5 Effective Ways to Manage Multiple Leases

Are you a property management business owner with multiple properties? If yes, you’d want to go through this article to ease off your burden.

We all know that rental properties are a sound long-term investment strategy. It helps grow our wealth and make capital gains. Still, managing one, let alone multiple leases, can be quite overwhelming, regardless of whether you reach out to a property management company or self-manage. 

Typically, property management involves collecting rent, finding tenants, and overseeing the maintenance of a rented property. In fact, the more properties you own, the more rental or tenant-related problems you must deal with. So, how do you manage all that stress? 

Well, it is important to understand that you can easily manage multiple rental properties with a little communication and organization. 

To help you with that, in this blog, we will discuss the five actionable ways to manage multiple leases, get them off the ground in no time, maximize your return on rentals and make your rental property portfolio a success. 

So, without further ado, let’s find out!

1. Centralized Lease Management System

As stated earlier, managing multiple leases is a complicated process. So, if you could automate certain lease management tasks while focusing on other important things, why wouldn’t you?

When you manage, create and terminate leases, you certainly deal with many regulations, paperwork, and deadlines. Luckily, you can now manage all that by using a software solution. 

A property management software or digital lease administration platform simplifies resident management and onboarding. It helps you handle everything from the first quote to even reporting and contracting. In addition, it offers a centralized database that stores complete deal information. 

A lease management software comes with built-in financial tools, helping you make sound decisions while providing you with all the important information and documents with a single click.

In short, this software facilitates pipeline management and streamlines deal workflows. So, no matter if you have one lease or multiple rental properties, you can get control of your constantly changing terms and assets, decentralized data, and evolving compliance practices quickly.

2. Develop a Property Maintenance Plan

Keeping up with routine repairs and maintenance of multiple properties is challenging without a sound maintenance plan. Thus, one way to ease this burden is to develop a comprehensive process for property maintenance. The plan lets you stay on top of repairs and ensure each real estate investment gets the attention to detail it deserves. 

With a plan to address regular property upkeep, emergencies, and other issues, you don’t overlook your property’s particular maintenance needs. Putting together a process lets you manage your time properly and ensure that none of your rental property falls through the cracks. 

You can approach a property management consultant or take the help of a lease management software to create this process and keep track of your properties. When you manage multiple leases, having a handy online system for tracking rent payments, tenant information, and maintenance history can be a lifesaver. In short, a strong maintenance plan helps you keep maintenance requests and tasks running smoothly.

3. Ensure Regular Property Visits

Another important practice to ensure effective management of your multiple leases is to visit your rental properties regularly and follow an inspection checklist. This helps verify if your tenants have committed to what they agreed upon or stated in your lease agreement. Moreover, it is a chance to know your tenants better and get a general idea of who they are. This is particularly helpful if you haven’t met them in person.

However, regular visits to your property or the fact that you own the property do not mean you can enter it at any time. In fact, you must first inform the tenant and take their permission to do so. 

Furthermore, if your rental properties are far from one another, you may visit the ones nearby. If you’ve hired a property management company, you can leave the rest to them. Or if you do have time, you can visit them yourselves. 

4. Stay Organized

You may find it too much to keep yourself organized if you have so much on your plate. However, when you stay organized, it helps you as the property owner in the long run. The idea is not to lose track of your to-dos. Otherwise, you may end up having dissatisfied tenants, unmaintained property, and loss on rental properties. 

As you may be familiar with the property laws, formalities involved in hiring tenants, and issues related to house maintenance, why not keep it all organized and documented in a secure place that is easily accessible? Since we live in a digital age, ensuring timely documentation and keeping track of all information is way easier and simpler than before. 

So, maintain records about your properties, keep adding the bills details, repair, rent collection, tax payments, maintenance work, etc. 

5. Scale Your Processes and Finances

Perhaps you have a good lease management system for processes and organizational structure. But is it sustainable in terms of future scaling? Have you thought about your additional properties? And what about if you wish to expand to any other sub-industry of commercial real estate?

The best lease managers scale their reports, tasks, and data to larger properties by managing a commercial leasing strategy. The strategy must include execution milestones and start with a goal in mind outlined for completion at the right time. Moreover, you must simplify the process and take adequate measures to scale your prospects. 

For instance, you must diversify your marketing tactics. You should avoid expanding your portfolio too quickly, especially when you feel eager to purchase more. Similarly, be mindful of the rental rate you charge and use cash to buy properties whenever possible. In other words, don’t get too caught up in the day-to-day grind, particularly if it interferes with your potential to scale your processes and expand your finances. 

The Final Words

Managing multiple lease properties is complicated. It requires due diligence and staying tuned with the latest industry practices and happenings. 

Today, for every property manager, success lies in having solid processes, well-organized and trained staff, and reliable lease management software. With that, it is also important to strike a balance between treating every property as a unique investment and looking at all your rental properties as a whole. 

Remember, managing multiple leases means taking care of everything from settling disputes to contracting repairs in various locations simultaneously. While it may sound complex, if you do it right, you can build a successful portfolio and reap excellent profits from different rentals. Good luck!