Are you getting into the business of high-volume real estate investing? As an early investor, you may have had no trouble managing rental properties on your own. When you accumulate more properties, though, it's not always easy.
You need some helpful tips and tricks if you want to succeed in this difficult but profitable field.
We're here to guide you. Keep reading to learn a few of our top tips for managing rental multi-family homes.
Context
- Tips on Managing Multi-Family Rental Properties
- Keep Up With Preventative Maintenance
- Communicate With Your Tenants
- Review Your Lease Often
- Get Professional Help
- Respond quickly to maintenance requests
- Managing Rental Properties Is Tough
Tips on Managing Multi-Family Rental Properties
1. Keep Up With Preventative Maintenance
Many new real estate investors make the mistake of only offering maintenance when tenants have a specific problem (and often, only with large problems). It's your job as a landlord to take care of maintenance tasks and keep all of your rental properties livable.
If you wait until there's a problem, maintenance is going to be more expensive. Whether it's a broken oven or a leaky sink, these things can lead to serious damage.
When you do routine preventative maintenance, though, you can save yourself some money. By fixing problems before they appear, you don't have to worry about potential damage.
2. Communicate With Your Tenants
How often do you talk to your tenants?
If you have too many tenants to consult with often, make sure that you still have an open line of communication so they can voice their concerns and you can send them reminders. It's also a good idea to send out occasional surveys.
Communicating with your tenants will make them more willing to take care of their units because they see you as a person. It also keeps them happier because they feel like you're listening (because you are).
If you have a problem with a tenant, communicate before you take action. This can make a huge difference and it will improve your reputation as a landlord.
3. Review Your Lease Often
There may come a time where you start to notice repeat problems with your tenants. If this is the case, consider whether or not these problems might be your fault.
Your lease is the contract between you and your tenants. If something isn't on the lease, the tenants may not know that you expect it (and they aren't bound to it).
Every so often, even if there aren't issues, check on your lease to see if you need to revise it before bringing in new tenants.
4. Get Professional Help
Does all of this seem overwhelming? We know that it's a lot of work to maintain and manage all of those properties, especially if you also have a day job or other responsibilities outside of your property investing duties.
This is why so many property investors opt for professional property management services. These services, like the property management Reedy and Company can provide, can take care of the "behind the scenes" work.
They can manage maintenance for your rental units, lease negotiations, and even marketing.
5. Respond quickly to maintenance requests
The sooner you reply to maintenance requests, the more likely it is that a problem is caught before it becomes an issue. It’s important to respond quickly and act without delay. Make sure you are responding to maintenance requests promptly.
Managing Rental Properties Is Tough
No one ever said that managing multi-family rental properties was going to be easy, but with these tips, you can make it less stressful.
Keep up with maintenance, check-in with your tenants, review your lease agreement and get help when you need it. You'll be on your way to property management success.