Do you own a portfolio of rental properties in the Monterey County area? If so, one of the very best thing that you can do is plan for portfolio growth in 2019. Why? Planning for growth means that you will be prepared to take on an additional rental property and won’t be left feeling overworked with more properties than you can efficiently manage.
How To Plan For Portfolio Growth In 2019
Step 1 – Create a vendor matrix or list of companies that you will call when your rental property needs repairs. This list should also include companies that are available 24-7 just in case you need to make repairs in the middle of the night or on weekends.
Step 2 – Invest in software. This step should include investing in a calendar program that you can use to keep all tasks related to your rental property organized along with an accounting program for managing your bills and other financials.
“The truth is that most software used for single-family property management is designed for businesses with up to maybe 200 or 300 doors,” he continues. “What you see is what you get, and it’s not customizable. You can’t change or add fields, and instead of tailoring the software to the way you do business, it’s vice versa: you have to change your processes to fit the software.”
Step 3 – Make sure your goals align with your spouse or partners – It doesn’t matter if you want to take on one additional property per year, or ten new properties, you should be communicating with your spouse or partner to make sure that your goals are in alignment especially when it relates to the growth of your portfolio of rental properties.
Get Property Management In 2019
Let 36 North Property Management save you the time, money and hassle of managing your rental properties yourself in 2019. Learn more about the services we can offer you by calling us at (831) 484-4604 or click here!