Owning multiple properties is an immense privilege today, and properly managing them is important. Not only does good management of these properties benefit you as a property owner, but it also ensures that your tenants are well taken care of. Managing one property is not the easiest task, so managing multiple properties will naturally be more difficult. To help you with this, we’ve created this short yet handy guide on managing your property portfolio as effectively as possible today.
Comply With The Law
There are lots of things to consider as a landlord when it comes to the law. You have a number of obligations as a landlord to ensure that your tenants are safe and that their home is suitable to live in. Some of these considerations include things such as ensuring that the property is up to date with health and safety checks. There are lots of health and safety regulations to be mindful of as a landlord, including the fitting and maintenance of smoke and carbon monoxide detectors. You’ll also have to ensure that any furnishings you add to the property are safe and that appliances and devices that you own or that tenants bring are tested for electrical faults to reduce fire risks.
As mentioned earlier, managing a single property as a landlord can be a complex task in itself, and so taking on the responsibility of managing multiple occupancies is naturally going to be a lot more complicated. It’s not simply double or triple the workload, either. Each property is going to have different problems arising and a variety of things you’ll need to look into and sort out for your tenants. Tenants themselves will also be different, and some may be more respectful of the property than others. This means that managing these properties requires a high level of organisation. Document everything and make sure you have everything you need, such as multiple property landlord insurance and even a list of contractors to call in emergencies should anything need fixing promptly.
Check In On Tenants
As a landlord, you will be obligated to check in regularly on your tenants. Of course, that doesn’t mean unplanned visits, as you have to remember that while it is your property, it’s not your home. Dropping in on your tenants can be a stress-inducing time for them, so you should ensure that you give them plenty of warning if you intend to come and do any work on the property or fix anything. Give your tenants your contact details too. This will make it easy for them to report any issues such as allowing them to message you on an instant messaging platform and then try to deal with any issues as quickly as possible to keep your tenants happy.
Consider A Property Manager
Often, being a landlord isn’t your full-time job and managing things yourself can be incredibly time-consuming. At the end of the day, if you are struggling to put enough time into your properties due to other engagements, you might benefit from hiring a property manager to run things for you. There are many advantages to working with a property management company, such as providing tenants with a constant point of contact. It will also give you some peace of mind, knowing that your properties are being taken care of while you deal with other things in your life. Don’t forget to do your research to find a manager that suits you, as each will offer varied services.