How can you manage multiple properties in different locations?

1 Hire local experts

One of the best ways to manage multiple properties in different locations is to hire local experts who know the area, the market, and the regulations. You can either work with a reputable property management company or hire individual contractors, such as cleaners, maintenance workers, or inspectors, who can handle the day-to-day tasks and issues that arise at your properties. By delegating some of the responsibilities to local experts, you can save time, money, and hassle, while ensuring that your properties are in good hands.

2 Use technology tools

Another way to manage multiple properties in different locations is to use technology tools that can help you streamline your operations, communication, and reporting. For example, you can use software or apps that allow you to track your income and expenses, collect rent online, schedule maintenance requests, send reminders and notifications, and generate reports and invoices. You can also use cloud-based platforms that enable you to access and share information and documents with your tenants, landlords, and contractors from anywhere and any device. By using technology tools, you can improve your efficiency, accuracy, and transparency, while reducing errors and delays.

3 Create standard procedures

A third way to manage multiple properties in different locations is to create standard procedures that can guide you and your team through the various aspects of property management. For example, you can create checklists for move-in and move-out inspections, tenant screening and selection, lease agreements and renewals, rent collection and late fees, maintenance and repairs, and eviction and termination. You can also create templates for forms, letters, contracts, and notices that you can customize for each property and situation. By creating standard procedures, you can ensure consistency, quality, and compliance, while avoiding confusion and disputes.

4 Maintain regular communication

A fourth way to manage multiple properties in different locations is to maintain regular communication with your tenants, landlords, and contractors. You can use various channels, such as phone, email, text, or video calls, to keep in touch and update them on any changes, issues, or feedback. You can also use surveys, reviews, or testimonials to gather their opinions and suggestions on how to improve your service and performance. By maintaining regular communication, you can build trust, loyalty, and satisfaction, while resolving problems and preventing complaints.

5 Visit your properties periodically

A fifth way to manage multiple properties in different locations is to visit your properties periodically to inspect their condition, meet your tenants and landlords, and oversee your contractors. You can plan your visits ahead of time or make surprise visits to check on the quality and compliance of your properties. You can also use your visits as an opportunity to network with local agents, vendors, or associations that can help you grow your business and reputation. By visiting your properties periodically, you can demonstrate your commitment, professionalism, and care, while identifying and addressing any issues or opportunities.

6 Review your performance regularly

A sixth way to manage multiple properties in different locations is to review your performance regularly to measure your results, evaluate your strengths and weaknesses, and identify areas for improvement or expansion. You can use various metrics, such as occupancy rate, vacancy rate, turnover rate, rent collection rate, maintenance costs, net operating income, and return on investment, to assess how well you are managing your properties and meeting your goals. You can also use feedback from your tenants, landlords, and contractors to gauge their satisfaction and expectations. By reviewing your performance regularly, you can adjust your strategies, optimize your resources, and enhance your outcomes.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?