20 Jan 2025
News
6 Effective Ways Of Managing Multiple Properties
Managing multiple properties can be challenging, costly and time consuming, but with the right tools and strategies, the task can be easily streamlined to ensure profitability and ease of operation. Below are 6 ways that can guide a landlord owning multiple properties.
With the acceleration of AI (artificial intelligence) into our daily lives, software is available that simplifies and automates the day-to-day management of a property. The software assists in streamlining the administrative part of operations: accounting, revenue collection, property maintenance, marketing, advertising, etc., and this information across multiple properties can be consolidated in easy-to-understand reports.
With multiple properties, it is important to have a uniform system in all the properties that reviews and accepts tenant applications. Renting out to undesirable tenants who either do not pay on time, disrespect neighbours or cause damage to the property, will result in problems that may be difficult to resolve and could have been avoided at an early stage. Removing the tenants once they are occupants can be difficult and costly.
Dealing with maintenance and repairs in a timely manner can prevent future costly repairs and damage goodwill among tenants. Maintenance and repair issues can be dealt with available software and a maintenance team or hired contractors.
Clear communication with the tenants and property managers is key when managing multiple rental properties. Responding to tenant enquiries, complaints, maintenance requests and emergencies in a timely manner shows a level of care that bodes well with the tenants, and can be cost saving. Property management software is a great way of streamlining regular communication.
- Tracking income and expenses
Again, the use of the right software will allow for keeping track of the financial well-being of the properties. The software will give timely information on rents collected, maintenance expenditure and other expenses, allowing owners and managers to make strategic decisions.
- Have well organized systems in place.
The successful operation of properties requires well documented systems and procedures in place. A documented system for keeping track of leases, renewals, rental payments, maintenance requests etc. will ensure that the day-to-day operations, which can be chaotic, run smoothly. There should be a well thought out communication plan that employees understand and execute properly.
VIRANI RENT + MANAGE is a division dedicated to rental and property management created to provide clients with a full spectrum of services related to their real estate needs. For further information, visit our RENT+MANAGE page.
