As an experienced property management team, we understand the challenges and nuances of managing multiple properties simultaneously in a popular rental area such as the Greater Boston region. Juggling multiple properties in terms of finances, upkeep, tenant turnover, and compliance issues can be stressful.
If you’re going it alone with multiple properties and need some assistance, our team is ready to get to work for you. Or, if you’d like some tips on the unique challenges you may face if you are considering taking on multiple properties, this article is for you.
Financial Management
Managing the finances of multiple properties can be overwhelming, to say the least. Not only are there multiple income streams from many renters to handle, but there are also other issues, such as rent collection, budgeting for repairs/improvements, forecasting future expenses, and the list can go on and on.
Having a robust financial system in place, including financial software and a dedicated financial advisor, can help keep track of expenses and revenue streams. It can also help with organization and timely rent collection, maintenance scheduling, and payment to vendors for emergency repairs. 
Maintenance & Repairs
With more than one property to manage, it can be a time-consuming challenge to manage the maintenance and emergency repairs needed for multiple properties on your own. It’s not just about coordinating with renters across multiple locations; it’s also about the logistics of scheduling outside parties to handle plumbing or electrical repairs while you are present.
Unless you have contracted with a specific vendor to attend to your property in advance, finding one that can fit your schedule and at a time that works for your renters can be a scheduling nightmare. Unexpected issues, such as a burst pipe, a malfunctioning appliance, or a tenant who needs immediate help, can complicate the already complex schedule of landlords going it alone.
Having a team that can handle scheduling, contacts, and even the middle-of-the-night emergency repairs can be a lifesaver in the rental world.
Tenant Communication & Relations
Depending on the number of units in your rental properties, you could be dealing with an onslaught of communications regarding anything from rent payments to repairs to common usage issues. Being proactive with your communication with your renters can go a long way toward improving your relationship with them.
Instead of sorting through texts and emails daily, install a communication system that can notify you of an issue regardless of what it is about. An automated system can request information from your renters and sort the requests by priority. Technology can help you stay organized and ensure that a tenant issue does not get lost in the shuffle.
Property managers can also encounter issues with tenant relationships. Mediating issues often involves communicating expectations about behaviors and the consequences that may be enforced should disruptive behaviors continue. Staying on top of tenant relations is the sign of a good property manager.
If you are juggling multiple properties and need help from an experienced property management team, schedule an appointment with our team at Thayer & Associates.