In the United States alone, more than 44 million households are renters and 37% of them rent an apartment. If you’re thinking about owning a multifamily property, it’s certainly a lucrative business.
However, there are challenges that come along with multifamily property management. Unsure about how to get started? You’ve come to the right place for help.
Keep reading to learn about how to get started with property management for apartments so that you give your tenants a great living space.
Your Responsibilities as a Property Manager
Before you do anything else, it’s important to understand what you’re responsible for when you own a multifamily apartment building. Generally speaking, as a project manager, you will need to do the following:
- List and show vacant units to potential tenants
- Inspect empty units for damage and manage repairs
- Collect rent payments from tenants
- Respond to maintenance requests and complaints
- Communicate with tenants about maintenance, payments, etc
As you can see, this can quickly become a full-time job. If you’re interested in investing in an apartment building, but you don’t have the capacity to handle the property management tasks yourself, then consider hiring a property management company to help.
Click the link to learn why Reedy and Company could be a good option to help you stay on top of property management duties.
How to Keep Tenants Happy
Whether you decide to hire a property management company or do the work yourself, you’ll want to make sure your tenants are happy. This keeps your rental units full, which leads to more money in your pockets.
Here are a few property management tips that can keep your tenants happy.
Create a Sense of Community
Tenants want to feel at home, not just in their own apartments, but when they’re out in the neighborhood as well. You can help establish a community by hosting tenant events, like holiday parties or hosting food trucks once a month. This will give tenants the opportunity to make connections with each other and feel more at home.
Other Luxurious Amenities
Consider offering special amenities to not only attract new tenants to your building but to keep them there once they move in. For example, if there’s room on the property, build communal areas like a clubhouse, pool, or tennis courts. You might also build a small gym for residents.
Not only will this appeal to renters, but it will also allow you to charge more for rent.
Mistakes to Avoid
Now that you know what you should do, there are also a few things you should avoid. Try not to make the following mistakes:
- Skipping regular inspections of units
- Putting off apartment maintenance for too long
- Not marketing your property
- Not getting feedback from tenants
- Not taking tenant complaints seriously
By avoiding these common property management mistakes, your life will be much easier!
Property Management for Apartments
Buying a rental property is an exciting new business venture with the potential to make a lot of money. After reading more about property management for apartments, we hope you have a better idea of how to do it successfully. For more business tips as you get started, be sure to check out our other articles and come back often for new content.
Danny White is a freelance writer who offers to ghostwrite, copywriting, and blogging services. He works closely with B2C and B2B businesses providing digital marketing content that gains social media attention and increases their search engine visibility.