How to Manage Multiple Properties Efficiently
Are you someone who owns multiple rental properties? Well, you have a tough job since managing one rental property can be a handful as it is. Don’t worry though, we’re here to help you out! We can guide you on how to maintain and manage multiple rental properties efficiently and effectively.
Steps Towards Effectively Managing Multiple Properties
We have provided some simple steps that you can follow for effectively managing multiple properties with ease.
Stay Up-to-date with Real Estate Markets
The first step is to stay updated with the various developments and trends in the real estate market. This includes current pricing trends, any recent changes in regulations, etc. This will ensure that you can decide when and where to invest better and can take ready advantage of any opportunity that comes your way.
Create Standard Policies & Procedures
Creating standard policies and procedures is essential in order to maintain uniformity in operations, across all your properties. This will help you stay organized and can save you the tremendous amount of time you would have spent otherwise on managing multiple properties.
Keep a Track of Your Maintenance Costs
When you own multiple properties, it’s important to budget the same for maintenance for all the units. You need to keep track to ensure that you don’t exceed your budget. Allocate specific times each year for repairs and maintenance as this will help keep your rental properties in the best shape possible.
Hire Professional Services
It takes a lot of time and effort to manage multiple properties. So, hiring professional services like property managers, accountants, etc. is a good idea as this will help speed up the process, without stress.
Keep All Your Documentation Handy
This is important because if you face any legal cases, or need to have a tenant move out, you’ll need the appropriate documents to back your claims. It is also important to maintain a list of emergency contacts including details of your local electrician, plumber, etc.
Make Sure You Have Enough Financing
Owning multiple rental properties requires enough financial backing to purchase, maintain, and market them effectively. As purchasing multiple properties is a one-time investment, taking out loans and other forms of financing can help you easily manage multiple properties.
Put Your Rental Rates in Line with the Market
It is important to price your property wisely. This means putting your rental rates in line with the market so that you can attract potential tenants. To do this, you should always stay up-to-date with the trends of the local rental market.
Use Technology to Make Your Process Easier
Today, there are multiple software tools available in the market which can help you efficiently manage multiple properties from a single place. For instance, property management software helps you manage your finances, track tenant history, maintain records and a lot more.
Opt for a Team Approach
Hiring professionals can help you manage multiple properties, but a team approach also ensures that there’s someone you can trust with your affairs in case you’re unavailable. As you invest in multiple properties, it’s always a wise idea to have different people handling various departments, from maintenance to marketing.
Stay Patient and Consistent
Owning multiple properties can be a long and steady process, so you need to be patient and consistent as results won’t show overnight. As long as you stay organized, have a clear goal in mind, and are regularly planning and improvising, you should be able to finish the job.
Conclusion
Managing multiple properties simultaneously can be a difficult task. However, by following the steps and tips mentioned in this article, you can make the task easier and much simpler. Knowing the importance of creating standard policies, staying updated with changes in the market, using technology, and even maintaining records, can help you efficiently manage multiple properties.
Q: What software and systems are available to help manage multiple properties?
There are a variety of software systems and programs available to help manage multiple properties. Some of the most popular ones include:
1. Buildium: Buildium is a cloud-based property management software focusing on small- to mid-sized real estate businesses. It provides tools for managing properties, tenants, finances, and reports.
2. AppFolio Property Manager: AppFolio Property Manager is a comprehensive cloud-based solution for managing different types of rental properties. It provides tools for property maintenance, financials, marketing, accounts receivable, and more.
3. Propertyware: Propertyware is a cloud-based system designed to help landlords and property managers manage their rental properties and tenants. It includes features like tenant screening, online payments, automated financials, and marketing tools.
4. Rentec Direct: Rentec Direct is an all-in-one property management solution for rental property owners and managers. It includes features like tenant screening, rent collection, maintenance tracking, and more.
5. Yardi Systems: Yardi Systems is a full-service software suite designed to help users manage all aspects of their real estate businesses. It includes modules for budgeting, financials, tenant screening, and more.
Q: What is property management software?
Property management software is a type of software used by real estate property management companies to manage rental property income and expense accounts, rent collection, tenant management, and maintenance and repair tracking. It also helps in tracking inventory and making payments to suppliers. Property management software can offer a full range of tools and features including tenant profiling, rent collection, online payments, automated work orders, space management, data analytics, and more.
