Why You Need a Multi-Family Property Management Company
An apartment or duplex building manager handles the day-to-day operations of an apartment complex, whether big or small. While the responsibilities will vary based on the specific needs of the complex’s owners and the agreed upon employment terms with the management company, their duties can include any or all of the following:
- Rental Payment: A manager plays two roles, 1) rent enforcer and 2) payment. They will manage collecting rent and use their local knowledge to set the right rental payment levels to attract tenants and get you the most from your investment.
- Manage Tenants: From finding tenants to dealing with complaints and evictions, an apartment complex manager handles it all. In addition they screen tenants, negotiate leases, facilitate move-in and move-out inspections and more.
- Maintenance & Repair: a building manager handles the physical management of the property, including regular and preventative maintenance, as well as repairs.
- Legal Issues: Professional managers know local, state and national laws for screening tenants, handling security deposits, terminating a lease, evicting a tenant, and complying with safety standards.
- Budget & Records: The manager must maintain thorough records, including income and expenses, inspections, leases, maintenance requests, complaints, repairs, rent collection, insurance and can help with taxes for the property.
Any tips on hiring the RIGHT property manager?
Here is a great checklist for finding a capable apartment or duplex complex manager:
- Proven Profit: A track record of profitably managing complexes
- Reviews: A strong background in customer service and former tenant reviews
- Assistance: A crew of maintenance professionals or relationships with local vendors
- Planning: Detailed, computerized accounting and seasonal maintenance tracking systems
- Licensed: Professional certifications or licenses from trade organizations such as: the Institute of Real Estate Management, National Apartment Association, National Association of Residential Property Managers and the Community Associations Institute.
Do I really need an apartment building management company?
The more tenants you have the higher volume of complaints, maintenance issues, and vacancies you will need to deal with. It is in your best interest to employ a manager to quickly respond to emergencies and collect the rent on time.
Apartment building managers have professional knowledge to assist you with hiring and managing local vendors, keeping current with local, state and federal housing laws, maintaining low vacancy rates, and dealing with sensitive tenant issues such as evictions.
How can I easily find a property manager?
At All Property Management, we make it easy to find the right apartment complex manager for your rental property, whether you’re looking for someone to manage a few apartments and townhomes, a large apartment complex, commercial property – or a portfolio that includes all these and more. Just select the property type and fill in your rental’s zip code to generate an instant list of apartment building managers in your area. For best results, we recommend interviewing at least two or three companies to find the one that is best suited for your needs.