As a Landlord of multiple properties, being able to manage and rent several properties to a multitude of tenants can be a rewarding experience, but it can also come with its stresses. Your properties are your investments and the right management can help you not only get the most out of your portfolio but ensure that it is properly managed and you and your tenants are protected. Whether you have two or three properties, or a more vast portfolio, taking care to properly manage each one will ensure that none fall under the radar. From the right insurance to proper organisation and paying attention to tenant communication, here are some of the key ways you can better manage your property portfolio.
Landlord Portfolio Insurance takes the stress out of insuring every one of your properties. Finding, financing and juggling different insurance policies for each property you own can be a headache. From renewal dates and payment dates to the details of each policy, it can be overwhelming to keep on top of it all. Landlord Portfolio Insurance reduces or completely gets rid of a number of these worries. This specialise cover will cover each property in your portfolio in one core insurance policy. Most portfolio insurance policies can cover everything from residential lets, houses of multiple occupation, commercial lets and more. You’ll usually get a multi-property discount with your policy, and will have only one easy-to-manage policy that ensures each property is adequately covered, has the same renewal information and the same company to call if you need to make a claim.
When it comes to maintaining the properties that you own, keeping on top of what maintenance is needed and when can seem daunting. However, one way to keep on top of your everyday maintenance is to have a schedule that covers all properties. Boiler servicing, garden maintenance, electricity checks – all of these can be done at the same time for all properties if you manage it effectively enough, meaning you are never lost on which property has had which maintenance tasks completed. Keeping a full log of all maintenance tasks on top of this schedule will also help you determine any properties that may have needed any additional maintenance or repairs in the previous months so you don’t lose track.
Maintaining and nurturing your relationships with your tenants can transform how easy or difficult it is to manage a property. Good relationships with tenants can help you keep on top of any potential problems before they become a more significant issue, whether that’s a repair, a concern or a worry they might have. Screening tenants before allowing them to rent from you can also help to prevent any potential issues with how they take care of the property or what they may expect from the property throughout their tenancy. A good relationship with the right tenants for your properties will not only help you keep on top but will even encourage them to look after the property in the meantime.
As with a maintenance schedule, having a good organisation system in general will help you keep on top of your portfolio more effectively. Not only does maintenance need to be scheduled and tracked, but general visits to the properties, any payment dates for rent, any inspections you want to conduct and more. House viewings for new properties, tenancy end dates and more can all run away with you if you don’t keep proper track of them. Save yourself the stress later down the line and make sure that you have adequate and comprehensive organisation in place. It can ensure that you stay on top, and makes answering any tenant questions a breeze.
Invest In Tech
Following on from the point above, making an effort to invest in a few tech innovations could help you stay on top of everything. Online organisation tools that offer easy access to your information, tenant hubs where they can submit tickets or concerns, online payment hubs for secure and trustworthy payments and even video technology can help you keep in touch with tenants without having to drag them or yourself in for face-to-face meetings when they aren’t necessary. By going high-tech, you can create a more efficient way of managing your portfolio of properties and ensure that you and your tenants both remain on top of things.
For more information about Landlord Portfolio insurance and how it can help you better manage your collection of properties, we are on hand to help. We can help explain how the policy works and find you the best rates for you and your portfolio. Get in touch with Ashburnham Insurance on 0800 1696137 for more information.