by Jeff Pittman | Sep 25, 2014 | Buyers, Investors
Owning real estate can be a great way to diversify your portfolio, or make extra income in retirement. However, managing more than one property can be time consuming. How can you manage multiple properties in an organized manner that keeps tenants happy and your wallet full? Keep these tips in mind as you get deeper into the real estate game. 1. Hire a Property Management Firm A property management company will take care of maintenance requests, collect rent, and ensure that properties are up to code and complying with all other state or local laws. While a property manager will charge a fee, he or she can keep an eye on your properties wherever they happen to be. Check out First Team Property Management to learn more about services offered and the benefits of working with a third party management firm. 2. Don’t Spread Yourself Too Thin If you don’t want to hire and pay a property manager, you can easily keep an eye on properties if you buy local. This allows you to personally stop by if tenants have an issue, or have maintenance requests handled by professionals whom you trust. By staying in your local area, you also have a better idea of where to buy, and who will rent your properties in those areas. 3. Ask Your Tenants to Help Keep Up Their Rental Space A tenant who is willing to do yard work, make repairs, or keep a swimming pool maintained can be valuable to a landlord who owns multiple properties. These tenants are the ones who are most likely to live in a property long-term, and...
