We often tell people that you can manage one rental property as well as a professional. If you live in a duplex, you’re living next door to the house you’re managing, so you’re going to have eyes on it every day, and you’ll know it better than a property manager would. Or, if you’re living across the street or across town, you can potentially manage one house pretty well.
But, it takes a special person to manage more than three to five properties on their own. So if you’re managing multiple properties, we can show you how to manage properties like a professional. You need three things in place; systems, tools and people.
Systems
You need to lease the property, collect rent, maintain the property and account for everything. You need the right systems in place to do those four things. An example of a system to lease the property is determining how to get the word out that your property is available or screening applicants when they submit their paperwork. You need the right system. It’s the same with maintenance. You’ll need to know who you are going to call and how repair requests will be submitted. You must be proactive and do preventative maintenance, so put together a system to take care of these things. Systems are crucial in taking care of rental property.
Tools
You’ll need a number of tools to accomplish your work as a property manager. Think about collections; you will need tools that allow you to effectively collect rent. Maybe you’ll let your tenants pay online, or you’ll go pick up the rent. Maybe you’ll accept cash or credit cards or payments over the phone. Decide if your tools will include a drop box or an assistant or some other method to collect the rent. You need to get your tools in order so you can manage effectively and efficiently.
People
You need a team to manage a rental property. This is a business and you need maintenance people such as contractors, roofers, plumbers and electricians. There are going to be needs in the yard, on the roof and with your systems. You might also need an attorney in case you get into legal trouble with a tenant. If you need help leasing, you’ll have to contact a leasing agent or talk to someone who can help with marketing. If you need accounting help or screening help, you’ll need to develop relationships with those professionals as well. You need a team of people.
If you can do these three things, you can manage multiple rental houses just like a professional. If you have any questions or we can help you in any way, please contact us at CrestCore.
