Having a portfolio of properties is a great way to grow your wealth, but managing even one property (let alone multiple) can be a huge task to take on.
If you’re currently juggling with your portfolio, here are some top tips to help simplify your experience.
List your property as soon as possible
Vacancies - or void periods - are inevitable. Whether these are long and short, so you’ll need to have your finger on the pulse between tenancies to keep these periods as brief as possible.
The more rental properties you own, the more tenants you’ll have moving in and out, so it’s important to get your listing up as fast as possible whenever there’s a vacancy.
A letting agent can take care of the marketing for you, as well as tenant sourcing and screening, allowing a quick and easy turnaround between each tenancy.
Create a network of reliable tradespeople
It’s a good idea to fill up your phonebook with the names and numbers of reliable tradespeople who can help you take care of your properties.
From professional cleaners to plumbers and electricians, you’ll need to have a few contacts at the ready in case anything goes wrong – especially if you don’t live close to the property.
Alternatively, you could partner with a Whitegates agent, who will already have a large network of professionals to take care of all maintenance and repairs.
Make sure the properties are visited regularly
If you don’t live close to some of your rental properties, regular inspections can be a struggle - but this doesn’t make them any less important.
Regular inspections ensure that your tenants have committed to taking good care of the home, and if these aren’t completed, there’s no way of knowing whether any serious issues need addressing.
Your tenants will also need someone they can call when something goes wrong and needs repairing, so if you aren’t close by, it might be worth getting in touch with a local agent who can take care of maintenance and inspections for you.
Have a target market
It’s much easier to manage multiple properties if each one is marketed to the same group.
For example, if you have a portfolio of student-friendly rental homes, you can dress each home with similar furniture, charge similar rental rates and know where you stand legally for every property. This will also help with your marketing strategy, as your potential tenants can look for suitable properties all in one place.
Multiple properties mean multiple tenants, so it’s important to keep on track with your to-do list.
Utilise spreadsheets, calendars, and mobile apps and folders to keep on top of things like tenancy end dates, mortgage payments and annual yields for each property. This can help keep you in the loop if you’ve opted for a hands-off approach.
Work with a letting agent
The best way to make sure all your properties are up and running effectively is to enlist the help of a reliable agent.
If you don’t have much time to commit to property management, it could prove impossible trying to juggle multiple on your own. With an agent by your side, you’ll be able to sit back and let them take care of everything for you.
Are you thinking about expanding your property portfolio? Contact your local Whitegates letting agent for expert advice