Learn more about multifamily property management and how it can help increase your profits
Managing multifamily properties is no easy task. A multifamily property has many tenants and units that require attention and services from the property owner, which can easily become overwhelming. The owner of a multifamily property must market vacant units, collect and set rent, arrange maintenance services, track finances, and more.
A multifamily property management company can help take over many of these responsibilities, allowing the property owner to fully enjoy their investment and maximize profits.
Continue reading to learn more about the responsibilities of a multifamily property management company and how they can help.
What are the responsibilities of a multifamily property management company?
Property managers have a range of responsibilities that vary by property, and each property owner often has different goals for their property. Property management companies can support the owner by:
Setting rent prices. Property managers set competitive rent prices by comparing other similar properties in the surrounding area. This helps to attract the right tenants and keep your property profitable.
Collecting rent. The property manager collects rent from the tenants and sets a collection date. If tenants are late on their rent payments, they will also enforce any late fees or late policies as outlined in the lease agreement.
Tenant screenings. Property managers also take over the tenant screening process. A property management company may also handle negotiation with tenants, tenant phone calls, and finding prospective tenants.
Maintenance services. If a tenant makes a maintenance request due to something breaking or not working properly in their unit, a property manager arranges for maintenance and repairs. Some properties will have onsite maintenance, but other property management companies work closely with trusted vendors and contractors to solve these issues.
Legal matters. If a legal concern arises, the property management company has extensive knowledge of local tenant and landlord laws in the area, helping you, the property owner, to act in a legal and appropriate manner. This also protects the property owner in the case of a tenant eviction due to a non-paying renter.
Budgeting. A property management company is also responsible for managing the budget for the building and keeping record of all important documents. Property managers must also work within the set budget for the building.
HOA liaison. Represent owners and manage payments and communications between owner and home owners association.
Prepare the units for new tenants. Coordinate units turn services to make sure apartments and townhomes are ready for new residents.
How can a multifamily property management company help?
By working with a property management company, your work as a multifamily property owner becomes much more manageable. Plus, property managers can also help increase the profitability of your multifamily property investment.
Choose the right partner in property management
At Rental Heroes, we are property investors, just like you! We understand what’s most important—a well-managed property that generates a steady, reliable source of income. Our local knowledge helps us to proudly manage hundreds of units across Central Florida, and we’re committed to doing everything to keep your tenants happy by handling maintenance requests quickly and responding to potential tenant issues.
Our property management services include:
- Marketing and showing your property
- Tenant screening
- Tenant evictions
- Rent collection and remittance
- Property inspections, maintenance and repair
- Monthly financial statements, and
- Expert advice on how to maximize your return on investment
- Manage relationship with HOA
- Prepare rental units for new tenants.
Ready to learn more?
Contact us today