Managing several properties can be a lot of work. We’ll give you some tips on doing it yourself in our latest post and knowing when to hire a property management company to help you.
Sure, managing your properties alone saves you some money, but at what cost? Are you really saving money? How long do you want to spend on the properties you own? Below we offer some tips to help you manage several rental properties at once in Reno, Nevada and what to expect when you hire a professional Property Manager in Reno, Nevada.
Have A Detailed Screening System
Your screening process should be very comprehensive and detailed. Even if you know someone, you should screen every tenant in the same way. Don’t rush this part of the process as missing something on a background check can eventually cost you. If you don’t hire a Property manager, outsourcing your background checks to a third – party company is still wise.
Stagger The Date Rent Is Due
For some landlords, this works well, but not for others. You can choose to stagger the dates when rent is due so that you don’t have too worry and/or wait for everyone to pay at once. For example, you could make rent for some properties due on the 1st, and have the remaining properties pay on the 15th. This may help you have an easier time managing things. If you have a mortgage on these houses, this could take to stress off you as well.
Create A Maintenance Schedule
Each property should have a strictly adhered maintenance schedule. You want to be proactive in the maintenance department because you could have much bigger problems without proper maintenance. Don’t just assume a property is fine, stick to your schedule, no matter how great things look.
Sub Out Specific Tasks
If you don’t want to hire a property manager to do everything, take some of your least favorite responsibilities into consideration. You can hire someone to carry out all the repairs, screen the tenants, show the property for you. A part – time bookkeeper can also be hired to help keep your finances in order.
Do Regular Checks On Your Properties
When you are managing several properties, you might find that one gets lost in the shuffle. You run the risk of finding it poorly maintained or damaged if you don’t check it regularly. Plan regular maintenance checks with your tenants and property walk – throughs. This will help you to catch small problems before they become bigger. How ever if you decided to hire a property, they can take care of this for you. A Property Manager will
Be A Good Landlord
If people like their place of residence, they are less likely to move. The goal as a landlord is to find high – quality tenants who want to stay in the long run. The lower your turnover, the more money you make in your rentals. If you improve tenant retention , you will spend less time having to get your rental rented. If you properties are not rented, you are losing money. Work always to be a good landlord. Keep the deal going by making your property a place people want to live in. Immediately handle all repair and maintenance problems and strive to have good relations with your tenants. Make sure you take your tenants complaints serious.
Hire A Pro
If you are managing several properties in the Reno, Nevada area, consider the consequences of spreading yourself too thin are far greater. You can allow a bad tenant to move in or neglect repairs, resulting in damage to the property of your tenant, or hire unlicensed contracts because you didn’t have time to do your homework.If you feel like you’re over your head, maybe it’s time to break down and hire a professional Property Manager.