Managing different properties all at once can be chaotic. There are rules that you have to follow if you want to grow your investment and earn some serious cash. Esquire shares some of the things you have to do to manage all your investments and properties properly.
Maintaining Your Property
Every property owner is responsible for maintaining his or her properties. Nobody would want to live in a dirty and worn out house, after all.
Make sure to keep the common areas, such as the garden, the backyard, the garage, living areas, kitchen, bathroom and bedrooms, clean and well-maintained. Repaint these areas if needed and have any holes or stains fixed ASAP. You should also call in a plumber if you see any issues with the plumbing.
Get a Property Manager
Managing all of your properties is a full-time job and very time-consuming. If you have no time to handle everything, it would be best to hire a property manager. You may assign certain tasks to them, including taking care of all the repairs and collecting the money from the tenants every month, on top of managing the whole property.
Make sure to get a real estate or property manager that’s qualified and certified by the board – one that has enough experience and can work on his own, or a property management company.
Paying all of your property taxes on time is one of the most important things you must do as a property owner. Computing and paying all of your taxes can also be confusing and time-consuming. Hiring a third party accountant, or a personal accountant will help you take care of all of these. You won’t be missing a payment, and you’ll be complying with the law at all times.
Getting all the help you can, and not doing everything on your own, is a key decision in managing your properties. After all, you wouldn’t want to get burned out early in your business. Finding professional help will give you the chance to learn the most important lessons in managing your businesses, as well.