Despite what your tenants may think, being a landlord is not all about sitting back and collecting rent checks every month. Managing properties is a particularly difficult endeavor with thin profit margins and a lot of moving pieces. These difficulties are multiplied when a landlord owns and manages several properties. Below are challenges that come with owning and managing several rental properties.
Limited Time: With each additional rental property you own, the more you have to do for each property, yet your limited by how much you can accomplish in a day because of time. While day to day tasks like bank runs, monthly rent invoices and general maintenance can take up most of a landlord’s time, unplanned repairs and tenant issues and other surprises can take up more time than a landlord has. Furthermore, many of these surprises can occur at night when landlords can do little to fix the issues
Trying to Balance Multiple Roles: If you’re a landlord trying to manage multiple properties, then you may be trying to be an accountant, marketer, customer service provider, leasing agent, tenant screener, handyman and amateur lawyer all at once.
Difficult Tenants: By simple statistics, the more properties you have, the more tenants you will have to deal with and the more likely you will eventually have multiple difficult tenants. Difficult tenants can be tenants that pay rent late or not at all, constantly complain about every small issue and or damaged the rental property. These tenants will cost landlords time and money as landlords try to manage them and the mayhem they leave behind.
There are several solutions that help to mitigate the stress of managing several rental properties. First make sure to have a list of plumbers, lawyers, locksmiths, handyman and anyone else that you may need to contact during the day or in the middle of the night if an emergency arises. Streamlining your system can save you time by automating daily, weekly and monthly tasks that you need to complete. The right rental property management software can save you time and money by helping you manage the day to day operations of your rental property businesses while also shedding light on areas you can improve and save money like with energy costs.
Managing multiple properties is not an easy job, but it does not have to be impossible. Utilizing the right property management system can leave you enough time to focus on building and expanding your business rather than trying to merely stay afloat.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.