.jpeg)
There are about 20 million rental properties in the United States. You can easily rent multiple properties as part of your real estate investment strategy when you're in the property management business.
Want to increase your property management business? Organization, hiring a property manager, and using marketing are just some of the ways to boost business and do better financially.
Here are five tips to increase productivity and profitability in the multiple properties you rent.
1. Organization Is Key When Managing Multiple Properties
Organization is critical when managing multiple properties. You must stay on top of things with returning messages, meetings, and accomplishing tasks related to your property management business. Make it a top priority!
You'll need to keep things like leases, credit reports, invoices, and other paperwork together and easy to find with multiple tenants. Schedule certain things, like visits and inspections, to your apartment complex.
When you handle multiple properties, organization is also key to other investors. They want to see you on top of your game!
2. Hire a Property Manager
You'll need help when managing multiple properties. Hiring a professional manager or a property management company will help keep tabs on the finer details of your real estate investment.
A property manager can deal with lease agreements, screen tenants, and attend to maintenance problems.
3. Use Marketing
Use social media to tell people about your rental properties. Social media is one of the best advertising tools you have at your disposal. Most Americans use social media, so there's a good chance people will see your ads.
Post pictures of your rental houses to social media. Use video testimonials from people who have great things to say about your properties. Most Americans use social media, so there's a good chance people will see your ads.
Give your property management company a brand and an overall theme. Branding is important! It tells prospective customers what your rental properties and your apartment complex are all about!
4. Screen Tenants
When you have multiple properties, you want the best tenants. The last thing you need is headaches.
Check a tenant's background, ask for references, and do a credit check to make sure you will rent to the right people. When you are stricter in the process, the easier it will be to manage your real estate investment.
5. Build Relationships
Build relationships with your tenants. You want to make sure they feel comfortable talking with you about any concerns or issues.
It's much easier to talk with people you have a good rapport with than those with whom you have disagreements. Having good relationships with your tenants means they'll likely refer their friends to your apartment complex or rental houses.
Increase Productivity and Profitability in Renting Multiple Properties
If you want to boost your real estate businesses when handling multiple properties, consider organization your top priority. You should also hire a property manager, use marketing, screen tenants, and build relationships.
Following these simple steps will go a long way in helping to build your real estate business!
Contact us today to help you manage your multiple properties!
