Adding more properties to your investment portfolio is a great way to build your long-term wealth, but it’s not for the faint of heart. Managing more than one Selma property isn’t as simple as finding a tenant and collecting rent! Everything you do for one property has to be done for all of your properties.
From marketing to screening tenants; to keeping additional properties well-maintained, you’ll need to clone yourself to handle the extra landlord work alone. When you grow your portfolio, you expect your income to grow, too. However, without the right help, adding properties can work against you.
Understand Your Workload
For some DIY landlords, managing one property is, well—manageable! You find ways to work your landlord duties around your day job, spending evenings and weekends taking care of your property and tenants.
It’s easy to form a false sense of security: if you can manage one property, a second (or third, or fourth) can’t be that hard. Before you add another property to your portfolio, it’s a good idea to make a list of everything you do as a landlord.
Marketing Your Property
When you have a tenant that renews year after year, you don’t need to spend much time marketing your property. However, when you need a new tenant, marketing is a top priority. From staging your property and taking photos to creating the listing and posting it, it takes time to show your property in a way to attract quality tenants. When the applications start coming in, you’ll need to schedule showings and interview potential tenants.
Screening Tenants
Finding another long-term tenant takes time! An applicant has to go through a thorough screening process to confirm that their credit history and income level match your predetermined criteria.
Inspections and Maintenance
Your investment property is in excellent condition because you keep up with seasonal maintenance and inspections. You also take care of maintenance emergencies right away.
Running the Numbers
To make sure you see a profit on your property, you keep up with your income and expenses. Proper financial records help you make sure your property makes money.
How much time do you spend doing those things for your rental property? Do you have time to do that for multiple properties and maintain a work-life balance?
Decide Your Career
If you like your day job and want to keep your day job, adding more rental properties and managing them on your own isn’t the best idea. However, if you want to benefit from the additional long-term income of a growing real estate portfolio and keep your day job, you need help with your workload.
Being a landlord is a full-time job. Even though many landlords work around a separate full-time career, when investors want to build their portfolios, they know they can’t do it alone; you need support.
Should You Hire Staff?
One way to get some help is to hire your own staff! Find someone local who can help you with paperwork, marketing, screening tenants, and maintenance.
You might have people you know who can fill these roles. If not, you’ll need to spend the time finding someone (or multiple people) who can join your rental property care team.
Be aware: with staff comes additional responsibilities—and expenses—for you. You’ll take on payroll (or contractor fees) and the additional time spent managing your team and monitoring their work. You need your team to provide the same excellent care you put into maintaining your properties when you handled all of the landlord duties.
Make sure the additional time and expense of building your team leave you with enough rental income to offset your costs. Growing your portfolio is only a benefit if you end up with more profits at the end of the day.
There’s a Way to Have It All!
- Add more properties to your portfolio.
- Keep your day job.
- Have the help you need.
How? Hire an expert property manager for your Selma properties.
Save yourself the time and expense of searching for the right contractors and assistants to help you manage multiple properties. When you hire a property management company that specializes in handling large portfolios, you can add properties without the hassle or worry that they won’t generate enough profit for you.
Big Portfolios Bring BIG Profits!
With the right property management, your developing portfolio will bring you greater profits. Real Property Management Campanas has the experience and the staff you need to grow your portfolio.
We handle everything from marketing your property and screening tenants to keeping an eye on your property through regular inspections. Our maintenance staff knows the preventative maintenance that your Selma properties need to stay in excellent condition for your tenants. Plus, we’re available 24/7 for maintenance emergencies.
Never wonder if your properties are making money: we provide monthly reports that track your expenses and income. Our property management services help you reach your long-term financial goals—one new rental property at a time! If you are interested in having your property managed by Real Property Management Campanas, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at (210) 314-1039 today!
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