Being a landlord or property owner can be a stressful job. Add in the fact that you very well might be managing multiple properties and the job becomes even more challenging. The more properties that get involved, the trickier the entire managing process becomes. Many property owners are not sure how to handle the additional stress and balance all the responsibilities that come with managing the extra properties.
While managing multiple properties at a time is never easy, the good news is that the following are 5 tips that can help you organize the managing multiple properties a much easier process:
- Screen the Tenants Carefully: Carefully screening your tenants before they move in or utilize the property will make less stress for you in the future. Ensuring that tenants have a clean criminal background, have adequate income to pay the rental rate being charged, and ensuring they haven’t had past rental issues can make your job much easier in the future. Keep in mind that no screening process is 100% foolproof, however, screening carefully can help you find more cooperative tenants moving forward. Keep in mind that this process may take more time at the initial screening process but that additional time and effort now can pay off tenfold in the future when those tenants are less likely to give you problems than the ones you don’t screen carefully.
- Provide Equality For ALL: This might seem like the most obvious of all, however, it happens and sadly it happens all too often. It’s not only illegal but it’s also wrong to be prejudice against anyone based on any sort of race, gender identity, religion, sexual orientation, etc. for any reason. Any rentals you have on the market should hold an equal opportunity for everyone to rent that property if they are a qualified tenant.
- Pre Schedule Regular Visits: While it is very much illegal for a landlord to barge into a tenant’s rented space to inspect it or see if something is going wrong, scheduling regular visits with the tenant to inspect their property is perfectly legal. Provide plenty of warning and keep the visits scheduled on a regular basis so it’s no inconvenience for the tenant. Be willing to move visits if it fits the tenant’s work schedule or social life. Don’t make it an inconvenience for them but ensure that you are able to check to make sure things are going smoothly and that they don’t need anything from you as well.
- Be Available to Tenants: While it’s unreasonable to expect you to answer a phone call about a light bulb that needs to be replaced at 3 am, tenants will expect timely responses to their inquiries about issues with their rental. Setting a 24-48 hour response rate during business days will allow tenants to know that you care about their needs without making you go crazy. You won’t feel like you have to be available 24/7/365 (because you have a life as well) yet it won’t leave tenants feeling neglected or uncared for which is crucial to keeping quality tenants long-term.
- Set Aside YOUR Time: Even if it’s a few hours per day, set aside time that you TURN OFF your business electronics and set time aside for you. Spend it with your family or do something you personally enjoy. This is critical to keeping that work-life balance in check. While it can be very hard to set limits on your work when you are self-employed in a position such as a landlord, it’s vital to keep your work-life balance in check and to giving yourself time to unwind and relax.
These are just 5 great tips that will help you be the best property manager that you can be. Treating residents with respect will likely get you the same treatment in return! Be attentive to your resident’s needs and their requests, comments, and concerns while also being professional and protecting your best interests. This balance will help you be the best landlord you can be and will keep your tenants happy well into the future!