As a landlord, you have many responsibilities. You need to ensure that the properties you’re renting out remain in excellent condition to keep the profit stream healthy.
Unfortunately, the more properties you manage, the more difficult your life becomes.
While renting out multiple properties gives you more scope to earn money on your investments, there’s also a significant amount of work involved.
Here are the three biggest challenges of renting multiple properties and what you can do about them.
1. Retaining Good Relationships
Managing multiple properties (especially if you have a regular job) requires a lot of time to keep good relations with existing and prospective tenants. You need to collect rent, show the properties to interested tenants, respond to inquiries from existing tenants…
To save some time, try to automate payments or use an online calendar to schedule meetings. You can also set up automated email responses saying you’ll respond to questions as soon as you’re available and leave a contact for urgent matters.
2. Property Maintenance
Keeping all your properties in pristine condition is time-consuming and expensive. There is also the risk of damage and theft, which is why you need to know what assets you have, where they are, how often they are used, and who is using them.
A centralized database can also remind you when something is due for regular maintenance. Additionally, you can keep track of repairs or replacements should there be an issue with a manufacturer or service provider.
3. Staying Compliant
Renting properties in different regions means there might be a different set of legal or safety requirements you need to adhere to.
Staying on top of all regulations and certifications can be a hassle. However, neglecting that part not only means you’re risking fines, but also your tenants and property safety, as well as your reputation.
Taking on more properties as a landlord means finding more income streams. However, you need to know how to protect yourself, your money, and your property. If you’re stuck trying to figure out what your next step should be, contact the experts.
Heather Redding is a part-time assistant manager and writer based in Aurora, Illinois. She is also an avid reader and a tech enthusiast. When Heather is not working or writing, she enjoys her Kindle library with a hot cup of coffee. Reach out to her on Twitter.
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