Property managers have been proven to help multifamily investors improve ROI, but not all teams are created equal. Whether you’re searching for help with your first investment or you’re feeling like your current property management team just isn’t cutting it, there are some universal skills that you should look for.
Your property management team is on the front lines every day, communicating with tenants and vendors and relaying information back to you as a landlord. Your property’s reputation (and retention rate) could suffer without solid, excellent, and clear communication.
Filling vacancies means marketing to target the right audience and get tenants in doors. The property management team is equipped to do the job, and they should be keeping up with trending industry standards and best practices when it comes to creating these campaigns.
It seems obvious that you should organize your property management team, but it’s worth repeating. This goes above and beyond keeping the file cabinets neat; a highly organized team will establish workflows and create automated systems that significantly reduce human error.
Landlords need to know that their property management team will take care of issues fast, especially when it comes to maintenance issues. A strong property manager will be able to call on a network of vendors to address issues that keep your property in top shape and keep your residents happy.
Access to Tech
Property management software has evolved to be sophisticated and user-friendly and can streamline any number of processes for both landlords and tenants. Ensure that the property manager you choose has a deep knowledge of this tech.
If you’re at the point where you’re investing in multifamily property, you likely have a dedicated finance manager. However, they can’t be at each of your properties daily, which is why your property management needs to display a strong knowledge of accounting.
Successful property management is rooted in a strong knowledge of the local real estate market. Your team will want to stay ahead of trends and bubbles to attract and retain the right tenants and help landlords make informed business decisions.
Managing an apartment property investment isn’t easy, and keeping tenants happy means landlords can keep vacancy rates low and cash flowing in. It’s not hard to understand why customer service should be front and center for owners, which is why the most innovative investors recognize this scope of work and choose to turn to property management experts to help with the job.
You can avoid many of the issues you face as a property manager with a robust screening process. Write down the criteria, which needs to be race- and gender-neutral, and doesn’t discriminate against familial or disability status. Chronic rent non-payment, prior evictions, or reports of property damage by the tenant are all red flags to look for and can lead to high vacancy rates.
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.
Your property management team needs to have attorneys on hand who have worked in real estate — both residential and commercial. Handling issues like evictions and inspections are particularly fraught with complexities, and not following compliance guidelines could cost you dearly as an owner. Procedures should also be in place for collections and fair housing regulations.
The Bottom Line
Investing in a multifamily property is a daunting task, but it can be a hugely rewarding addition to your portfolio with the right property management team in place. While great multifamily property managers are hard to find, knowing how to set expectations out of the gate will ensure you’ll find the right fit.
We operate our communities ourselves and occasionally sell them to interested parties who share our commitment to maintaining them at the highest level possible. Our objective is to invest, transform in impactful ways, and create long-lasting communities that are truly unique. Whether onsite in leasing offices and property maintenance, or in our corporate headquarters, our staff are dedicated to this mission.
Whether you are a prospective resident interested in leasing an apartment in one of our communities, or a multifamily owner or investor in the market to buy or sell an asset, don’t hesitate to get in touch with us today!