Managing a single rental property, whether it is residential or commercial, can be challenging on its own. As you move to two or more units, the stress tends to pile up. There is little you can do if you end up renting to an annoying tenant, but besides that, there is a solution to almost everything. Thankfully, technological advancements and the availability of digital tools have made the task of managing multiple rental properties swift and convenient.
Here are a few practical tips that modern property owners and managers can use to make their lives easier:
- Be proactive with filling vacancies
The trend of homeownership across the use has witnessed a decline in the past few years. At present, 36% of Americans rent their homes. This volume is much higher, more precisely 65%, in the 35 and below age bracket. There is no shortage of tenants then, as thousands of people across the US own a home but rent properties in other states where they reside for employment prospects or a variety of other reasons.
As your property falls vacant, your cash flow takes a hit, especially when you manage multiple properties. It is best to avoid this scenario by listing the property for rent as soon as the previous tenant submits their notice to vacate. You may have other properties that can offset this lost revenue, but the empty property will still have maintenance expenses that may end up cutting your profits or, worse yet, come out of your pocket.
It is ideal, therefore, to fill the property with a new tenant as soon as possible. Market the desirable features of the property, especially the ones that may be attractive to your target market. You can look for assistance from tenant placement services too. Learn more about tenant placement services here.
- Build a network of service providers that are reliable
Besides keeping every property occupied, one of the biggest hassles with owning multiple rentals is maintenance. Obviously, you can’t go around physically checking up on each unit by yourself, which is why you’ll need to find the most credible, certified, and trustworthy companies out there. These will include plumbers, cleaners, electricians, and a host of other service providers.
It is up to you to find an individual you can trust or contract one company that can offer all of these services together. The most important factor is to research well and find people you can trust explicitly because the teams will often visit the property as per their schedule. You wouldn’t want to trust someone with such an expensive asset unless you know you can count on them.
Moreover, these service providers will need to be on your speed dial so that you can get in touch with them instantly, and they can arrive to get issues resolved as soon as possible.
- Have a plan for regular maintenance
It takes time to perform upkeep on one property. So naturally, when you have multiple properties, the situation may become more complicated. This is why you must make a maintenance plan if you’re going to manage the upkeep of several properties at the same time. This enables you to keep track of maintenance and guarantee that every place you own receives the care and consideration it needs.
In other words, it’s a method of ensuring you don’t forget about any property’s specific maintenance requirements. Generally speaking, each property’s maintenance schedule should contain seasonal jobs like gutter cleaning, roof repair, etc. Don’t forget to budget for unforeseen repairs as well. Have a network of trusted contractors you can call at any time, or you may collaborate with a seasoned property management company that can be present on-site for these inescapable issues.
- Use technology to your advantage
As was pointed out earlier, property management has become much simpler thanks to modern technology. Today, some tools and platforms can condense and execute every important task from a single portal. From property management to maintenance schedules, from tracking invoices to keeping a record of tenants and even coordinating between various functions, these software can do it all.
More tech-savvy owners can even take things further by installing smart systems in their properties, allowing them remote access to each place. This allows you to be anywhere in the world and yet be able to lock doors, shut off or adjust the thermostat at a vacant property or even turn off an appliance that has been left on by mistake. Rest assured that your property won’t be in the news for receiving a $640 utility because some tenants left the gas and water running for 25 days!
- Visit properties regularly
A downside of technology (how hard is that to say!) is that people often don’t feel the need to visit their properties physically. Most properties go on auto, as in that your vetted service providers continually take care of the maintenance and tenants have long-term contracts. As a result, many owners go months or even years without going to the property to check up on it. This is a dangerous act that can have some extensive consequences.
Usually, tenants in properties whose owners don’t visit for long periods can be negligent. Also, other people can take unfair advantage of the place. Therefore, property owners are responsible for regularly scheduling visits to each and every one of their properties. Whether you have 2 properties or 20, you can easily reach them when you have a plan in place. Physical visits give you the surety that tenants are looking after the place and no maintenance tasks are pending.
Visiting the properties can also help you ascertain the places that require an upgrade. With a slight or major renovation, you can add value to the home or office, which in turn raises the rent you can derive from it.
When it comes to managing two or more rental properties, there can be a lot of issues and problems. Not to mention the stress that can come from dealing with numerous tenants. Fortunately, there are ways out there to make things more manageable overall. All you need to do is have a solid maintenance plan, the help of technology, and a strategy to keep tenants coming as soon as some leave. These simple steps ensure that your properties continually deliver appropriate revenue without hindrances.