Ability Realty

It is extremely common for a single individual to own several rental properties in Tucson. Maintaining several rental properties can be quite profitable, offering you significant income from rent each month. However, it’s important to keep a few tips in mind to successfully manage multiple properties for lower stress and greater profit.

Keep Separate Files

Organization is the key to managing several properties at once. It’s essential to keep important documents for each rental property in a separate file to avoid confusion. Additionally, keeping your purchases for each rental property separate can make organizing your expenses at tax time much simpler; if you purchase items for several properties at once, make copies of the receipt and annotate it to show which items were purchased for each property before placing a copy into each file. The more organized you are throughout the year, the less stress you’ll feel when collating your expenses for taxes.

Hire a Property Management Company

Managing a single property can be a significant time constraint; handling several properties will require still more of your time, even if you are experienced. If you have several rental properties to manage and find yourself lacking the time to handle this task properly, hiring a property management company can offer you great benefits. Rather than requiring you to be available at all times or take personal time to handle your properties, a property manager can handle emergencies, communication with tenants and repair services, and other day-to-day necessities. Working with a property manager will free up your own spare time and prevent interruptions while you are busy, also reducing the overall stress associated with renting your properties. Additionally, you can deduct the costs of your property management contract from your taxes each year for added financial benefits.

Do you own multiple rental properties in Tucson? Ability Realty can help you manage your rental properties to take the stress and time constraints of this important job off of your shoulders. Please call us at (520) 296-7143 or click through our website to find more property management tips and information.