CHALLENGES OF MANAGING MULTIPLE RENTAL PROPERTIES

Being a landlord can be extremely rewarding, especially if you’re making a profit. For most property owners, owning and managing one rental house is easy. Handling two or three is even doable for someone with a passion and appetite. What if you go beyond that? Self-managing your rental properties can start to feel like a full-time job. Join me, Mayala, D the MD at Operolve Company, to discuss these 5 challenges that all do-it-yourself landlords face:

1.??Marketing and Showings?

From time to time, you will have empty units, that need to be filled, which requires you to show the property to the prospective tenants. You will have to schedule a date and time for them to walk through with you. Showing property to prospective tenants can be very time-consuming.

?2.?Tenant Screening and Selection

How can you be sure that you’re equipped to handle the task effectively? Picking the perfect tenant isn’t easy, and it doesn’t always happen quickly. But, if you do get this part right, you’ll make your life easier while managing a property with quality tenants.

3.?Maintenance and Repairs?

Whether you’ve got good, bad, or indifferent tenants in your properties, the most time-consuming challenge that self-managing landlords deal with is coordinating maintenance and repairs.

?4.?Tenant Disputes?

Even oftentimes, you will have to deal with constant tenant disputes and complaints and you will need to act promptly to resolve their issues. When a renter is paying on time and caring for the property as outlined in their lease, they’ll expect fast and quality service to resolve things. You need to do it to avoid being labeled as “slum lords”.

?5.?Time Management?

What’s the biggest challenge for many self-managing owners? Of course… time management! As a property owner with multiple properties, you may feel like you are getting pulled in 10 directions at once, so you’ve got to get smart about managing your working hours.

?You are goal as a property owner is “passive income,” but that’s hard to accomplish if you’re constantly needing to market vacant units, collect rents, and manage repairs across the board. This is why many investors find a property manager. With an average of negotiable management fees, you can take a back seat and let your real estate investment grow while a professional handles the stresses of management.

?A Final Word

Whether you’re a multi-property investor already or are just getting started in your rental property landlord journey, anticipate and expect these challenges along the way. Only if you’re innovative and efficient in your processes, will you be able to self-manage effectively and without losing your sanity.

At operolve company, through our leasing and property management. Leasing and managing real estate is what we do best! We can tailor our solutions to meet your specific needs. Our inclusive services, make it easy because we do the work for you. Our commitment is to provide property owners, investors, and tenants with exemplary services. Our goal is to make the process easy and hassle-free. We have a team of professionals and graduate from Ardhi University staff and volunteers that can offer exemplary services.

Have questions or concerns regarding your current rental property in Arusha or Moshi and what to do with it? Just call, We Can Help!        

Mayala, D

MD at Operolve

Certified Property Development and Investment, UCT, SA.