If you own multiple homes or multifamily homes that you rent out, acting as your own landlord can help you to maximize the amount of money you can earn. However, effective property management is important when you own multiple properties, especially if you work a regular job as well. You have to ensure your properties are well-maintained, rent is paid and your tenants are taken care of. Here are a few tips that can help make managing multiple properties a bit easier.
Thoroughly Screen Tenants
One of the top tips for managing multiple properties is to take the time to thoroughly screen tenants. When you screen tenants, it helps to reduce the risk of the tenant not paying or trashing your place, both of which can take up a lot of your time and money. Finding a great tenant helps you to manage your time more efficiently and effectively. Before you move any tenants in, take the time to conduct a credit check, background check, and employment check and speak to their past landlords or property management companies.
Keep a Routine Maintenance Schedule
Another tip for managing multiple properties is to keep a routine maintenance schedule for all of your properties. Have the roofs inspected at the same time or the air conditioners maintained on the same day. Keeping the same schedule for all of your properties helps to prevent you from forgetting about or overlooking one house. This also makes it easier on you, as you don't have to remember when this house had this service done or that house had that service done. They are all on the same schedule.
Communicate with Tenants
Taking the time to communicate and stay in contact with your tenants may be a challenge if you live a busy life. But staying in touch with them helps to open the lines of communication. This makes it easier for them to tell you about minor problems that they may otherwise overlook, such as a small leak. This may also make them more comfortable telling you their rent may be late and working with you to get it.
Take Advantage of Empty Properties
The last tip for managing multiple properties is to take advantage of a property when a tenant moves out. As soon as a tenant moves out, get inside that property and fix, maintain and renovate anything that you possibly can or that needs it. It can be challenging to renovate or repair items with tenants inside. You also have to schedule things around their schedule. When the property is empty, it is much easier to go in and get everything done at one time before you move another tenant in.
Acting as a landlord can be challenging, especially if you have a full-time job and a family. If you find that you are unable to keep up with the demands, hiring a property management company can be beneficial. They can help you to manage your property, allowing you to focus on other elements of your life.
About The Author
Carrie C. has written hundreds of home living and home and garden topics. She enjoys watching home improvement shows, reading home improvement magazines and trying her hand at do-it-yourself projects. She also enjoys topics pertaining to construction equipment, do-it-yourself projects and what factors to look for when hiring a construction company.