10 Ways to Manage Your Real Estate Portfolio – Episode 984

I’ve said it before, but it bears repeating: If you want to be an effective real estate owner, you can’t expect an entirely passive experience. In order for things to run smoothly at your properties, there are certain roles and responsibilities you’ll need to take initiative on, and that’s what you’re going to learn on this episode.

On today’s show, I’m going to walk you through ten specific steps you need to take in order to maintain the health of your portfolio. We’ll discuss working closely with your property management team, what to do with insurance and taxes, plus some mindset shifts that will help you stay on top of things. Click play to learn about 10 ways to manage your real estate portfolio!

More About This Show

1. Be the boss. At the end of the day, you have to remember that this is your business and no one cares about it as much as you do. So if you’re unhappy with your property manager or need help with something, it’s up to you to seek out solutions. This also means mapping out your strategy, staying on top of your goals, and in general keeping on top of things.
2. Keep learning and growing. No matter how knowledgeable or experienced you are, there’s always something new to learn on the path to financial freedom. Keep building your financial intelligence and learn about real estate investing strategies that can help you reach your goals. We’ve got a lot of content on this channel, my blog, and on my podcast to help you do just that.
3. Stay motivated. This is a big one. There’s a reason why I recommend keeping your Freedom Number front of mind and updating it regularly. It’s easy to get complacent, and staying focused on your goals is an important part of managing and growing a fruitful real estate portfolio. Find ways to reignite that flame and keep your momentum going.
4. Ask for help. I don’t know of one successful investor who has reached success entirely on their own. You need the expertise of other people who can guide you. You’re going to have questions, and that’s great. That means you’re learning. So don’t make the mistake of thinking you can figure everything out on your own. Have the courage – and, let’s face it, the humility – to reach out for insight and help. You’re going to have to reach out to accountants, attorneys, property management teams, and mentors who have knowledge and skills that you don’t. And the more help you get, the easier your path will be.
5. Manage your property management team. In general, my philosophy is to let other people do the jobs I’ve hired them to do. BUT, that doesn’t mean you shouldn’t check in or ask questions when something doesn’t make sense. Schedule some meetings with your property management team at intervals that feel appropriate to you, whether that be monthly or quarterly. It’s important that you’re on the same page, that your expectations are being met, and you’re BOTH working toward a common goal. I also want to note that, if something seems off – say you’ve had an uncomfortably long vacancy or your property management team claims you need to drop rents despite a solid market – check up on that! Andf you’re one of our clients, we make that super easy. If you’re questioning something your property management team is telling you, we want to know, and we want to help! Reach out to customer service and we’ll figure it out together.
6. Handle insurance. Getting coverage for a property might not top your list of fun things to do, but it’s extremely important. And it needs to be handled… by you. In most cases, insurance will be included in escrow, but either way you need to make sure you’ve got the right policies in place.
7. Be proactive with taxes. One of the biggest perks of investing in real estate are all the tax benefits you qualify for… but you need to make tax planning a regular, year-round habit to reap the full rewards. This is where a great tax team comes in handy. They can help you create a customized tax strategy and make sure you’re keeping as much money in your pocket as possible. Check in with them regularly, and ask for their help creating action steps for each quarter.
8. Be cooperative with your property management teams and tenants. Commit to being the best property owner you can be. If there are requests you need to approve, please be on top of it. It’s in your best interest to invite open communication and respond in a timely manner. Stay on top of things and be the kind of landlord your tenant and property management team feel lucky to have.
9. Stay on top of the numbers. This is something that can easily fall through the cracks, but it’s extremely important. You probably ran the numbers on your property when you first bought it to make sure it was a good investment. But you need to do it REGULARLY to verify everything is on track. Periodically do the math and update your numbers to make sure your returns are supporting your goals.
10. Don’t sweat the small stuff. Things like repairs, tenant turnovers, and vacancies are going to happen. It’s just part of the business. Be sure to remember that, and don’t get caught up in things that won’t matter in the long term.

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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

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