Owning rental property can sometimes be compared to eating potato chips. You can’t just have one. And if you’re growing your portfolio of Louisville rentals, you’ll find the operations a little more tedious. Handling one property and one tenant is one thing. But managing multiples can call for an entirely new process and strategy. Today, we’ll offer a few helpful tips to see that you can successfully manage more than one Louisville property.
1. Get Innovative with Software & Technology
You maybe had time to make phone calls and process paper checks with only one rental property. But with multiple Louisville properties, you’ll need streamlined ways to make every step more efficient. Consider implementing software to help you post vacancy listings, manage the books, or scheduling visits. Embrace technology in the form of smart home devices that allow you to lock, unlock, and change your rental keys with little effort. Setup digital payment options for your tenants to ensure all payments are processed easily.
2. Build Vendor Relationships for Property Management Efforts
Stop calling around for the cheapest plumber or an available home inspector. Instead, consider developing relationships with key vendors you’ll rely on regularly. Negotiate better rates for ongoing work and learn to rely on your partners for honest, reliable performance. Having someone already on deck for those emergency calls will lead to better repair timelines, too.
3. Get Smart About Your Marketing
With only one Louisville rental property to worry about, marketing a vacancy maybe seemed pretty easy. But with multiple investments, you’ll want to get smart and proactive about how you market your availability. Develop a strong brand name and presence for your company and consider implementing a marketing strategy ongoing, not just when you have an opening. Build a following on social media, offer video walk-throughs, and cultivate waiting lists. Share past tenant testimonials and offer referral incentives. You’ll find it’s much easier to roll a boulder that’s already moving, meaning a little marketing, even when you don’t need it, will help when you do have a vacancy.
4. Tenant Prescreening Upgrades
When you’re only filling one vacancy, you can take your time with each applicant and maybe even rely on your gut instincts when processing those approvals. But no one has time to call the past landlords, verify employment, and do everything else with 20 applications in your inbox. Overburdening yourself with multiples can lead to costly corner-cutting. Don’t do it. Instead, develop a strong prescreening process that allows you to apply the same pass or fail logic for each. Devise a checklist to ensure you don’t forget to follow through with any required steps. Don’t overlook those critical phone calls because you’re pressed for time, either. Consider implementing a strict schedule that allows you dedicated hours during the week to connect with all those prescreening verifications. Remember, a bad renter is a costly renter.
5. Bring in the Professionals
When you have multiple Louisville rental properties, you may realize it’s time to bring in some professional help. Working with a rental property management partner, like PMI Louisville, means bringing in an extra pair of hands, eyes, and added layers of risk protection. Our professionals can unburden you of prescreening tasks, property maintenance calls, and chasing down late-paying renters. Your investment and bottom-line ROI will thank you. And so will your sanity.
Growing your portfolio of Louisville rental properties means doubling and tripling your to-do lists. Don’t go it alone and undercut your earning potential. Instead, let PMI Louisville step in and help you develop the best strategies and most cost-effective solutions for all of your investments. Trying to do everything yourself, without these few suggestions, will have you feeling burn out and making costly mistakes.