How to Maintain Multiple Rental Properties
multiple rental properties
Owning multiple rental properties can provide you with some serious real estate wealth that also generates income you can enjoy now.
However, juggling all the demands that come with such a portfolio can quickly overwhelm you.
Knowing how to maintain multiple rental properties is crucial to your success.
Use the Same Contractors
You’ll need contractors to handle your property maintenance.
That might start with general contractors and handymen, but you’ll also eventually need HVAC technicians, roofers, electricians, plumbers, and possibly even landscapers.
See if they can cover all of your properties in a broad contract.
They win by getting more business, and you hopefully win by getting discount rates for having more work for them.
Screen Your Tenants Well
When you don’t have tenants, you want to do all you can to fill your spaces quickly so you can get rental income flowing again.
Then again, you don’t want to find the wrong tenants either. Screen them well, because some tenants can be underperforming in terms of income, and some might just prove high-maintenance for many reasons.
Do your best to know what you’re getting into.
Utilize Professional Property Management
There are plenty of management companies to choose from like ERA, Skye Management, or someone more local for your rental properties.
Do your research on the businesses out there that provide property management services for you so you don’t have to deal with many of the routine activities involved in such things.
Let them find and screen tenants, collect payments, arrange for landscaping and maintenance, and even handle evictions when necessary.
You can enjoy life and your profits without the stress.
Consolidate Into One Market
Depending on where your various rental properties are located, you might want to consider selling some of them and buying replacements in the same market as the rest.
Having them all geographically close to each other can present a lot of advantages in terms of making managing them all easier.
More Can Actually Be Easier
When you delegate more of the management of multiple rental properties to others, the less you’ll actually have to deal with yourself.
Even if you deal with certain management aspects yourself, the repetition should help you get more effective at it quickly.
One other benefit is that multiple streams of rental income will help stabilize your portfolio because missing a tenant or two at times won’t impact you because of how many you do have.
Category: Apartment Rental
