by Haris Quintana
If you have a healthy savings account and you are looking for somewhere to invest, property is a great option. The value of homes is increasing so your money will continue to grow over time, and there are a lot of options for different types of investors. If you are considering entering the world of real estate investment for the first time, check out our beginners guide to help you get started.
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If you already have a property investment, you might be thinking about expanding your portfolio. Building a healthy real estate portfolio can secure your finances for the future, but the more properties you buy, the harder it gets. Organization is one of the big things that people struggle with when expanding their portfolio because you need to keep track of all of the tenants, leases, incoming rent, and maintenance expenses. If you start to let things slip, you could lose control of your finances and when important maintenance is not carried out, your tenants will not be happy. We’ve put together these simple organizational tips for managing property portfolios to make sure that doesn’t happen to you.
Consider A Property Management Service
Property management services can be a great option if you are concerned about keeping on top of things. They will act as a point of contact for tenants and manage the day-to-day running of your investments. You don’t need to worry about handling maintenance etc. because you have them to do it all for you. This is ideal if you have a lot of properties and you can’t keep abreast of them on your own, or if you are looking for a more hands-off investment. However, you do have to pay a fee to the property management service, which is going to eat into the profits that you make, so consider whether you are willing to do this or not.
Use Lease Management Software
Filing and organizing all of the lease information for your properties is important, and it’s a real pain if you have it all stuffed in a filing cabinet. When you need to access information, be prepared to spend a long time sifting through paperwork, even if you have some kind of system for organizing it. Using lease management software is a much better alternative. You can easily keep track of all of your leases and pull up information in an instant. It also reduces the chances of making mistakes, which can be a big problem if you are using spreadsheets to track everything.
Keep A Separate Phone And Email Address
If you are using your normal email address and phone for any contacts related to your property investments, things can quickly get confusing. You don’t want important emails to be lost amongst all of the spam you get on your personal email, so create a new one that you only use for property-related purposes. The same goes for your phone, get a second number that people can use. If you invest in a phone that has dual-SIM capabilities, you can have two numbers on the same phone, so you don’t have to carry two with you everywhere you go.
These simple organizational tips will help you stay on top of your real estate investment portfolio.