Juggle Multiple Rental Properties With Ease

July 1, 2020 admin

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Marketing Multiple Rentals

Years ago, the best place for landlords to advertise available rental properties was the classified sections of local newspapers. However, these days, the world has moved to a more online platform. As such, landlords need to update how they let future tenants know that they have an awesome rental property available. Think about your target tenant. What medium they are likely to use when it comes to finding a new home. If you are looking for a mature tenant, you most likely won’t be posting on the local college bulletin boards. Whichever method you choose to use, highlight the features of your rental that set it apart.

Maintenance

Tending to the maintenance requests for a single property can be difficult to stay on top of. As such, it is easy to become overwhelmed by the maintenance required by operating multiple rental units. Make the repairs and tend to maintenance issues as soon as they are noted. One key tip is to have reliable contractors. Keep professionals, such as plumbers, HVAC technicians, painters, electricians, and other helpful professionals at the ready. Keep in mind that the costs associated with maintenance multiplies when you have multiple rental properties. Maintenance also includes the repairs and cleaning that is associated with tenant turnover, which costs both time and money.

Screening Tenants

You can reduce your overall costs associated with operating multiple rental properties through effective screening. Ask about criminal background, income stability, and how many people and/or animals will be living in the rental home. Although the screening process can be time consuming, it can save you headaches down the line. Multiple headaches if you manage multiple rental properties!

Organization is Key for Managing Multiple Rentals

Keeping track of what needs to be done and who lives where can be difficult if you are managing multiple rental properties. Misplacing documents, work orders, and receipts can be costly down the line if something should happen. This is why organization is of utmost importance when it comes to owning rental properties. You don’t necessarily need to adopt an already existing method though. There are several methods, including scanning documents to keep online. Find out what system works best for you.

Consistency

Whether it is your maintenance tasks or tenant screening process, consistency is key. For example, you will likely be able to use the same lease agreement paperwork across your various properties. Doing such will help to reduce your time expended to creating new leases each time a tenant moves. Bringing that consistency over to tasks such as landscaping and how you collect rent from each of your tenants will help to streamline your landlord process.

Minimize Tenant Turnover

There’s a considerable amount of time, money, and energy required when a tenant moves. Fixing it up and making it look fresh can be avoided though. One of the best ways to reduce your workload as a landlord is to minimize tenant turnover. If you keep your tenants happy, responding to maintenance requests, and generally allow your tenants to be happy in their home, they will likely stay tenants of yours longer.

Hire a Property Manager

Operating multiple rental properties can be overwhelming. It can be hard to keep track of everything that you need to do as a landlord. Add in keeping up with the laws, finding good tenants, and your personal life, it can be exhausting. That’s why there are professional property managers, such at The Property Manager to put your mind at ease.