Some landlords own one or two properties and are able to manage them seamlessly without putting too much time and effort into it. They may even also have full-time jobs in which they put most of their focus. However, landlords with several rental properties may find focusing on anything besides property management challenging. In the video below, we’ll review tips for managing multiple properties, helpful tools and apps, and automating management tasks.
Tips for Efficiency: Managing Multiple Properties
Calling all landlords juggling multiple rental properties! Struggling to balance it all? This video’s got your back. Dive into expert tips, must-have tools, and the game-changing benefits of automating your property management tasks. Streamline your workload and conquer the landlord game with ease!
Key Moments in the Video
- 00:25 – 5 Tips for Managing Multiple Properties at Once
- 02:37 – Best Tools and Apps for Managing Multiple Properties
5 Tips for Managing Multiple Properties at Once
Managing multiple properties can be both challenging and satisfying for real estate investors and landlords. Whether you’re managing a small number of rentals or a sizable portfolio, having a well-thought-out plan is crucial to handling the various tasks of day-to-day Washington DC property management. Here are some tips for effectively managing multiple properties at once.
- Track Income and Expenses
- Communicate Effectively
- Stay Organized
- Automate Marketing Tasks
- Regularly Monitor Properties
Track Income and Expenses
Managing a detailed record of income and expenses is crucial for managing multiple properties efficiently. After all, you want to know how much you’re collecting in rent, how much you’re spending on maintenance and other expenses, and, ultimately, how profitable your rentals are.
One easy way to do this is with accounting software or spreadsheets to track rent payments, utility costs, expenses, and other financial transactions related to each property.
Communicate Effectively
Clear communication with your tenants and property managers is key when managing several rental properties. After all, you need to be available to respond to tenant inquiries, maintenance requests, complaints, and emergencies in a timely manner. So, establish effective channels for communication with tenants, contractors, and team members. For instance, you can use tools like email messaging apps or property management software to streamline regular communication.
Stay Organized
Organization is crucial for successfully managing multiple properties. So, you’ll want to manage your tasks and projects, like scheduling inspections, maintenance, and marketing campaigns. With that, creating a centralized system for storing documents like leases, contractors, and property records is essential.
Most modern landlords use property management software to keep track of information for each property. Ultimately, being organized reduces the risk of overlooking crucial details and helps you and your team stay on top of tasks.
Automate Marketing and Leasing Tasks
Rental property marketing and leasing are important for owning and managing multiple properties. After all, you must create listings for each property, screen tenants, collect applications, sign leases, and collect security deposits. All of these tasks can be tricky to manage at once.
Luckily, several property management software tools can automate a number of these tasks. Tools like Avail or AppFolio can help streamline these crucial marketing and leasing tasks.
Regularly Monitor Properties
When you own several rental properties, monitoring and securing them can easily fall off your radar. However, it’s crucial to prioritize routine inspections and regularly monitor your rental properties. Regular walkthroughs can help identify maintenance issues early, ensure the property is safe and secure, and check on the overall well-being of the property. Additionally, you need to be able to access your properties to prevent and detect issues like damage, theft, vandalism, fire, or water leaks.
Best Tools and Apps for Managing Multiple Properties
If you’re managing multiple properties, you’ll want to explore different management software and tools to help you save time and be more efficient. That said, there are several property management apps that landlords and property managers use daily to help simplify everyday processes. Here are some of the top tools and apps for managing rental properties.
- Buildium- Buildium is an all-in-one property management solution, making it great for investors who want to streamline various property management tasks into a single platform. It offers lease tracking, rent collection, accounting, and maintenance management for residential and commercial properties.
- TurboTenant- This property management tool is known for its simplicity and affordability. TurboTenant focuses on tenant screening, online rental applications, and property marketing, making the tenant screening process more efficient.
- AppFolio- AppFolio is one of the top options for property management–and for good reason. It’s a cloud-based software with comprehensive features like rent collection, maintenance tracking, and financial reporting. It’s also suitable for property managers dealing with diverse property types.
- Propertyware- Propertyware is a customizable property management software, great for landlords or companies looking for security and automation. It offers a suite of property management tools, including lease tracking, maintenance management, and accounting.
- Avail- Avail is great for those who want a simple, affordable software option, usually geared toward smaller property portfolios. It offers features like rent collection, lease management, and tenant screening.
- SimplifyEm- Just as the name suggests, SimplifyEm helps simplify property management tasks. It’s an excellent option for those who need basic accounting and rent tracking without the complexity of spreadsheets or other extensive software.
Hire Property Managers You Can Trust
Managing multiple properties at once is a tall task for just one rental property owner or landlord. That’s why many busy property owners outsource management tasks by hiring professional property managers. With a team of property managers that you can trust, you don’t have to worry about the day-to-day tasks of owning and managing multiple properties. Instead, you can focus on other aspects of your rental business.
learn how comprehensive rental management can help!
Bay Property Management Group offers comprehensive rental management services for landlords across Baltimore, Philadelphia, Northern Virginia, and Washington, DC. So, if you’re looking for a reliable team to look after your rentals, contact BMG today!
