Going from managing one or two properties to a large portfolio can be overwhelming for many landlords. With more buildings come more tenants and more possible issues. Managing repairs, complaints, and maintenance on multiple properties demand a lot of organising and planning or you can get over your head very fast. It’s also about using the right tools and solutions, and sometimes capitalising on other people’s expertise. Here are some tips for managing a large property portfolio.
Outsource What You Can
Nothing is forcing you to handle everything on your own. As you scale up, you will need to start considering hiring a property management company to collect the rent at the very least. You can also hire them to follow maintenance and tenant check schedules and appoint people to make repairs.
Invest in the Right Technology
You will also need to get familiar with various tech tools and learn how to use them. This is especially true if you decide to handle everything yourself.
You should start looking at property management systems right now. These systems will allow them to manage things like vacancies and complaints, perform tenant tracking, and allow tenants to use a portal where they can leave comments or make payments.
In addition to software tools, you may want to look at business tablets. You’ll be constantly on the go as a property manager and while a laptop and/or PC will help you do the tough work, a tablet will allow you to access crucial information when you’re visiting properties or discussing problems with tenants. Pick a tablet with a versatile operating system that is fairly powerful and with a nice backlit screen. A tablet is also ideal for taking photos during inventory checks.
You could get away with waiting a few days to perform certain repairs or inspections when you had a few properties and tenants, but not anymore. When you push crucial tasks away to another day, you create a backlog that can get dangerously bloated and expensive. So, you have to follow through with demands and repairs as soon as you can and keep track of everything with your PMS.
Establish Relationships with Suppliers and Service Providers
As a large property manager, you now have much more purchasing power and leverage, and you should use this to get preferential deals with suppliers.
If you constantly have to make the same kind of repairs, then you could buy parts in bulk. Things like fixtures, light bulbs, paint, and cleaning suppliers can all be bought in large quantities from wholesalers. You’ll get an even better deal if you can buy everything from the same place. You also need to negotiate deals with plumbers, electricians, and any technician that you hire regularly. If they can’t give you a discount, look for larger services, as they will usually be more inclined and able to give you a deal.
These are all tips that will allow you to manage a large property portfolio efficiently. The most important part is organisation and equipping yourself with the tools necessary for proper management.