If you’re an Austin native looking to build your nest egg, there’s one investment strategy you don’t want to overlook: owning multiple investment properties.
Maybe you already own a property or two, and you’re looking to expand your portfolio (and accelerate your profit growth). Or, maybe you understand and are on board with real estate investing in theory, but you’re unsure how to feasibly get from where you are now to where you want to be: financially free with a multi-property portfolio.
Either way, you realize that the financial perks of owning multiple properties also comes with a downside: multiplied landlord duties. While it may seem overwhelming at first, multiple-property management can actually be much easier and more efficient than you’d suspect.
Work Smarter With Real Estate Tech
The landlord gig comes with a laundry list of responsibilities, all of which tend to be quite tedious: maintaining your properties, keeping track of current tenants and their payment history, collecting rent and keeping your books, making repairs, hiring contractors… It’s a lot.
Naturally, the more properties you have, the more time you’ll spend on each of those tasks. As women, we’re already used to working harder than most to get ahead, so if we can find a way to work smarter and not harder, it’s a definite win.
Thankfully, the abundance of real estate apps available makes that easy for us (and our tenants). In addition to niche apps dedicated to things like Austin-specific rental listings or electronic payments, there are also plenty of options for all-in-one property management software that will organize everything on your plate for maximum efficiency.
Given that all people really want in 2023 is for things to be as quick and easy as possible, transferring the necessary but inconvenient tasks to an automated, digital experience will have your tenants feeling particularly appreciative.
Make Organization A Top Priority
If there was a single commandment of real estate investing—be it with single or multiple properties—it would be “Thou shalt be organized.”
That is, if you want to be successful. As a landlord, you will be expected to not only have, but also update and keep track of multiple pieces of information for each property on a regular basis. These vary from comprehensive property details like property type, square footage, and number of units to liability-related paperwork like detailed copies of lease agreements and/or inspection records.
Trying to juggle so many different things at once can inevitably lead to dropping the ball on something. This leaves you feeling harried and unprofessional, your tenants unhappy, and your profit margins less than stellar.
That’s why excellent (and, ideally, automated) organization is imperative. Unless you’re a pen-and-paper purist, we highly recommend utilizing technology as much as possible to keep everything systemized and doing the paperwork for you.
Work With A Property Management Expert
Unless your dream as a little girl was to grow up and be a full-time landlord, keeping track of everything we mentioned above probably left you feeling in over your head. That’s where a veteran property management expert comes in.
Experienced multi-property investors will tell you that a good property manager is worth their weight in gold (literally). Ideally, they’ll take care of both the systems and the paperwork, contacting you to step in only when absolutely necessary.
Essentially, they’ll serve as your personal real estate ambassador, showing your tenants the same high level of care that you’d show yourself. That will allow your experience as a landlord to be hands-free and truly passive, allowing you to focus your time and energy where you really want it: on the things you actually enjoy.
The SmartEgg Difference
As an investor, you want to feel competent, capable, and taken seriously. At SmartEgg, we are committed to helping make sure that’s your experience from start to finish. We’ve made it our mission to make your life easier by helping you be money smart.
We take our goal of equipping women in Austin, Texas (and the surrounding areas) seriously, and we’ve centered our company on providing all of the educational tools and resources you need to reach financial fluency. Whether you’re a beginner or a multi-property investment maven, we want to help—and cheer you on along the way.
Grow Your Money & Get Your Life Back—Schedule Your SmartEgg Consultation Today