What To Expect When You Own Multi-Family Homes

Multi-Family Homes require a staff to manage and coordinate maintenance, security, and operations. Large apartment complexes and condo communities need a full staff to ensure that the property meets building code requirements and home-owner’s association rules. For most property owners, managing these processes on their own is not an option.

The Role of the Property Manager

The property manager is your first point of contact. The manager handles all administrative, clerical, and accounting requirements for your property. They hire the staff and inspect the properties.

Filling Vacancies for Your Property

Your property manager accepts applications from potential tenants. They conduct background and credit checks for each applicant. As the owner, you create policies for candidate approval. After residents are approved, the manager collects deposits and rental payments. They also examine the lease agreement fully to ensure the residents understand their requirements. If you require renter’s insurance, your manager informs residents of this requirement and monitors their policies to ensure compliance with your rules.

Coordinating Maintenance Services

The maintenance crew secured by the manager keep the property up to code. This includes performing landscaping services, repairing issues as they arise, and preparing the units for new tenants. The property manager inspects each unit to determine, if the tenant’s security deposit is returned. At any time that significant damage is incurred, they take steps to acquire payment for repairs from tenants, if the deposit doesn’t cover these requirements entirely.

Hiring Security Staff

The manager hires security officers to protect your property and tenants. This includes ensuring that outsiders do not gain access without proper authorization. When necessary, they contact law enforcement.

Managing Legalities and Collections

Property managers handle all collection efforts and claims for damages. This includes providing you with notice if an issue occurs, which requires you to acquire legal services. They also submit insurance payments for the property to cover joint liabilities associated with the property.

Multi-Family Homes require you to follow real estate laws. This includes providing equal opportunities to local tenants to acquire housing. A property management company is familiar with these laws and can help you to fulfill all legal obligations. If you need property management services, contact your preferred provider today.

Pin It on Pinterest