Even if you’re not planning to sell your multifamily property any time soon, it’s important to have a plan in place in case you do choose to sell your property. Top-quality teams should understand how top-quality property management can maintain property value so you know that you can get top dollar when a buyer comes along.
A great relationship with your property manager could go a long way towards protecting your investment. Here’s how they work hard to help your property maintain its value and offer an advantage when it’s time for you to sell.
Property managers oversee on-site maintenance, which is a great way to identify minor issues before they become significant and costly, impacting your property value. Preventative maintenance can entail several tasks: Repairing damaged asphalt in parking lots, performing yearly checks of unit HVAC systems, and addressing minor plumbing problems to mitigate the need for major overhauls or replacements.
Property managers know the current rental market. After all, it is their job! They’ll be well-versed in rental prices, competing properties, and the amenities tenants want the most. Your property manager will keep rental prices in line with the market, ensuring you’re not undercutting your investment or outpricing your property. This is especially beneficial for out-of-state investors who aren’t familiar with the local markets.
Selling your multifamily property will require a mountain of documentation, much of which should span your entire ownership of the property. By hiring a property management team with streamlined accounting and document management processes, you can rest assured that the documentation you need will be accessible. You, as a landlord, will get an at-a-glance look at important numbers at any time.
An experienced property management team knows the fundamentals and nuances of housing law and will keep your property and its rental policies in good legal standing. They carry the liability for day-to-day tasks that may seem mundane but carry serious legal repercussions if performed incorrectly. Keeping your multifamily property compliant helps it retail its reputation and value.
Like any business, multifamily properties require consistent marketing to attract tenants and reduce vacancy rates. Property management teams take on the marketing for your property, directly contributing to your bottom line by bringing in new renters. It’s also one less task that you need to take on yourself.
Because your property management team is a liaison between you and your residents, they need to manage these relationships carefully. Events like community barbecues help neighbors get to know each other and boost referrals to help fill vacancies. The property management team should also stay on top of online reviews to identify issues that residents may be hesitant to report directly.
Buying and selling multifamily properties can be a great way to grow wealth. Finding the right property management team can go a long way towards improving the value of your property and increasing your return on investment.
While new apartment complex investors could certainly perform their own property management tasks, it’s a complicated and time-consuming process that takes experience. To take a more passive role in property investing, choose a professional and successful property management team to do the heavy lifting.
Our mission is to invest, transform, and create long-lasting communities that are impactful, high-quality, and truly one-of-a-kind. We do not outsource our management but instead choose to fill these positions with highly vetted individuals with prior experience in property management we know we can trust. Furthermore, we continuously train and develop our staff to ensure that they remain at the forefront of the industry. Get in touch today!