Looking for a way to build your wealth through investments without playing the stock market? If so, investing in real estate is the best way to go. Take it from a group of millionaires who made their fortunes this way—property is one of the most stable forms of equity you can gather.
The biggest cons of managing multiple rental properties are that you’ll either have to take care of each property on your own or hire someone to do it for you. To save on costs, many property owners decide to start with the DIY approach.
Managing multiple properties by yourself is a massive undertaking, but it isn’t always impossible. Read on for a few helpful tips to get started.
1. Prioritize Marketing
If you want to reduce your vacancy rate and keep your properties full, marketing should be your number one priority. Make sure you have an updated, mobile-responsive website with good SEO that ranks high on Google. You may also want to run PPC ad campaigns, start a social media channel, and reach out to your local community with offers.
2. Screen All Tenants Carefully
Most nightmare tenant situations could have been avoided with a thorough screening process. Even though it’s tempting to approve anyone who applies, solo property managers don’t have the bandwidth to deal with late rent and destructive lifestyles. Run a background check on all applicants and meet them in person before agreeing to sign a lease.
After you’ve screened them, don’t forget to maintain a good relationship with your tenants throughout their lease. Having an open and friendly stream of communication makes it easier to resolve issues before they become major problems.
3. Don’t Ignore Maintenance
Prevention is the best medicine in property management, as ignoring a single routine check could result in massive repair bills later on.
The best landlords and property managers schedule times for regular maintenance check-ins at all their locations. They also respond quickly to maintenance requests and are easy to contact if something goes wrong. If you don’t have a solid background in completing basic home repairs, you’ll want to keep a handyman on call.
4. Keep Everything Organized
Even a single property comes with a lot of paperwork. When you’re trying to figure out how to manage multiple properties at once, it’s easy to find yourself so buried in bills, letters, and spreadsheets that you don’t know where to begin.
That’s why staying organized is one of the most important parts of managing multiple rental properties. Get yourself a foolproof filing system and digitize all your documents if possible. Schedule specific days of the week or month to tackle tasks like accounting and maintenance, and always keep your calendar up-to-date.
Managing Multiple Properties on Your Own: Is It Worth It?
Managing multiple properties on your own is possible by following the tips on this list, but it’s a massive undertaking. After you’ve weighed the pros and cons, you may decide that the best way to invest in your properties is to hire some outside help.
If that’s the case, we’re here to help. Keyrenter Chicago North Property Management offers comprehensive services in the Phoenix area for homeowners, landlords, and property investors alike. Contact us today to see how we can help you decrease the stress of property management while maximizing your earning potential.