Juggling multiple properties as a landlord can be demanding – and confusing. Here are some tips to help make the process that bit easier…
The first step you should take when juggling multiple properties is to get organised. Having a system in place for each property will be vital to make sure they are being managed efficiently.
Have separate files on each property. If you want to have a paper filing system as a back-up, that’s fine – but we would recommend uploading any documents to an online cloud-based system (such as OneDrive). This means that you have constant access to all documents relating to your properties, and can even sync the information to your smartphone for ease of access.
IT’S A DATE
Schedule any visits to your properties in advance, and make sure tenants are well-informed of when you will be arriving.
Carefully record rent-collection dates, necessary inspections, and scheduled repairs. This will help you manage your properties more efficiently, and avoid any negligence on your part regarding the property.
Make sure the tenants for each property are aware of these dates, so that everyone is on the same page.
Set up calendar alerts on your smartphone so that you never unintentionally miss a visit.
MONEY MAKES THE WORLD GO ROUND
At the end of the day, investment properties are a source of income for landlords. As such, it is so important to be diligent regarding any deposits or rental payments made to you.
Make sure that the income from each property is carefully recorded, and attributed to the relevant property and tenant.
If the rent is being paid through Direct Debit or Standing Order, make sure the transfer descriptions are clear and immediately recognisable as a payment from a specific property.
If you don’t have online banking yet, get it! Cashless banks are all the rage and can make property letting a frustrating process – so familiarise yourself with online banking and save yourself some stress. It can be really useful when you get the hang of it, and allows you to access a wide range of banking services (including transfers, setting up direct debits, etc) from your phone.
GET A PROFESSIONAL
If you can’t juggle multiple properties – don’t!
Properties are a huge investment, and you could really jeopardise your investments by not managing them efficiently or effectively enough.
Consider hiring a professional and outsource the day-to-day stresses of a multi-property landlord.