Do you feel as though you are not managing your Louisville properties as well as you could be? Maybe you want to bring in more profit, but you just have no idea where to begin with your venture. Either way, if this sounds like you then this guide will help manage multiple Louisville properties way less stressful.
Be Smart with Marketing
If you want to juggle a lot of properties at once, you at least need to ensure that you have an overall plan. Part of it should be that when people see your property, they see a brand they recognize. A strong strategy will help you a lot here. When you attract high-quality tenants, it will ensure that you have as few vacant properties as possible.
When it comes to your properties, you need to make sure that you consider your target market. Think about where they are going to be buying a Louisville home. If you are dealing with an older market then they might not be hunting down the latest property websites or signing up for email alerts. They may instead go through a local provider. If you want to benefit your business, then you need to take steps to understand your market and the way that they work. Your strategy should set you apart from the competition, and it should help tenants see you as being the real deal.
Maintain Your Properties
Your properties do need to speak for themselves. When people visit your property or the neighborhood in general, they need to walk away with the idea that the properties you have are well-kept.
Whether you are looking to sell, rent, or even deal with investors, you need to make sure that you stay on top of maintenance and that you take care of any repairs as soon as possible. Dealing with them as soon as they arise is key here. If you have work that needs doing all the time then this can drain your budget, so take the time to hire a handyman or a supervisor who can take care of things for you. Hiring a lease abstracting service is always a good idea too, so try and be mindful of that as it could make a major difference to your portfolio.
Screen your Tenants Properly
If you aren’t screening your tenants then you are already making a huge mistake. Before you allow anyone to sign a lease with you, you need to make sure that you know who you are dealing with.
Undesirable candidates will not pay their rent on time and you may also find that they end up inviting pests and vermin to your property. While pets can be a good deterrent for vermin, pets who are not cared for properly will also cause damage to your property. If you want to do something about this then make sure that you have clear policies on pets and that you do not allow just anyone into your property. If you can do this then you will soon find that it becomes easier for you to stay on top of your properties, while keeping them in good condition.
Stay Friendly
It’s vital that you stay friendly with tenants. It would be best if you built good relationships with them and you also need to make sure that they pay off. If your tenants feel as though they can turn to you with any issues that they experience or if they feel as though you will help them with anything they need then this means that they are far more likely to keep your property in good condition. If you push back when your tenants come to you or if you make them feel bad about repairs then they may not tell you about any repairs. They may also be tempted to use cheap or unsuitable solutions when it comes to fixing issues. This will result in you having to put in extra work to get things repaired. Stay civil with tenants too, even with the ones you don’t like. Respect their legal rights and avoid letting things get emotional. If you can do this then you will soon find that things end up working in your favor.
Be Organized
It is imperative that you stay organized when working within the property business. Your calendar is everything when it comes to getting things done. It also stops repairs from being lost or forgotten about.
If you are going out on your own then you need to schedule visits and for you to do inspections. Successful real estate investment means knowing what is going on, at all times. Showing management skills and being involved helps your tenant to have more face-to-face contact with you, and this can translate to them possibly discussing their needs. If you can make your tenants feel comfortable enough, to the point where they feel as though they can do this then you will soon be able to reap the benefits.
Hire Professionals
While you may have a bit of DIY experience, you should not be tempted to do all of your property repairs yourself. Taking care of small issues is wise because a lot of professionals will bill you for a minimum amount of hours. But one of the biggest mistakes new real estate investors make is trying to do it all themselves.
You will also be dealing with a lot of legal issues if you decide to go down this route, so although you may save money in the early days, as time goes on, you will soon find that things end up getting out of control. Make sure that you have a quality accountant, when you begin managing more than just a few properties. Costs will begin to pile up and so will your taxes. Hiring an accountant is one of the best ways for you to safeguard yourself against things like this, so try and keep that in mind if you can.
