Explore our top four tips on how to successfully manage multiple rental properties
Real estate investment is a popular way for investors to earn a passive income, with the average national salary sitting at $139,851. [1]
However, it can also be an overwhelming and a stressful journey to own multiple investment properties if you’re unaware of how to best manage them. If you prefer to avoid the hassle of managing your properties, opt for hiring a property management company to oversee your investments for you.
If you are managing multiple rental properties, here are four helpful tips that you can follow to ensure success.
#1: Establish an LLC
Operating under an LLC helps your business appear more professional and helps establish credibility among potential tenants and the professional community. Establishing an LLC will help you separate your personal funds from your rental property funds, and doing so can help you avoid potential issues.
One of the safest ways that you can reduce the risk of legal actions or other liabilities is operating as an LLC. In order to best protect you, your properties, and your assets, ensure that your LLC is insured and is operating within the laws and regulations in your area.
#2: Stay organized
Staying organized is critical to keeping track of each of your investment properties. Organizing your business will help it run more efficiently and increase productivity while reducing stress.
There are many ways you can stay organized, such as filing documents properly, regularly scheduling maintenance and inspections, and visiting each of your properties periodically. Additionally, consider hiring a team of professionals such as contractors, an accountant, or a property management company to help you oversee your properties.
It’s important to find an organization system that works best for you and your team, if you have one. It can be easy to forget small, but important tasks, so be sure to always write down your tasks or delegate when possible.
#3: Provide excellent customer service and remain accessible
Building a healthy, professional landlord-tenant relationship is key to being a successful property owner. Providing excellent customer service will help you to retain customers and will attract new ones.
Although owning a property is unique from other service jobs, you are still providing your tenants with a service of making sure that the rental is safe and property maintained.. It’s important that you are prepared to either complete repairs yourself or have a trusted contractor handle repairs in a timely manner.
If your tenants are happy, they will be more likely to take care of your property and stay there as long term. Ensure that they feel comfortable reaching out to you in case something goes wrong. Although you own the property, it is also your tenant’s home, so remember to make them feel comfortable.
#4: Hire a property management company
If you are overwhelmed with managing multiple properties, consider hiring a property management company to help handle some or all tasks related to property management. If you own properties in Orlando but live in a different state or even a different country, it can be especially helpful to hire a local property management with localized expertise.
Managing multiple properties can be challenging, however there are ways to make it more practical to set you and your real estate investment up for success.
If you are new to this industry, relying on the help of professionals and providing excellent customer service can give you a credible reputation as a property owner.
If you are planning on managing your properties, create a realistic management strategy that you can keep up with to ensure the happiness of your tenants and success of your rentals.
Need help managing your rental properties?
Rental Heroes can support your real estate investment goals by providing you with high-quality property management services in Orlando.
Our local knowledge helps us to proudly manage hundreds of units across Central Florida, and we’re committed to doing everything we can to keep your tenants happy and your real estate investment running smoothly.
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