Investing in real estate is a great way to grow your wealth and create financial security for your future. But when you begin to grow your investments, it can easily become stressful. Managing multiple properties is a difficult task, as each comes with its own challenges and issues.
Don’t let this discourage you though – there are lots of ways to ease the pressure of owning multiple rentals. You can reduce the day-to-day stress and the amount of time you spend focusing on your rentals, whilst still benefiting from the multiple streams of income they provide. So, what’s the best way to achieve this?
When it comes to managing multiple rentals, organisation is key. Each property comes with lots of individual paperwork and legal forms. If you don’t organise them, it’s easy to get information about different properties mixed up, which can cause issues in the future.
Use a filing system that works for you and be consistent with it, whether it’s online or physical. This will make it easier to find any information you need quickly, and can stop you from feeling overwhelmed.
Don’t be afraid to organise regular visits to your properties. This can help you ensure they are still at a high standard, and any issues they have can be dealt with immediately. If your tenants expect you at regular intervals, you can build a better relationship with them. They will feel more comfortable asking for help regarding the property, which will help you keep track of maintenance.
Use a Rental Management Company
It’s easy to feel overwhelmed by the workload of managing a rental, which only increases when you have more than one. It can be beneficial to contact a professional rental management company, who can ease the pressure and cover the complicated parts of owning rentals.
Whilst it can sometimes be pricey, they understand the intricacies of legal issues and complicated systems which you may struggle with. It can be easy to make mistakes with tenancy laws, which can eventually lead to fines.
Rental management companies can provide aid in many different aspects of property owning, including:
- Screening tenants
- Property inspections
- Maintenance requests
- Filling vacancies
- Legal issues
- Security deposits.
Choosing to self-manage all of your properties can be very time-consuming – tenants often want immediate service for problems that you may not be able to provide.
If it’s short-term rentals you’re trying to juggle, using a rental management company like Keey can remove all of the heavy lifting for you!
Screen Your Tenants
If you want to minimise hassle down the road, it is important that you have tenants that are trustworthy and responsible. By screening your tenants meticulously, you remove significant risks. You are less likely to have issues with rent not being paid, or with the property being mistreated, if you have paid attention to the type of people renting your property.
Having multiple rentals becomes a lot easier to manage when you don’t have to constantly fix problems that your tenants are causing. This removes anxiety and creates a level of trust between you and your renters. If you trust them, they will find it easier to trust you.
Property managers can help you find tenants that are best suited to you and your rentals, so you don’t have to worry about the screening process. If you like your renters, it becomes easier to form good relationships with them too. This makes fixing any issues a lot easier, as they won’t feel worried whenever they reach out to you.
Technology is a great way to manage details, and simplify the process of maintaining multiple rental properties. You can use it to make lots of aspects of property rental easier, including:
- Checking applicant history
- Handling rent
- Receiving requests from tenants
- Signing documents.
Lots of rental management companies provide specialised software, data and systems that can help to simplify the processes even more. This can remove a lot of pressure, as you are less reliant on having to understand the intricacies of property management.
The presence of Covid makes people feel tenser about in-person interactions. By utilising technology wherever possible, you remove the stress of face-to-face interaction and create a more comfortable situation for your renters.
Investing in multiple rental properties can be a good way of making extra income, and it doesn’t have to be difficult. Property management companies can help to ease the pressures of owning properties, and create a sense of balance.
Having strong relationships with your tenants makes the process much easier, and soon you will be seeing all of the benefits of managing multiple rental properties!
If you want to learn more about how to manage your rental properties, contact the team at Keey today. We can help to find the methods that work best for you and your goals.