Tips For Managing Several Properties In The Orange County Area

Managing several properties can be a lot of work. In our latest post, we will offer some tips on doing it yourself and knowing when to hire a property management company to assist you.

Sure, managing your rental properties on your own will save you some money, but at what cost? How much time do you want to spend being hands-on with the properties you own? Below we offer some tips to help you manage several rental properties at once in Orange County as well as what to expect when hiring a professional to help you.

Have A Detailed Screening System

You process for screening should be very thorough and detailed. You should screen every tenant in the same way, even if it is someone known to you. Don’t rush this part of the process as missing something on a background check may end up costing you in the long run. If you don’t hire a property manager, it is still wise to outsource your background checks to a third-party company.

Stagger The Date Rent Is Due

This works well for some landlords, but not for others. You could opt to stagger the dates when rent is due so you aren’t having too chase too many people at once. For example, you could make rent for some properties due on the 1st, and have the remaining properties pay on the 15th. This may help you have an easier time managing things.

Create A Maintenance Schedule

Each property should have its own maintenance schedule that is strictly adhered to. You want to be proactive in the maintenance department because without proper maintenance, you could find yourself with much larger problems. Don’t just assume a property is fine, no matter how great things look, stick to your schedule.

Sub Out Specific Tasks

If you don’t want to hire a property manager to do it all, consider subbing out some of your least favorite responsibilities. You can hire someone to make all the repairs, to screen the tenants, to show the property on your behalf. You could also hire a part-time bookkeeper to help keep your finances in order.

Do Regular Checks On Your Properties

When you have many properties to deal with, you might find that one gets lost in the shuffle. If you don’t check on it regularly, you run the risk of finding it to be poorly maintained or damaged. Schedule regular maintenance checks and property walk-throughs with your tenants. This will help you to catch small problems before they turn into something bigger.

Be A Good Landlord

If people like where they live, they are less likely to get up and move. As a landlord, the goal is to find high-quality tenants who want to stay for the long-term. The less turnover you have, the more money you make on your rentals. Always work on being a good landlord. Hold up your end of the deal by making your property a place where people want to live. Handle all repair and maintenance issues right away and strive to have good relationships with your tenants.

Hire A Pro

Managing properties on your own will save you money. However, the consequences of spreading yourself too thin are far greater. You could allow a bad tenant to move in, or neglect repairs, resulting in damage to your tenant’s property, or hire unlicensed contracts because you didn’t have the time to do your homework. If you feel like you are in over your head, even a little bit, it might be time to break down and hire a professional to step in.

Are you managing several properties in the Orange County area? Let our tips help you find the success you’re after! Contact us today to learn more! 949-625-4533

Joe

Broker/Realtor/Investor/Mentor (41 years experience) Specialties: Buyer's Agent, Listing Agent, Foreclosure, Short-Sale, Property Management, Landlord I'm a Full Time Real Estate Professional, house flipper and mentor to many of my clients. I am here to help you get top dollar for your home or get you the best price for a home that you are going to live in. I have over 40 years of real estate experience for you to draw on and actively list and sell over 20 homes a year. I have sold over 600+ homes in the last ten years alone. I am a very skillful negotiator and will work diligently to help you realize the best possible price when buying or selling your home. With my Exclusive Home Acquisition & Sales System, I can find the Right Home for You! I have access to homes no other Realtor will show you. I can show you how to save an average of $10,000.00 on the purchase price. We will find a home that fits your needs, in a neighborhood that suits your style. If you are selling your home then I can bring all the professionals to you. I always include professional photos in ALL my listings. I have contractors standing by to assist with those upgrades if needed. I can also quickly get you ALL CASH offers for your home if you desire. My marketing surpasses all other agents. It begins with extensive internet advertising to hundreds of websites throughout the world. I do direct mail marketing for you home and also knock on doors in your neighborhood when I am holding an open house. I hold you home open to expose it to as many buyers as possible. My Exclusive program is designed to sell your home for Top Dollar in Any market. I am an experienced flipper here in Orange County and therefore can offer you my over 40 years of real estate experience. The information is available to you at no charge! If you like what you see, please call me and setup Your Free Consultation.

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