Owning a rental property is an exciting opportunity to invest in your future and build long-term wealth. But it’s no get-rich-quick scheme. It’s hard work. And for landlords who try to handle apartment management of their rental properties on their own, it’s not without its fair share of challenges.
As your business grows to include apartment buildings or multiple rental properties, the property management challenges increase accordingly. In this article we will take a look at the top challenges that come with apartment management, and how working with a professional apartment management company can alleviate them.
Top Challenges of Apartment Management
- Filling vacant units
Vacancies are the bane of property owners’ existence. Every day an apartment sits empty, you’re losing potential revenue. But all the steps needed to fill a unit, like creating a listing, marketing the property, screening tenants and showing the apartment, eat up a lot of time and resources.
- Maintenance and repairs
When you own apartments, keeping your properties well-maintained comes with the territory. It’s not easy to keep up with maintenance. There will be times when surprise repairs pop up, making things even more challenging. Hiring contractors to make these repairs is expensive, and even if you’re a handyman with the ability to make many repairs yourself—and, in all honesty, most landlords are not—keeping up with them can be overwhelming.
- Problem tenants
When tenants damage your property, cause problems with other tenants, break the terms of their lease or don’t pay rent, it can be difficult to know how to handle the situation. Dealing with problem tenants is one of the most challenging aspects of owning rental properties. This is partly because there are so many legal restrictions regarding when and how a tenant can be evicted. A thorough screening process is the best way to avoid problem tenants, but this can also be challenging and fraught with legal issues.
Owning apartments means paperwork… lots of paperwork. From leases and tax documents to move-in forms and invoices, the sheer quantity of documents and forms you have to deal with may become overwhelming. And of course, the more properties you manage, the higher that mountain of paperwork becomes.
- Collecting rent
Life is good when tenants pay on time and you get to sit back and watch the rent checks roll in. But even reliable tenants can fall on hard times and have trouble paying rent. This often creates a conflict for landlords. No one likes having to chase down the rent they’re owed, and you may find yourself torn between your need to collect rent and your empathy for tenants who are struggling.
- Work-life balance
The more properties or units you have to manage, the more difficult it is to maintain a healthy work-life balance. Especially if you own multiple properties that are a long drive apart, your time can be eaten up by maintenance and other chores. Plus, as every landlord knows, even when you’re supposedly “off duty,” you still have to be available in case of an emergency. Eventually, it can start to feel like you’re at work even when you’re at home.
Solutions to Apartment Management Challenges
Apartment management companies offer services that take the challenges out of owning rental properties. This frees landlords to focus on their investments and re-establish their work-life balance.
These services include:
- Apartment listing and marketing
- Showing and leasing vacant units
- Tenant screening
- Collecting and holding security deposits
- Timely rent collection
- Property maintenance and repairs
- Resolving tenant disputes and complaints
- Overseeing evictions
Contact us today to learn more about how professional apartment management services can help you grow your business and give you back your free time!