Tips for Managing Real Estate Investment Properties
If you’re in the real estate investing business, you probably have tenants. You also need to stay on top of the maintenance and upkeep of your properties. Keyspire’s founders Michael Sarracini and Scott McGillivray own and run multiple income properties, and through their real estate investing courses, can help you with tips on managing all aspects of them. Learn more below.
Tenant Management
You’ll want to keep good tenants happy and satisfied so that they stay. When you have high tenant turnover, it creates more work on your end and can cost you money. This means attending to their maintenance needs promptly, being adept at handling complaints and always adding value first. Additionally, being a good landlord can help to attract tenants and can lead to increased rental income.
Property Management & Upkeep
Like all buildings, they will wear and tear, especially if they are for high-use purposes. Keeping your properties well-maintained can be a constant focus. You can either hire a great property management company or have a plan in place to ensure your properties look their best always through regularly scheduled maintenance.
Financial Management
Managing the finances of your real estate investment properties should be a top priority. After all, the goal is to make a profit through The 4 Ways to Win. Staying on top of accounting is important, too, as this will make your tax filing easy and ensure you get the proper write-offs.
Stay Organized
The more rental properties you have, the more important it is to stay organized. Saving all of your receipts and property requests, as well as keeping tenant applications and showings organized, will be crucial in order to ensure your properties continue to earn a profit for you.
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