So, you’re a landlord who owns multiple properties in Perth?

While this presents a lucrative opportunity for you as an investor, it can also demand a lot of management skills to keep everything running smoothly.  Luckily, you have stumbled across this article, where we break down our expert advice on how to manage multiple rental properties.

 

Be organised

 

First and foremost, keep yourself organised. By staying organised you can manage the various plates that you are spinning. Keep everything documented in a secure place where it’s easily accessible to you. Being in the digital era means you can document and keep track of things a lot easier. You can maintain records about your various properties. Furthermore, you can keep adding details about the bills, rent collection, repair, maintenance work, paying taxes, etc. Documentation is the best way to be on top of the various properties you have in the rental market.

 

Have a process when securing long-term tenants

 

Ensure your tenants are thoroughly vetted out before they sign on the dotted line. We recommend going through a replacement process to ensure you secure good tenants who pay on time and who respect your property. When you inevitably have to find new tenants, be sure to develop a tenant screening process. We are talking about making interested tenants apply through a rental application, background checks, reference calls, appropriate security deposit and an air-tight rental agreement.

 

Keep on top of a schedule

 

Schedule visits to the property to ensure you make your tenants accountable, ensuring they adhere to their rental agreement. Other things you can schedule are scheduling invoices, chasing up payment and managing cash flow. By keeping a schedule of property management time, you can ensure you maintain a balance and can have peace of mind knowing you have dedicated time to the running of your investments.

 

Prepare for the unexpecetd

 

Dealing with even just one property comes with uncertainties, now multiply that with a few. From maintenance problems, to small damages, unexpected things happen all the time. Make sure you have an emergency ‘rainy day’ fund to address this.

 

Get the help of a professional team

 

 

This can all seem very overwhelming, it is a lot to manage. That is why we always recommend utilising professional assistance by engaging a real estate agency in Perth. At ProProperty Group, we are on top of your rental properties so that you don’t have to think about them. We manage them from top to bottom, going through rental applications, and inspections, addressing maintenance issues and so on. It is our bread and butter to be organised and we are well-versed in all things property management. You deserve the peace of mind that comes with outsourcing this to an expert team.

Chat to us today about managing your multiple properties across Perth. We will discuss your individual needs and ensure the stress is taken off your shoulders and that you attract the best tenants. We look forward to assisting you soon.