Multifamily property management brings with it a unique set of challenges. Even if you have experience managing other types of properties, you may still find yourself struggling to keep up with the specific demands that come with managing a multi-unit property. At the end of the day, your success lies in your ability to fulfill many different functions at once. To prevent this from becoming overwhelming and too much to bear, our experts recommend focusing your efforts on the following five areas.
Tenant Retention
As a multifamily property manager, one of your primary responsibilities is maximizing profitability. Since tenants are the main source of income, it stands to reason that keeping them happy should be one of your main goals. Remember – finding tenants to fill vacancies is only half the battle. Once they sign the lease, the real work begins. Employ these rules to maximize tenant satisfaction and improve the likelihood that they’ll renew their lease when the time comes.
Cost Minimization
Another way to improve the bottom line is to keep operating costs at a minimum. There are a multitude of ways to accomplish this goal, but we’d recommend first investing in property management technology with automation capabilities. This can dramatically improve efficiency without the need to increase headcount. And having access to convenient options, like online portals for payment and information access, can also contribute to tenant satisfaction. That’s a win-win!
Maintenance Request Management
Keeping up with property maintenance has several benefits. First, it ensures that your multifamily property remains in good working order. This, in turn, keeps tenants happy. Staying on top of maintenance also reduces the likelihood of major repairs down the road, which saves time and money. And, lastly, it maximizes the value of the property itself. Prioritize maintenance requests and utilize property management technology to help you remain ahead of the curve.
Compliance
As a multifamily property manager, it is your responsibility to know and understand all the housing laws and regulations that apply in your area. Violations of these rules could result in hefty fines and serious legal issues. To avoid this risk, make sure you study up on the current regulations and stay on top of any changes so you can adapt your policies and processes accordingly.
Record-Keeping
Maintaining accurate records is one of the most important duties of a multifamily property manager. Not only does good record-keeping help from a compliance standpoint, but it’s also a solid business practice. Keep track of every transaction – from maintenance requests to tenant interactions to financial dealings and more. Property management software can help in this area as well, providing a central hub where all information is stored securely and easily accessible as needed.
Multifamily property management entails many things. With the right tools and a better idea of which areas to prioritize, however, things should go much more smoothly.
