Growing Property Portfolio | ProductiveandFree

If you’re starting to build your investment into real estate and you’ve been making some money by renting out properties, be they residential or commercial, the most common strategy is to put that money back into buying more properties to rent out, as well. However, the more properties, the more time they require to manage, and even a full-time landlord might have trouble doing it all themselves. As such, here, we’re going to look at some tools and tips to help you stay on top of it all.

Work With Property Managers

When dealing with multiple properties starts to become overwhelming and you feel like you’re constantly handling new maintenance requests, tenant issues, and other legal obligations, it might be time to start delegating. With the help of a reliable property manager, you can save yourself a lot of time and stress while resting assured that each property is given the care that it requires. These professionals are able to handle all manner of duties, from tenant screening and rent collection ot handling repairs, inspections, and regulatory compliance on your behalf. They do, of course, come with a management fee, but many landlords would say that they pay for themselves in terms of the sheer amount of time they save you, as your portfolio grows.

Stay Organized With The Right Software

The more your property portfolio grows, the more paperwork and admin that comes with it, all with different lease dates, agreements, correspondence with tenants, and more. To that end, lease management software can help you streamline a lot of the work that goes into managing those properties, ensuring that each is managed well, while keeping track of tenant communication, document storage, and more. These software packages can also provide automated reminders to ensure that you don’t miss any payments, and provide digital records that can simplify reporting and auditing on your side. If you’re starting to get buried in a tangle of paperwork and records, then centralizing everything in one system can make life a lot simpler.

Build Your Network Of Professionals

Working with a property manager can put you in touch with their own preferred providers for all kinds of property services, but if you want to protect your investments as best as possible and control your budget, then you should consider taking the time to find your own professionals, as well. Establishing relationships with trusted contractors, electricians, plumbers, and even legal advisors can make it a lot easier to handle issues when they arise. Arranging long-term contracts with professionals who are willing to prioritize you in order to secure your business can help you reduce delays, get quality work, and manage your maintenance costs. Of course, you should monitor their work closely to ensure that you get what you pay for, too.

As you keep increasing in more properties, you are necessarily going to have to get more hands-off and become more of a birds-eye view kind of property owner. The tips above can ensure that you’re taking good care of your properties and tenants while doing that.