Should I use a property management company?
Even if you're a professional landlord, devoting 100 percent of your time to overseeing your rental properties, there comes a point when, if you want to expand your business any further, you'll need outside help. Many investors with growing portfolios of rental properties eventually decide to hire property management companies, especially once they start to add multifamily dwellings to their holdings.
Hiring a property management company to help you manage your multifamily rentals can allow you to take a step back from the day-to-day operations of your business and focus on more strategic decisions, such as which new investment opportunities make sense, whether you want to build a recognizable brand for your business, and how to upgrade and price your rentals to compete in tight markets.
Professional property managers bring a deep knowledge of the local rental market, as well as efficient systems for dealing with every aspect of maintaining a rental property, to the table. The right property management company can give you the tools you need to expand your business while increasing tenant satisfaction, and boosting your ROI.
What should I look for in a multifamily property manager?
Managing a single family home and managing an apartment building are similar in in terms of the ongoing tasks that need to be accomplished; the main difference is the scale of the project. While your average handyman with a good working knowledge of basic housing laws and any easy way with tenants may do just fine when it comes to managing a handful of single family homes, managing larger apartment buildings requires a higher level of organization in the form of many fine-tuned systems for handling common tasks.
With this in mind, here are some things you should look for in a property management company capable of managing an apartment complex:
- An on-staff crew of maintenance professionals
- The ability to place on-site managers as needed
- Computerized accounting and maintenance tracking systems
- Detailed seasonal maintenance plan
- Proven methods for keeping vacancies low
- Track record of profitably managing multifamily rentals
In addition, it's useful for multifamily property managers to understand current trends in home design, and to have the ability to manage renovations, as necessary, to keep your rental units looking fresh.
How can I find a property management company for my multifamily property?
At All Property Management, we make it easy to find the right property management company for your rental property, whether you're looking for someone to manage a single family home, multifamily complex, commercial propertyor a portfolio that includes all three. Just select the property type and fill in your rental's zip code to generate an instant list of property managers in your area. For best results, we recommend interviewing at least two or three companies.