3 Tips to Help you Manage Multiple Rental Properties
While you may be successfully renting one property, managing multiple rental properties is a different and often complex task. Whether you are managing multiple units in a single apartment building, or single properties in several locations, successful residential management in San Diego can be achieved by following a few simple guidelines.
- Design a filing system – A filing system with a file for each unit will help you stay organized and up to date with changes or repairs in each unit. In addition to the lease, each file should contain legal documents, utility bills, references and any letters or notes from the tenant. Easy access to this information will also help you respond more quickly to tenant questions or concerns.
- Use the same contractors – All of your properties will need similar maintenance. By using the same painters, plumbers or electricians, you ensure the quality of work will be consistent among all your properties. Also make sure each contractor knows all of your properties. Therefore, if a problem or emergency arises, they will know exactly which location to arrive at. Using the same contractors may also qualify you for discounted services as a repeat customer.
- Do not manage all properties equally – For instance, it may not be practical to use one type of lease for all of your properties. The type of unit, square footage, amount of tenants living in the unit, as well as maintenance required are all components that may call for amendments in certain sections of a lease. It is also important to continually inspect or check up on each property to ensure tenants are not neglecting repairs that could be more costly if not tended to immediately.
When managing your own properties, you must be aware of your limits. From changes in your personal life to new work obligations, you may find you do not have the time to manage multiple units as effectively as you may have been able to in previous months. In this situation, consider hiring an apartment manager that specializes in multi-unit management.
Harland Property Management is accredited by and a member of the National Association of Residential Property Managers. We are a premier rental management company, providing expert services enabling our clients to enjoy high occupancy rates and low turnover for all of their properties. Our services include the online marketing of your properties, quality tenant screening, accounting administration, property maintenance, and more. Call us at 858-367-0343 for more information about our multi unit management services.