11 Tips to Manage Multiple Properties Effectively [Guide]

Managing multiple properties can be like trying to juggle too many balls at once – it’s a lot to handle!

Between maintenance, multiple bookings, and legal compliance, there’s a lot to stay on top of.

But with a solid plan, you can keep everything running smoothly and your guests happy.

Here are 11 tips to help you manage multiple properties effectively.

Let’s dive in!

Table of Contents

What Are The 3 Biggest Challenges of Managing Multiple Properties?

Since managing multiple properties isn’t an easy feat, you’ll inevitably run into certain issues and challenges along the way.

Time Management – With multiple guests and properties, keeping everything organized can be tough because you need to juggle various schedules, tasks, and deadlines.

Without an efficient system, you may struggle to prioritize and accomplish everything on time.

Communication – Clear and timely communication becomes more challenging with multiple guests and properties due to the sheer volume of interactions.

If you don’t manage this well, you risk missing important messages, delaying responses, and creating misunderstandings.

Scaling Your Business – Expanding your portfolio presents its own set of difficulties, such as increased administrative burden and the need for additional resources.

Managing more properties without efficient processes can lead to disorganization and a potential decrease in service quality.

Therefore, our first tip will show you a more streamlined and stress-free approach to property management.

11 Tips to Manage Multiple Properties Effectively

1. Go For a Property Management System (PMS)

Not only does the PMS keep track of all property-related information in one place, but it also helps you automate routine tasks like

Collecting rent,
Accounting, and
Maintenance for all the properties you manage.

The PMS systems are great time-savers because they reduce your workload due to their automation functionalities and capabilities.

? ProTip:

OTA SYNC, an online PMS, streamlines and automates the management of all property types and sizes.

Thus, it provides solutions that include:

Reporting tools,
Billing and invoicing,
Housekeeping management,
Payment processing tools, etc.

What’s more, its multi-property dashboard allows you to manage multiple properties from a centralized dashboard in a single view.

So, whether you run hotels, VCs, villas, rentals, etc., the dashboard shows all your properties and the additional info, such as:

✨ All Arrivals, Departures, and Stay Overs,

✨ Reservation status,

✨ Room types,

✨ Booking channels,

✨ Income for the desired period, and

✨ Your guests’ country.

2. Document Everything

You should maintain detailed records of each property’s contracts, inspections, insurance policies, and maintenance history.

This documentation will come in handy during tax season or if a dispute arises.

For example, if a guest questions services or maintenance work done on their unit, having clear documentation can help resolve the situation quickly.

Thus, store all your documents in one place, such as a digital folder on your computer or a cloud-based system, so you can easily access everything when you need it.

3. List Your Properties

In order to attract new guests, it is important to list your property on relevant channels. Depending on your target audience, you can market your properties in various ways:

✨ Online Listing – A popular way to market your properties due to its wider reach.

The most popular sites include names such as Airbnb, Booking.com, Vrbo, Expedia, etc.

✨ Professional Photographs – Ensure you provide high-quality photos showcasing the property’s best features to attract more potential guests.

✨ Virtual Tours – An excellent way to give potential guests a comprehensive, accurate view of the property.

They can showcase every aspect, including minor details like closets and niches.

✨ Print Ads – Check local newspapers and billboards, and especially talk to local realtors to expand your audience’s reach.

✨ Word-of-mouth – Provide referral bonuses for current and former guests when they refer new ones.

✨ Social Media – Boost your online presence to market the properties and spread the campaign for free, or use paid advertisement options with targeted ads.

? ProTip:

OTA SYNC’s Channel Manager helps you manage and update room availability, rates, and bookings in real time to stay consistent across all booking channels, your website included.

This way, you can efficiently control room distribution and avoid overbooking or underselling.

With automated updates, the channel manager:

Reduces the risk of manual errors,
Ensures that changes reflect instantly across all connected channels and
Increases your properties’ visibility.

From the centralized dashboard, you can easily connect major OTAs and VRBOs and set the commission and calendar color.

4. Automate Booking Process

It is crucial to have an online booking system on your website to speed up the reservation process.

A booking engine can automate the reservation process and allow guests to check room availability, view pricing, and complete secure bookings in real time without your help.

This way, it eliminates the need for manual booking processes, reduces errors, and streamlines the reservation process for both you and your guests.

Furthermore, having a personalized booking engine increases brand awareness and boosts direct bookings.

Finally, make sure to select a booking engine that is easy to use and that can integrate seamlessly with your PMS.

? ProTip:

OTA SYNC’s multi-property booking engine lets you capture and maintain your unique brand with customized filters, content, maps, promotions, and supply listings.

This way, all your properties will be automatically recognizable across all advertising channels.

5. Set Dynamic Pricing

Having a flexible pricing system is another crucial thing to consider because it allows you to adjust prices based on market demand and other relevant factors.

It is even more important if you run multiple properties because you can adjust the prices of each individual property rather than setting the same price for all of them.

For example, dynamic pricing would allow you to increase the rate if a particular property is in high demand and has fewer available units.

On the other hand, if a property has many available units and is not in high demand, you could lower the price to attract more guests and fill the property.

? ProTip:

With OTA’s dynamic pricing, you can maximize revenue by adjusting prices based on:

Market demand,
Property availability,
Extra services,
Promo codes,
Seasonality, and
Other relevant factors, rather than using a one-size-fits-all approach.

