Managing a single rental property is challenging enough. When you're the owner of multiple rental properties, there is a lot more work needed for things to go the right way. Multiple properties mean multiple tenants, and attending to the needs of all the different tenants can be quite challenging.
However, there are many people who have multiple properties and they do a fairly good job of managing them. How are they able to pull this off in spite of the many challenges they face?
The amount of paperwork and other responsibilities increase proportionately to the number of properties you own. It's easy to misplace an important document or forget about a maintenance visit or inspection. Mistakes such as these can cost you a lot of money.
Have a reliable organizational system that will make it easier to keep track of everything. You should have a proper way of storing records that keeps them safe and easy to retrieve when you need them.
Screen Tenants Carefully
If having multiple properties will increase your workload, then having multiple bad tenants will make things even more difficult for you. Bad tenants can make your life harder by causing damage to the property, being a nuisance to the neighbors, making frivolous complaints, not paying rent on time, etc.
It's difficult enough to deal with a single bad tenant. Having multiple properties increase the chances of ending up with more than one such tenant. This makes it important to be thorough during the tenant screening process.
Consistency Will Help
A process that repeats itself will eventually get easier. When your properties all have the same needs, sooner or later, you will have a system that you can apply on all properties. Whether it's the maintenance of the property or collecting of rent, things can be much easier for you if you're repeating a single process from one property to the next. This can even lead to less confusion in other areas such as payment of taxes.
Hire a Manager
There is a reason why even people with one rental property would rather hire a property manager. Managing properties is hard. Although there are steps you can take to make things a little easier, such as those mentioned above, there will still be other challenges to be overcome. If you find all this work to be inconvenient or you have other pressing responsibilities, hiring a manager to take care of things will be of great help. For more information, reach out to companies like ProFleet NW General Contractor.Share