Out of all the investment vehicles that can be held for a significant period of time, real estate is one of the most promising – as long as fundamentally sound practices are implemented to minimize risk, maximize profits, and ensure that the tenants are pleased with the living arrangements. Multifamily rental units are a particular type of rental property and can greatly benefit from multifamily residential property management services.
Multifamily Residential Property Management
In multifamily residential property management it is even more important to ensure an effective system:
Establish a regular schedule of unit inspections; while providing the tenant with ample notice. Regular inspections allow property management to see things that need repair and ensure that properties are not being destroyed.
Establish a maintenance program that runs like a well-oiled machine. When a tenant reports an issue, management must be prepared to deploy maintenance help in a timely manner whether through an onsite maintenance worker or an outside contract.
Residential property management companies with multiple clients should be able to negotiate and obtain package discounts on insurance, maintenance, and other items. This saves the property owner money, thereby increasing profits.
Hire good staff. Staff at a residential property management firm need to be experienced and qualified in working with local property laws, client service, maintenance workers, etc.
Enlist a resident retention program. A good tenant is like gold; you want to make them feel valued and happy so that they stick around. The more often you have to replace tenants, the more money you spend on marketing and risk missing out on rental income due to a vacant listing.
Laws for Multifamily Residential Property Management
A good residential property management company will be up to date and aware of multifamily residential property management laws. They will take steps to implement the principles of fair housing and equal opportunity. Particularly in the cases of multifamily residential properties, HUD (the federal Housing and Urban Development agency) functions as a resource that provides all the terms of regulatory compliance. This makes it easy for residential property management to avoid running afoul of the law, as well as to understand how best to make the property a place where people want to continue to reside.
Son-Rise Property Management is a full service property management company located in Bellingham, WA. Contact us today to see how we can help you find the perfect home to rent or manage your property.