Thus, you can easily set pricing and restrictions plans by choosing boarding, locking price, minimum stay and many other options, and change details on the go.

6. Track Your Finances

When you run multiple properties, managing your finances is critical for maintaining profitability and ensuring healthy cash flow.

First and foremost, keep separate financial records for each property and enter all transactions, such as rental income, expenses, repairs, maintenance, etc., into appropriate ledgers.

Use accounting software to categorize transactions, generate invoices, track payments, and produce financial reports.
Monitor expenses and make sure they are within your budget.
Monitor cash flow to compare rental income against expenses and profit trends. This will help you see how much money is coming in from your properties and how much is going out of the business.

? ProTip:

Managing multiple properties can be tricky with different financial needs and timelines for each one. How do you keep track of everything easily?

OTA SYNC keeps track of all your financial documents and provides up-to-date and accurate records.

Furthermore, it offers Advanced reports and analytics to manage revenue, finance, and in-property reports.

Thus, you can get detailed analytics on:

Occupancy rate
Length of stay
Number of reservations
Arrivals by channels and countries,
Pace reports, etc.

Actually, you can receive comprehensive reports on your email at your preferred frequency without manually adjusting the parameters!

This ensures that you stay updated on your property’s financial status without any extra effort.

7. Automate Payments

It’s stressful enough to handle payments for 1 property, let alone for a larger portfolio. So why not automate the process?

Depending on the software you choose, you can leverage features such as recurring billing, automatic invoice generation, and payment tracking.

In addition, you can accept payments from guests through various channels, including online, in-store, or mobile.

Most PMS solutions provide payment processing features. Nonetheless, pay attention to how they handle sensitive data and the security protocols.

? ProTip:

OTA Payments is a fully integrated PCI DSS-compliant payment gateway that provides multiple integrations with payment systems, such as Stripe, PayPal, Flutterwave, Wombi, etc.

In addition, it allows various payment options, including bank and virtual credit cards, digital wallets, etc.

Moreover, OTA SYNC supports sending money in your local bank account currency to avoid any conversion fees.

This multiple-currency option comes in handy if your properties are in different countries.

8. Stay on Top of Taxes

If you run multiple properties in different cities, regions, or even countries, it is essential to find out all there is to know about local tax regulations.

You may consider working with an accountant or a tax professional to avoid mistakes and avoid legal or financial complications later.

Furthermore, keep detailed records of all the properties for tax purposes.

These records include income and expense statements, property improvement details, transaction dates, tenant information, etc.

As a result, not only will you simplify tax preparation, but also take advantage of deductions for repairs, maintenance costs, and depreciation.

? ProTip:

Tax laws change frequently, so it’s essential to keep up with the latest news, legislation, and developments and update your records or documentation if necessary.

OTA SYNC operates in 150 countries and allows you to set different tax rates and settings depending on the market or region where you operate.

Doing so will prevent you from getting penalties or breaching tax laws and regulations.

9. Manage Guest Communications

A happy and satisfied guest is the one who keeps coming back but also refers you to new guests.

And one of the key factors in making your guests happy is to manage guest inquiries, potential issues, etc., swiftly and without delay.

For example, you can create customizable templates for common guest inquiries or situations, such as check-in instructions, FAQs, or confirmation messages.

Furthermore, you can use chatbots to handle guest communication automatically. Chatbots can answer FAQS, provide important information, and even handle bookings.

? ProTip:

OTA SYNC’s Ask Concierge feature within the Guest App addresses requests in real time, and allows guests to access crucial information about their accommodation, understand house rules, etc.

10. Maintain and Inspect Your Properties

You should check the state of your properties for both your and your guests’ sake.

It is important to identify any maintenance needs and check whether guests adhere to your property’s terms and house order.

Also, be ready to handle emergencies like tenant issues, property emergencies, and other unexpected events.

Therefore, make sure you have a contingency plan to deal with these situations.

For guests, being proactive in resolving issues speaks volumes and helps build loyalty and a positive relationship.

? ProTip:

OTA SYNC’s Housekeeping Module has a centralized dashboard for efficient task assignment, real-time updates on property status, etc.

It features automated cleaning schedules, maintenance alerts, etc., and allows you to monitor important factors such as property type, number of guests, property status, etc.

11. Have Insurance Coverage

Insurance coverage protects your property and belongings from natural disasters, fires, theft, and other damages.

This way, you protect your investments from significant losses in unexpected circumstances.

You may also consider liability coverage, which can protect you if a guest is injured on the property.

For example, insurance may cover their medical bills, disability coverage, and any other applicable amounts.

Manage Your Multiple Properties With OTA SYNC

Whether you’re juggling residential rentals or vacation homes, choosing the right PMS allows you to automate all the processes and repetitive tasks.

OTA SYNC, an all-in-one PMS, equips you with robust tools and solutions to:

? Outline different access modes that guests, property owners, and booking portal owners can have.

? Set dynamic pricing depending on demand, seasonality, and other factors.

? Get direct bookings via the Booking Engine that you can implement on your website.

? Create unlimited invoices where all info is pulled automatically, so you should just choose the status and insert additional services.

? Manage all the properties from a centralized hub and have a clear overview of the occupancy, payments, etc., in our drag-and-drop color-coded calendar.