management is to establish good relationships with your tenants. During the screening, you have already built rapport with your prospects, and by the time you decided who's the right tenant is, you have to maintain that good start. Commit with them as you commit to your investment. Attend to their work request/s for the property, communicate with them, be transparent, and treat them as your gem. Well, they are, indeed.
4. Stay Organized
Imagine the workload for a single property? You're not halfway yet if you have more. The work demand is intimidating, well, if you fail to build connections with your tenants. But regardless if it's exhausting or not, you must always stay on top of your game.
Know what to prioritize
5. Maintain Property
Effective property management isn't just about how you handle paperwork or how you manage to grow your rental properties. Behind all success, awaits some extra works to spice up your investment. Technically, you can't and will never establish good relationships with your tenants if you don't maintain your properties. Yes, it's not your sole responsibility to do that, but attending to all the work requests of your tenants (that you are liable for as the property owner) won't cause you trouble.
6. Go Digital
As everything goes digital, you have to maximize online opportunities too. Since you already invest in your properties and business itself, why not make the most out of it. Despite the work demand, make everything convenient and hassle-free for everyone. It won't only benefit you, but most importantly, your tenants. How?
Set up a tenant portal
Schedule and make all payments online
Requests all work orders via the tenant portal
7. Get Professional Help
Since managing multiple properties is challenging, there are some instances that you'll miss requests from other tenants, or worst would be, late payments will slip off of your mind. At times, you can no longer immerse yourself in the day-to-day tasks, that you end up missing opportunities. Therefore, seeking professional help will save your day. Also, if you have properties from the other side of the world, working with property managers will help you run your business smoothly. You are not always in control of everything, so as you grow your business, grow your team, too. Delegate tasks. Help each other out.
The market is getting competitive each day; you can't just sit there and wait for your business to grow without doing your part. Regardless if you are managing only one, two, or more properties, keeping everything on the right track will get you to places. If you are up for challenges, you are up for success.
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