Managing multiple rental properties is daunting. It may look so easy, manageable, and should I say pretty cool, but it's not. Imagine a landlord managing 4, 5, 6, or more rental properties? Imagine the workload? I know some of you would wonder what that "workload" is, but hey! Property management is one of the most challenging jobs. You don't just manage your properties physically, as per se. You also have to look after your tenants and your people who'll help you maintain the property.
What's making it more complicated is when you have to encounter tenants who will consistently report issues no matter how big or small. But we have to deal with them, as landlords; we have to address all issues. The key to better property management is building strong relationships with tenants.
So, what if you encounter a tenant who, let's say, frequently files work order requests and another tenant who rarely does it? Well, regardless if they rarely or frequently file reports, the best way to keep them is to always communicate with them.
Here are some ways on how you can maintain your property while keeping your tenants safe at the same time:
Create a platform for tenant's work order requests
As a landlord, I make sure to address all concerns on the properties. For my tenants, I am using a "Tenant Portal" where they can make their payments online, track their rent dues, and file work order requests. Tenants are highly encouraged to utilize the portal at all times especially, should they have any work order request/s. Doing so will help both parties to track the work order progress and will ensure the tenant that the report is taken care of. This will also give both parties a proof that the work order is completed or not.
Encourage your tenants to come to you
Generally speaking, communication is key to everything. If you fail in that area, you'll fall behind. And as someone who manages multiple rental properties, one thing that will keep me going is having consistent and transparent communication with my tenants. Should any major issues need to be addressed urgently, encourage them to come to you as quickly as possible. Although you set up a platform for work order requests, some cases that need urgent action can be communicated to you directly. It's one way of assuring them that you care for them and that their safety is your priority.
Fix the issues!
It will never be enough that you just listen. You have to take immediate action to address the issue/s. Give your contractors a call and schedule the repair. Immediate action will save you money, time, and energy as you don't have to deal with the same issues over and over again if fixed as soon as possible.
After-repair follow up
In property management, taking immediate action to fix the issues doesn't end the moment the case is closed. Checking how everything went will assure your tenants that you don't just do business for money, but you also value your people ensuring that you will give them the best comfort they can have while at the rental unit.
Conclusion:
Property management is not just about maintaining the property condition, it's about securing your tenants' safety and comfort. There may come a time that you'll get tired hearing complaints from your tenants, even the smallest issues, but you have to deal with them professionally. You have to keep your tenants' comfort and safety on top of everything. You don't just do business, you build relationships. Property management is nothing if you have poor communication, if you aren't as proactive as you should be with your tenants. Remember that you are doing business, yes, but your people is your business as well when it comes to satisfaction, comfort, safety... let them enjoy life while living at the comfort of your home (rental unit).
For more updates about real estate, flipping houses, real estate investing, please do follow us on our socials! We also have our Youtube channel, where I, personally share my real estate experiences as an investor, a property owner, a realtor. Stay tuned!
Drop your questions should you have one!