Becoming a landlord is easy. Operating a successful property management company, especially is you're managing multiple properties, can be overwhelming for many first-time landlords. Here are five tips to get you started on the right path to boost profits and control operating expenses.
Tips for Managing Multifamily Homes & Different Property Types
When establishing performance expectations, make certain you set realistic goals. For example, expecting a small apartment complex in a mixed residential and industrial area to bring in the same base rent per as a luxury multifamily property in an upscale neighborhood isn't sensible. So tip one is:
Tip #1 Consider the characteristics and attributes of each unit – or complex – when establishing base rent. Some factors that influence price include: socioeconomic conditions, tenant demographics, local economy and property location. …show more content…
When repairing appliances, repainting a property, or buying furniture for a furnished rental, landlords often find themselves racing against the clock. A rushed decision may mean you spend too much money and still don't get the quality you wanted.
Tip #2 Building relationships with material suppliers, appliance repair contractors and professionals like tax accountants before an emergency arises, allows property managers to effectively control the budget and ensure quality service and products which leads to higher tenant satisfaction and higher retention rates.
Many tenants today prefer to “remodeling” a rental unit to make it feel more like a personal home. While most landlords won't allow extensive construction, you can give tenants the freedom to resurface and paint interior walls and trim.
Tip #3 Create a helpful “how-to” handout that includes step-by-step instructions from prepping the walls to what type of paint to use on walls, baseboards, window trim and floors – if you have paintable flooring, like textured
Tips for Managing Multifamily Homes & Different Property Types
When establishing performance expectations, make certain you set realistic goals. For example, expecting a small apartment complex in a mixed residential and industrial area to bring in the same base rent per as a luxury multifamily property in an upscale neighborhood isn't sensible. So tip one is:
Tip #1 Consider the characteristics and attributes of each unit – or complex – when establishing base rent. Some factors that influence price include: socioeconomic conditions, tenant demographics, local economy and property location. …show more content…
When repairing appliances, repainting a property, or buying furniture for a furnished rental, landlords often find themselves racing against the clock. A rushed decision may mean you spend too much money and still don't get the quality you wanted.
Tip #2 Building relationships with material suppliers, appliance repair contractors and professionals like tax accountants before an emergency arises, allows property managers to effectively control the budget and ensure quality service and products which leads to higher tenant satisfaction and higher retention rates.
Many tenants today prefer to “remodeling” a rental unit to make it feel more like a personal home. While most landlords won't allow extensive construction, you can give tenants the freedom to resurface and paint interior walls and trim.
Tip #3 Create a helpful “how-to” handout that includes step-by-step instructions from prepping the walls to what type of paint to use on walls, baseboards, window trim and floors – if you have paintable flooring, like textured