As a homeowner with multiple properties, I don’t have to tell you that managing them can be quite a challenge. From maintenance and finances to communication and time management, there’s a lot on your plate.
Fortunately, there are some valuable tips and tricks to managing multiple homes that will make your life a bit easier, and we’ll share some of the best of them with you right now!
1. Managing your time efficiently
When you have multiple properties, time management becomes even more crucial. Start by prioritizing tasks and creating a schedule.
Use digital calendars or apps to set reminders and help you stay organized. Don’t be afraid to delegate responsibilities when needed. By managing your time effectively, you’ll ensure that all necessary tasks are taken care of without feeling overwhelmed.
For example, you could:
- ⬥ Delegate yard work.
- ⬥ Hire a cleaning service.
- ⬥ Outsource repairs and maintenance.
- ⬥ Use technology to your advantage, such as calendars and inventory apps to help you keep track of what needs done when. You can also use a communication tool to stay in touch with your contractors and other service providers.
Here are some additional tips for delegating tasks effectively:
- ⬥ Be clear about the tasks that you want to delegate.
- ⬥ Provide clear instructions and expectations.
- ⬥ Give the person you are delegating to the authority to make decisions.
- ⬥ Be available to answer questions and provide support.
- ⬥ Provide feedback and recognition.
2. Creating a maintenance/management schedule
It’s essential to have a maintenance schedule to stay on top of repairs and upkeep.
Start by listing all the necessary tasks for all of your properties, including the one you live in. This can include things such as checking HVAC systems, inspecting roofs, or servicing appliances, not to mention regular cleaning and repairs.
Create a regular maintenance calendar to help you stay organized and ensure that each of your properties receive the attention they deserve.
3. Ensuring clear communication with third parties
Clear and effective communication is the cornerstone of successful property management. Ensure open lines of communication with contractors, plumbers, repairmen, etc. Communication apps or platforms will help you stay connected and provide a running list of what’s been done, and what needs done. When getting outside help, set clear expectations of what you want done, and when, and provide everything needed to do the job right.
4. Managing your finances
Managing multiple properties requires careful financial planning and budgeting. Track your expenses and create a financial plan that accounts for all costs, such as mortgage payments, insurance, taxes, and maintenance.
Consider getting professional advice from an accountant or financial advisor to ensure your financial strategies are sound. By staying on top of your finances, you’ll have a clear understanding of your cash flow and be better prepared for any unexpected expenses.
5. Hiring a property manager
If it gets too overwhelming, consider hiring a property manager. You can designate some, or all maintenance/management responsibilities, depending on your needs.
Look for experience, a solid reputation, and a range of services that align with your needs. A reliable property management company can save you time, reduce stress, and ensure your properties are well taken care of.
6. Ensuring the right amount of insurance coverage
Insurance is crucial when you own multiple properties. Each property should have enough coverage to protect against risks and liabilities.
Review your policies regularly to ensure they align with your current needs and property values. In case of any uncertainties or doubts, consult with an insurance professional who specializes in real estate to ensure you have the coverage you need.
By implementing these tips and tricks, you’ll be well on your way to successfully managing your multiple homes.