Owning real estate can be a great way to diversify your portfolio, or make extra income in retirement. However, managing more than one property can be time consuming. How can you manage multiple properties in an organized manner that keeps tenants happy and your wallet full? Keep these tips in mind as you get deeper into the real estate game.
1. Hire a Property Management Firm
A property management company will take care of maintenance requests, collect rent, and ensure that properties are up to code and complying with all other state or local laws. While a property manager will charge a fee, he or she can keep an eye on your properties wherever they happen to be. Check out First Team Property Management to learn more about services offered and the benefits of working with a third party management firm.
2. Don’t Spread Yourself Too Thin
If you don’t want to hire and pay a property manager, you can easily keep an eye on properties if you buy local. This allows you to personally stop by if tenants have an issue, or have maintenance requests handled by professionals whom you trust. By staying in your local area, you also have a better idea of where to buy, and who will rent your properties in those areas.
3. Ask Your Tenants to Help Keep Up Their Rental Space
A tenant who is willing to do yard work, make repairs, or keep a swimming pool maintained can be valuable to a landlord who owns multiple properties. These tenants are the ones who are most likely to live in a property long-term, and will treat it as if it is their own. According to a Barrie custom home builder, this can help you keep management costs down while ensuring you have a steady stream of rental income.
4. Buy Newer Properties For Lower Maintenance Requirements
Buying a custom built property, or a new property that requires less upkeep may be worthwhile for a landlord with multiple properties. Newer or custom homes can be built in a manner that reduces the need for upkeep, while adding features that make them easier to monitor from a remote location if necessary. Think about any Barrie home renovations that might need to be done before you sell the property.
Owning more than one property can help diversify a real estate portfolio allowing you to take advantage of many different revenue streams. However, being a landlord is more than just collecting rent checks. It takes vigilance to ensure that tenants are happy, abiding by their leases, and that all properties comply with state and local laws. With the help of property managers or the tenants themselves, these tasks are manageable and certainly worth the investment!
This guest post was written by Brooke Chaplan, a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. For more information contact Brooke via Twitter @BrookeChaplan.
