Owning multiple properties usually means you enjoy having a lot of wealth tucked away in real estate. The next benefit is having multiple streams of income from all these properties, but you also have the responsibility of making sure they are all managed. Knowing tips to manage multiple properties makes it easier to juggle everything at once.
Find the Right Professionals
Whether it’s landscaping, roofing, or HVAC, you’re going to need a wide variety of different services to handle things at your properties. From cutting the grass to maintenance emergencies, you’ll need a good list of professionals you can turn to for everything that might come up on a regular basis or unexpectedly.
Get Volume Discounts
Whenever possible among your vendors and contractors, negotiate volume discounts. More properties should mean more work for them. If it’s consistent work and steady income for them, they should be able to give you favorable deals and rates.
Use a Vacation Property Management Service
If you don’t live in the same town as your properties, then a vacation property management service can take care of many details for you locally. Even if you do live in the same area, you can let them handle most of the landlord issues so you can keep your schedule free and clear.
Keep Great Tenants
Whether you work with tenants directly or hand off property management to someone else, do what you can to recognize when you have great tenants. Then, do what you can to keep them. Steady rental or lease income from tenants that follow the rules and take care of the property are worth their weight in gold. Keep them happy as long as you can.
Never Hand Out Personal Contact Information
If you use a landlord or property management service as a go-between you and your tenants, then never hand out your personal email or phone number. Communication should go through your representatives and never directly to you. You’re using them to distance yourself from everything that comes up.
Enjoy the Perks Without the Hassle
The more properties you have, the more there is to be managed. You don’t have to do it, though. In fact, trying to do it all yourself could do your tenants a disservice and give you a bad reputation as a property owner. The more you can delegate, the better things go for everyone.