When you have multi-family units to manage, you can quickly become inundated with work. There are several things you need to navigate and expenses to be aware of. Here are a few things to consider:
Set ground rules
One of the first things you want to consider is what the rules of the community will be. Rules need to be in writing and tenants need to be aware of them. You also need to treat every tenant fairly, meaning each tenant must abide by the same rules and face the same repercussions if not. It’s imperative that all tenants are treated with the same respect.
Carefully handle tenant to tenant issues
When dealing with any issues that are between tenants, you need to proceed carefully. Try to start out resolving the issue with some friendly conversation. Avoid escalating the problem if you don’t have to.
Be selective in choosing tenants
Be careful which tenants you select. Choosing the right tenants can help you avoid problems. This is always true, whether you have one unit or many. However, it can be even more crucial in a multi-tenant situation. So be very selective about who you choose. Ask pertinent questions like why they’re looking for a new residence or if they’ve ever faced an eviction. You’ll also want to run checks to view their credit and background history. In addition, request references from previous landlords.
Trust an experienced property management company
Partner with a property management company you can trust. We know that with multi-family units comes more work. It’s a lot to keep up with. If you partner with PMI, we’ll make the job easier. We can handle tenant requests, preventative maintenance, finding the right tenants, and more. Visit our website for additional information: http://www.virginiabeachpropertymanagementinc.net.
Be more energy-efficient
Make your rental units more energy efficient. We know this is good for the environment, but if you pay the utilities, it can also benefit your wallet. In addition, it can be an attractive factor for renters, especially those in the younger generations. You can choose to install low-flow toilets, shower-heads and faucets. You can upgrade appliances to Energy Star certified ones. And, you can easily upgrade your lightbulbs to LEDs or CFLs.
Budget for more than you think you need
Since you have multiple units, you’ll want to budget more for potential expenses. In fact, overbudget, because operating several units can get costly. Another way to stay on top of your budget is to perform regular inspections. This can allow you to see what items may need updating or fixing in the future.
Be quick to handle maintenance issues
Handle maintenance issues with speed. You don’t want to let little things slide because they can become larger. This can get pretty expensive when you have multiple units to maintain. Plus, if you don’t handle issues with speed, it could upset tenants and leave you with more vacancies. Handling issues quickly can help increase tenant satisfaction and reduce expenses in the long run.
These are just a few things to keep in mind when you’re managing multiple units. We hope you find it helpful. Please reach out to us if you’re looking to partner with an experienced property management company.
