Management is a skill that comes in handy when you have multiple properties. You can polish this skill as you go about your daily life and garner more experience in your professional life. Here are tips on how you can handle multiple properties.
When you have too much on your plate, it seems daunting to be organized but you can be. It is all about setting your priorities right. You have to include your properties in your list of priorities. Since you already know about house maintenance, hiring tenants, property laws, etc, you can document all your ideas in a secure place where you can easily access them. You can even digitalize the document so that it will be simpler and less stressful for you to keep records. Ensure you add the tax payment, bills, rent collection, etc to your records.
Rent out your properties to good tenants
One of the best ways to manage your property is to let it out to a good tenant. Good tenants will not only pay on time, they will do their best to keep your property up to date. They clean and maintain the property, so even if they move out, your property is still in a good shape. It would behoove you to develop a sound rental screening process for anyone who wants to live in your property. This includes a credit background check, rental application, city-approved agreement, etc. The process can be time-consuming but it will help you choose serious tenants.
Schedule visits to your properties
Maintaining a balance between your private life and managing your properties is very crucial. Try to take out time to visit each of your properties and know what is happening. Do not only rely on the information your tenants provide. You can hire an estate manager to help you manage the properties, but find a way to still be in the know yourself. You can utilize professional assistance as well; a real estate attorney will help you greatly especially with legal issues. If you need help with repair, maintenance, organizing, and cleaning your properties, many companies can help you with that. This will keep you on top of the situation and save you from extra stress that may occur in the future.
Be ready for the unexpected
There is a possibility that anything can happen with your properties, even though you did not wish for it. For instance, your properties could get major damage, there could be some problem with maintenance, etc. You have to adequately prepare for all of these so that they will not bring you down. You can have an emergency fund for such kinds of problems. Your best bet is to get insurance for all your properties so that you do not lose completely no matter what. Get a good insurance company to do business with. These tips will help you to be more efficient in handling your multiple properties.
Here are tips on how to maintain the value of your properties:
Maintain the curb appeal
The curb appeal of your properties is important when you want to sell them. No one wants to buy or rent a property that looks like it has been abandoned for a while. Most people see it as scary. You have to maintain the curb appeal of your home all year long. Some of the ways to do that include painting the exterior of your home, carving out a beautiful landscape for your home, washing the driveway, taking out all excess decoration, etc. You might also have to fix any part of the house that is starting to look out of place or faulty. If you need to change the lock on your door or other furniture, you could check CollectedReviews for LockAndHinge reviews as well as reviews of other companies that sell the products you might need to improve the overall look of your home.
Update your properties regularly
All types of updates should be done regularly, especially if your properties are older and you want to maintain their inherent values. The kitchen is a great way to start because many buyers look at it before any other room in the house. Give the flooring, cabinets, and countertops a refreshed look. You can also add new features like a kitchen island to the mix. Update the bathroom as well, remove any outdated material or color. Make the bathroom luxurious and kingly. Do the same for every room and watch your property come alive.
Renovate your properties regularly
Your properties will fetch you more money when they look new. Making updates to every part of your properties is not enough, you might need to make full renovations. For instance, updating a stuffy bathroom will achieve that luxurious effect you want. Your best bet will be to completely renovate the bathroom so that they are more spacious. If the properties in your neighborhood are larger than yours, you need to make home additions. You can add square footage to your home or add a door to an open room to make it a bedroom.
Upgrade the appliances
You need to upgrade the equipment you have installed in your home. This will help buyers pay more for your home when it is time for sale. If the air condition is old, replace it with a good, new one. You can look for one that will not cost you much to heat and cool monthly. For setting the temperature of your home, use a digital thermostat. The heater can be replaced with a tankless version, the refrigerator and stove can be replaced with modern versions, etc. Upgrades will help your house look and feel more modern.
Touch up your properties with paint
After some time, the paint on your properties starts peeling and they start losing their color. You should not allow this as a property owner. Repaint your properties when necessary. Get a professional to do the job for you. Go for more modern looks; you can replicate what you see and love in the paper or watch a video in your house. Painting your house accentuates the lovely features of your house and convinces the buyers since human psychology has a soft spot for colors. Use high-quality, non-risk paint so that the health of the buyers won’t be threatened.