If you are a real estate investor, you might have over the years being able to acquire more than one property. Chances are that you have gotten the property in different states of the country or different cities in a state. If you have other engagements that keep you busy, managing the houses will be very difficult for you. Except you are a real estate investor with all the knowledge managing your properties, it could be very hectic and your lack of knowledge could harm you. If you are wondering what will be the best way to manage your multiple properties, this article will give you 3 options from which you can choose.
Get a professional to help you manage the property
One of the best options you can opt for especially if you have other engagements that keep you busy or little knowledge of the real estate sector is to get a professional to help you to manage your properties. Apart from helping you to manage your existing properties, they will be able to give you information on new opportunities where you could get good deals for a property. If you want to opt for this option, you should see American house market business reviews on US-Reviews to know the right real estate agent to employ to help you manage your properties. The reviews will provide you with information from other people that have used real estate agents to manage their multiple properties. You will get to know the real estate agents that managed the properties properly and those that managed them poorly. From here, it will be easy for you to make your pick.
If your properties are diverse and spread across the country or the world, you might want to use a large real estate agent that has branches in all of the areas you have houses or very close. This way, they won’t have to transport and accommodate a real estate agent who will be traveling around to check on your houses, as this could be expensive. They would just send an individual from the nearest branch to check up on your property. The transport will be minimal as it won’t include a flight and the individual will be back before nightfall eliminating the need for hotel bills.
Use the caretaker option
The caretakeroption allows you to pick one of your tenants you believe to be responsible in every area you have properties and put him in charge of the properties. The caretaker will be introduced to all your tenants as your representative. He will be responsible for collecting rents, ensuring that your property is not defaced or destroyed by tenants, and giving you regular reports about what is going on. Such reports could include tenants leaving and new tenants as well as information from government agencies or other bodies. In most cases, you would have to subsidize the amount the caretaker is paying or allow him to use your property for free as a form of payment for his duty to you.
Monitor your property yourself
Some people think that if you want to get something done, doing it yourself is the best option. If you believe this school of thought, you might decide to abandon all your other activities or reduce them such that you have time to monitor your property yourself. Hence, you could have a room or house in all of your properties where you can always settle in whenever you are around. That way, you will be closer to see what is going on within your property. You will also save up on payments for hotel rooms.