Friday, April 11, 2014
Renting out several properties simultaneously can be a viable business endeavor. The key is learning how to manage multiple rental properties at once. As a landlord, the responsibilities and challenges you may face when dealing with one property alone can sometimes be overwhelming. What more with managing several properties at once? Organization and time management are important to achieve success in this type of business.
Create an effective filing system for your different rental property documents. Have a separate folder for each property to avoid potentially embarrassing and costly scenarios such as mixing up your tenant’s documents. These mistakes will make you seem unprofessional and unreliable as a landlord. Organize your documents to avoid these pitfalls, and save time on finding files as well.
If you already have multiple rental properties, it’s best to have regular contractors or suppliers you can get in contact with for routine repair and maintenance work. This makes it easier for you to handle things since you’ll only be talking to one contractor regarding renovation jobs at different properties. Having a constant go-to contractor will also form an advantageous working relationship, since someone you’ve worked with several times will better understand your needs and requirements.
Even if your properties are all rented out and without problems, don’t be complacent. Keep updated with rent pricing. Network with other people in the same line of business such as real estate brokers and agents to get a handle on the latest rental rate trends.
Handle your tenants' concerns swiftly and efficiently, as this will help keep them happy and prevent vacancy periods. Keep your property well-maintained and address any concerns within a reasonable time frame.