Tips for Managing Multiple Properties Effectively
Managing multiple properties, especially when they are all located some distance apart from each other, can be a challenging task. However, with the right approach and tools, it can be done effectively. Read ahead, as we’ll be going over a few tips for streamlining your property management services.
Utilize property management software:
One of the best ways to manage multiple properties is by using a software or online portal adept to store necessary information while streamlining communication and finances between property managers, owners, and tenants. Property management softwares can help you keep track of rental income, invoice processing, expenses, and maintenance requests across multiple properties, all in one place.
Common property management softwares include Buildium, Rentcafe, Propra, Yardi, Rentify, etc.
Build a team of trusted professionals:
Managing multiple properties can be overwhelming, but having a team of trusted professionals certainly helps. This may involve effectively delegating tasks within your own company, or building a network of trusted contractors for services that may be outside your scope, such as repairs.
Prioritize communication:
Effective communication is crucial when managing one property, let alone multiple. By keeping a contact network in place, you can ensure that issues are resolved quickly and that everyone is on the same page. Ensuring the terms of leases are concise and even providing simple FAQs or manual for owners and tenants can help save a lot of time in the long run.
Routine:
Developing a consistent routine will help avoid any loose ends and keep you organized to ensure that you’re able to manage everything consistently. This may include a standard checklist for move-ins or move-outs, conducting regular property inspections, and developing standard responses plans for common or emergency situations.
Utilize automation:
Automation can help you manage properties more effectively by automating tasks like rent collection, data entry, or sending reminders to tenants and owners. For example, you may offer autopay for rent payments, automize monthly fee collections, or automize notices for late or NSF rent payments. Many property management softwares will come with a host of automation tools, or, if you have a knack for programming, you may even decide to custom build a few automation tools.
