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How Do You Manage Multiple Rental Properties At Once?

Managing one rental property is doable. Any landlord can do it. But multiple rental properties? That’s quite tricky. The good news is, there are techniques that will help you run your rental property business smoothly - no matter the number of properties you own. What’s important is that you know what to do and what to avoid.

Have You Got Multiple Rental Properties? Here Are Ways to Manage Them Altogether

1. Design a good filing system.

One of the worst mistakes that a landlord can make is mixing up all of your files. It’s easy to get disorganized and lose important documents. Make sure to organize rental property paperwork. Have a separate file for each rental unit. Each file should contain legal documents and notes pertaining to the unit.

Read more: Basic Record Keeping System for Landlords

2. Use technology to your advantage.

Technology will improve your efficiency in running a rental property business. For example, project management software, accounting tools, and photo editing applications enable you to get stuff done like a pro. This is especially true if you choose not to outsource certain property management tasks.

3. Hire the same contractors.

The last thing you want is to witness inconsistent, low-quality work. Once you’ve found and hired good-quality contractors, use them for all your rental properties. You’ll also rest assured that these contractors are already familiar with each rental.

4. Follow a good marketing strategy.

Do you have a marketing plan for your rentals? When running multiple rentals, you’ll want to avoid dealing with multiple vacancies. To maintain your cash flow, you must know the most effective ways to promote your rentals. Take advantage of free rental listing sites. Place a “For Rent” sign on a busy street.

5. Choose the right tenants - even if it means work.

A bad tenant has many consequences. It takes a lot of time and effort (and money) to remove a tenant who’s causing trouble and damage. That’s why when you’re managing several properties at once, you want to make sure that all your tenants have been properly screened.

Read more: Top Mistakes to Avoid When Screening Tenants

6. Prepare for the unexpected.

Unexpected problems can happen with any of your rentals. Often, these problems involve money - such as damage. In this case, you need to protect your rental portfolio with an emergency fund. Set aside money for future repairs or upgrades. The more properties you have, the more you should have in your emergency fund.

Final Thoughts

These tips should give you an idea of what you can expect while you’re managing multiple rentals alone. If you find yourself struggling, know that professional help is available. For legal matters, get aid from a lawyer. Consider hiring a property management company as well.

If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!