If you own multiple properties, congratulations: you have a lot on your plate! However, it's important to remember you can actually do it with little planning and communication. So here we bring you 9 tips on how to manage them all.
You must have an overarching theme if you want to manage multiple properties at the same time. You must ensure that when people see any of these properties, they see a unique brand. A solid marketing strategy will ensure that you have few vacant properties at any time.
Choose your target market and find out where they will look for a home. If you're in an older market, your tenants might not be interested in the newest listing sites. They could be using a local newspaper you've never heard of.
Make sure your strategy includes all potential advertising channels. Older people, believe it or not, use Facebook far more than younger people. On the contrary, if you want to market to a younger audience, you may need to sign up for an app, create a website, or start promoting your properties on real estate portals and Instagram.
It's important to match your strategy and brand with your audience. Figure out your USP and capitalize on it.
Maintain Your Properties
Your properties must be able to speak for themselves. Visitors who come to your properties and neighborhoods should feel that you take good care of them.
Whether you want to sell, rent, or work with investors, you must show that you prioritize repairs and maintenance. The key is to deal with them as soon as you identify the problem. When managing multiple properties, you need to be savvy to survive.
Screen Your Tenants Carefully
Before allowing anyone to sign a lease, you should conduct a thorough tenant screening. If you do not screen your tenants, you risk attracting new tenants who damage your property. Unwanted candidates will not pay on time, tear up your floors, and invite vermin into your buildings.
While pets can defend against mice and rats effectively, an uncared-for pet can cause more harm than good.
Be aware of how many people will be living in your spaces. Renting to individuals is easy, but your problems multiply when they start having children or cohabiting with roommates or partners. That's twice as many people causing stress on your plumbing and electrical outlets.
If the thought of people making your properties their own bothers you, maybe you're in the wrong business. Even renters want to feel at home in their rental properties. When screening tenants, remember to keep an open mind.
Stay Friendly With Tenants
Building tenant relationships is even more important than screening them. These connections will pay off in the long run. If they believe they can come to you with problems, they will more likely keep your properties in good condition.
Your tenants will not be willing to do it if they feel harassed or irritated whenever they contact you. They'll try to find cheap or ineffective solutions to problems that could become foundational.
You must also stay civil and kind to tenants you dislike while respecting their legal rights. Any discrimination against tenants is also against the law, so remaining friendly means following the law. Keep things professional, and you won't have any problems with your tenants.
They may also inform friends who are looking for a new place.
When managing multiple properties, your calendar is everything. When you manage more than a handful of people, they easily get lost in the shuffle.
If you're just starting out, it's important to visit and inspect your properties on a regular basis. Successful real estate investors use a specific schedule to track what's happening, even at properties that are in good condition.
Many investors value the presence of management. It also allows landlords to communicate directly with their tenants. This prevents small problems from becoming big ones and proves to tenants that they can resolve small issues directly with their landlords.
While you may be a DIY type, don't be afraid to get the help of professionals. Taking care of small issues is wise because most professionals charge by the hour. However, installing complicated systems on your own can cause more harm than good.
When you own property, there are many legal issues to consider. Being prepared, properly insured, and up to code benefits your tenants and protects you from lawsuits. Getting some lawyers on your side is the best way to protect yourself.
Go High Tech
There are many new methods for you to complete a lot of tasks that come with owning property. There is no need to deal with mailed checks, key exchanges, or even traditional signing events. Most of these errands can be completed online and in ways that will keep you more organized than ever before. You can use productivity tools to ensure that the work that needs to be done is properly managed and completed in the right order.
Focus on Customer Service
While being a landlord isn't like working in any other service industry, you do provide a service to your tenants. You're providing them with a place to live and helping in its upkeep, so they don't have to worry about the details. Renting is more expensive than owning because repairs are covered in the rental fees over time.
Also, you'll deal with people who consider your property their home. While you legally own them, they have a right to feel at ease in the renting space.
If you can't always be available to your tenants, you should have a phone number they can call. Also, you must return to their messages.
The best way to deal with your tenants is to provide them with a 24-hour phone number. They will feel heard if they speak with a live representative instead of leaving an answering machine message. Human contact is important even if that person is responding from a remote location.
If you find it too difficult and time-consuming to manage multiple properties, contact PropertyAngel. PropertyAngel is the leading O2O (online to offline) property management company in Bangalore, offering expert property management services for villas, individual apartments, and houses. We will keep your tenants satisfied by delivering the most promising results.