Multi unit property management involves a variety of tasks, including rent collection, maintenance repairs, tenant screening and legal matters. Effectively managing a rental property with multiple units requires strong communication, attention to detail and the use of technology to streamline operations.
Often, hiring a property management firm that specializes in the type of multifamily dwelling you own is a good idea. Those firms already have structures, systems and staff in place for dealing with common problems that arise in this kind of property. They can also provide specialized advice, such as about how to handle specific kinds of tenant issues.
Another important aspect of multi-unit property management is ensuring that each property manager has enough staff to handle all of the work and responsibilities that come with the job. Having multiple employees can make it easier to keep up with accounting and reporting obligations, as well as meet deadlines for turning over vacant units. Having the right people in place also makes it easier to handle special projects or emergencies when they arise.
It’s important for a property owner to review the reports provided by their property manager on a regular basis. This can be on a weekly basis at the beginning of your relationship, then bi-monthly or monthly as you gain confidence in your property manager’s reporting skills. It is also a good idea to prepare an annual budget forecast, which is a projection of all income and expenses for the next year. multi unit property management
