How to Manage Multiple Rental Properties

Investing your money into real estate is a fantastic way to expand your wealth and protect your finances for the future. Most would agree that putting your money into just one property can seem overwhelming, so the thought of managing multiple rental properties seems quite daunting. 

Utilize the Latest Real Estate Tech 

Technology is created to make everyone’s life much easier. With current real estate technology, you are able to perform tasks and duties online, which makes managing multiple properties much easier. 

For instance, if you want to show a property to a potential tenant but are not able to do so person, you can host virtual tours. These showings are able to give tenants a 360-degree view of your property without stepping a foot inside.

Another piece of technology available for use is an online billing system where tenants are able to pay their monthly fees. This allows tenants to set up reoccurring payments and prevents you from worrying about collecting checks every month.

If you are working with a property management company, you'll have access to all of the most recent technology which will make managing multiple homes much easier. 

Always Stay Organized

When you're balancing all of your properties; it can be easy to miss important tasks that need to get done. These missed tasks can lead to delayed maintenance, missed payments, or upset tenants. Being unorganized can make taking care of several homes very complicated.

You must make organization a top priority as a property owner. If you want to focus more online, keep things online and in marked folders, use spreadsheets, and add reminders to your online calendar. If you like to do things offline, keep everything organized in their appropriate file and use effective ways to stay on top of your to-do list, whether that means carrying a notebook with you or hanging a to-do calendar above your desk. 

By being organized, you will feel less overwhelmed by your management duties. These actions will help you stay up-to-date at all times, keeping your tenants happy.

The best way to stay organized is to contract management duties to a professional real estate management company that can handle things like rent, maintenance and tenant issues.

Work With A Professional Management Company 

Unless you're prepared to become a full-time landlord, managing multiple properties will not be possible unless you get help of a professional real estate management team to help you out. When you get assistance with managing your properties, you are able to watch your properties go up in value, all while letting the pros handle all the difficult work.

A property management company will handle: 

• Marketing your properties 
• Screening tenants 
• Lease agreements 
• Legal issues 
• Security deposits and rent collection 
• Maintenance requests 
• Property inspections 
• Filling vacancies 
• And much more 

Seek The Help Of An Attorney

In addition to a professional management company, it is always a good idea to get an attorney involved. Legal counsel aids landlords in understanding laws, evicting tenants, legal representation, and drafting rental agreements among other things.

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