As an entrepreneur, you are probably always looking for ways to grow your business. One avenue for growth may be to enter the property management industry. But how many properties can a property manager manage effectively?
The truth is that there is no exact number. It depends on a variety of factors. Read on to the factors that will affect how many properties you can manage.
Experience
One of the most important factors in how many properties a property manager can handle is experience. A newer property manager will likely have a smaller portfolio than an experienced one. The reason for this is that experience brings with it knowledge. An experienced property manager will know how to handle different situations that may arise. They will also have a network of people they can rely on, including contractors, plumbers, and electricians.
Number Of Assistants And Employees
Another important factor is the number of assistants and employees a property manager has. The more employees, the more properties they can manage. This is because employees can handle some of the tasks that a property manager would normally have to do, such as showing properties and dealing with maintenance issues.
If you’re by yourself, you may want to stick to just one or two properties until you gain more experience or can hire some assistants.
Technology
Technology plays a big role in how many properties a property manager can handle. There are now many software programs that can help property managers keep track of their properties and tenants. This can free up a lot of time that would normally be spent on administrative tasks. If you don’t use much technology, you may want to start with a smaller number of properties as you will be doing much of the work manually.
Size Of The Properties
The size of the properties you manage will also affect how many you can handle. If you’re managing large apartment complexes, you’ll likely have more tenants to deal with than if you’re managing smaller properties. For example, a building with 50 tenants is going to require more work than a duplex with just two tenants.
Services Provided
The services you provide will also play a role in how many properties you can manage. If you just handle the basics, such as collecting rent and dealing with maintenance issues, you’ll be able to take on more properties than if you’re offering a full-service package that includes things like marketing and showing properties.
Local Restrictions
Another thing to consider is any local restrictions that may be in place. For example, some cities have limits on how many properties an individual can own. This could limit how many properties you’re able to manage.
Your Stress Levels
Are you currently stressed with the properties you’re managing? Do you feel overwhelmed by all the work you have to do? Then you may want to consider staying at your current number of properties or even reducing the number you manage.
Your stress levels should be taken into account when deciding how many properties you can manage. If you’re constantly feeling overwhelmed, it’s going to affect the quality of your work.
Your Availability And Motivation
Other factors to consider are your availability and motivation. If you’re only available to work on your properties a few hours a week, then you’re not going to be able to take on as many as someone who’s available full-time.
The same goes for motivation. If you’re not motivated to work on your properties, then you’re not going to be able to manage as many. However, if you’re eager to get another property and add more to your workload, then you may be able to handle more.
Bottom Line
So how many properties can a property manager manage effectively? It really depends on a number of factors, including experience, the size of the properties, the services provided, and local restrictions. The most important factor, however, is how many you’re able to handle without feeling overwhelmed. If you’re constantly stressed and feel like you’re not doing a good job, then it’s time to cut back on the number of properties you’re managing.