Managing multiple properties can be tricky! If you’re new to the game, there are plenty of things that can trip you up along the way. The first step is to get organized and learn how to manage your properties effectively. That’s where we come in: We’ve got tips for managing everything from rent collection to maintenance and repairs. So if you’re looking for ways to make sure that all your tenants are happy and satisfied with their units while your profits are soaring, read on!
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The Challenges of Managing Multiple Properties
In order to manage multiple properties successfully, especially if you’re a first-time landlord, you must be well prepared for the challenges your investment entails: You will need to manage your time well and be organized so that you can effectively delegate tasks. If a tenant has an issue or concern, you need to respond quickly. You also need to understand the responsibilities of each property as well as what’s going on in each one.
Top Tips To Manage Multiple Properties
To make your life easier and give you a good head start, we’ve listed a few of our top tips for multiple property landlords:
Use Automated Rent Collection
Automated rent collection is one of the best ways to simplify your property management and make sure that you get paid on time. When you use online rent payments, tenants can pay their rent quickly and easily on a smartphone or tablet—and they don’t need to go through the hassle of explaining where their money went.
With automated rent collection, you can set up automatic payments that are deducted directly from your tenant’s bank account each month. This will save them time and effort when it comes time to pay the rent, while also giving you peace of mind knowing that all of your money will be collected without fail.
Have a Separate Account for Each Property.
- Have a separate account for each property.
- Use a separate credit card for each property.
- Use a separate email address and phone number for each property you own.
Hire Help when You Need it.
You may be thinking, “I can do this myself.” But if you do, your time might be better spent managing other aspects of your property business rather than managing the properties themselves. There are many ways to hire help once you’re in the market for a property manager, maintenance service or property management software.
You might also want to consider hiring an accountant or lawyer at some point in order to ensure that all of your finances are in order when it comes time for buying and selling your assets. And if you’re buying insurance coverage on any of these properties (which is recommended), then an insurance agent would certainly be helpful as well!
Use Cloud Storage Platforms Rather Than Physical Files.
Cloud storage platforms are a great way to store your property files. They’re more secure than physical files, cheaper than physical files and more accessible by your estate agents and other staff members. You can also access them from anywhere in the world, which makes it much easier for you to manage all of your properties even if you’re traveling or on holiday.
Get Ahead of the Finances
Managing the finances of multiple properties is complex, and you may not have time to spend on it. To help you get ahead of the game, we recommend using a software to track expenses and income from all your properties. And if you’re worried about keeping all that information secure, use a cloud storage system to keep everything in one place. Finally, don’t forget about hiring an accountant! They can help with taxes and payroll management so that everything runs smoothly.
Treat Your Tenants with Respect and Respond to Their Concerns Quickly.
A tenant will likely appreciate you treating them with respect and responding to their concerns quickly. If you are able to do this, it will help establish a positive relationship with your tenants and make it more likely that they will stay with your property long term.
You should also be fair and honest with your tenants, as this builds trust. This is particularly important when dealing with issues such as maintenance requests or rent increases, where honesty is key for ensuring a positive outcome for both parties involved in the situation.
You might think that entering data into your phone is a waste of time, but it can actually save you a lot of time and effort. Using a mobile app for managing properties helps you keep track of what’s going on with each property, from payments to maintenance issues. If you want to run successful rentals, there are plenty of apps available that will help make management easier.
How do they work? Some apps focus on tracking expenses and income, while others let users manage their tenants by sending them notifications and reminders when rent is due or if there’s something that needs fixing in the property. Some even have features like invoicing tools or automated reminders so things get done when they should be done (which is always important!).
Develop a Process for Property Maintenance
You may have a checklist for routine maintenance, but if you don’t have an organized system in place to keep track of it all and make sure everything is done on time, then your property’s going to suffer.
Check for Problems Early: The best way to prevent problems in the first place is by making sure they’re spotted early enough. For example, if there are signs that your tenant’s kitchen needs repairing or replacing—perhaps they’ve got some damage from food splatters in the oven—then making sure it gets fixed before something worse happens could save you hundreds of dollars down the line.
Pickspace Property Management Software has Everything You Need to Do It Right
Using Pickspace property management software you implement a powerful and robust management solution that helps you to keep everything on track while increasing profits and cutting out unnecessary costs.
Our features cover everything a landlord needs to succeed in managing multiple properties
- Tenant management – Edit tenant info, collect rent payments, send reminders , receive maintenance requests and post announcements in just a few clicks.
- Invoice management – Make it easy for tenants to pay on time. Automatically send invoices, rent reminders, recurring charges, previous billing reports, lease renewals, track and manage late payments with no hassle at all.
- Maintenance/work order management – Effectively Manage maintenance requests from tenants, automatically assign them to vendors of your choice. track their work progress and notify tenants upon resolution.
- Property management – Track and Manage every aspect of your property from listing vacant units status to tenant screening, onboarding and moving. Run hand picked revenue forecasts, manage cash flow and anticipate upcoming contract changes.
- Report management –Generate unlimited, customized property reports on demand.
- Round the clock client support– We value your time and will be available to take your call and deal with any arising issue in 5 minutes or less.
With these tips and tricks in mind, you can better manage your multiple properties. Keep in mind that managing multiple properties is a lot of work, but it also gives you a chance to learn more about the industry and develop an understanding of how real estate works. By keeping up with our advice above, you should be able to build up your knowledge base and become a successful landlord!
If you want to learn more about how Pickspace can help you manage multiple properties efficiently and effectively, Click here to book a demo.