Different Challenges of Managing Large vs. Small Properties
If you offer property management in Brooklyn, you may come into contact with people who own huge properties with a high number of units. Maybe you work with modest investment property owners. Whether you specialize in one of these categories or have a firm that serves both, it is critical that you grasp some of the distinct expectations that property owners will have and the various associated obligations.
Property Management for Large Properties
When managing a large property, such as a multi-unit apartment complex or a small building , you may encounter the following challenges:
You receive many reports regarding the same issue
If something is wrong at a property you manage, you may be flooded with reports from many parties. For instance, to alert you of a maintenance issue in a public area of the building. Each maintenance report necessitates extra administrative labor, and patient customer service skills are always useful.
You have a lot more people to impress in one place
Residents may have varying expectations depending on the quality of the building or property. When you manage a single-family house, you just have one person to satisfy. However, in a building, you must prioritize and balance the wants and desires of many different individuals.
You Will receive a greater number of resident applications
You will receive considerably more rental applications when dozens of houses or condominiums are available for rent than you would for a single-family property. This necessitates screening and interviewing more potential residents. Make sure you have property management software to help you with the process. Otherwise, you can end up buried with paperwork. If you happen to be a landlord reading this, we also have an article on tips for landlords for maintaining their multi-family properties that you might find useful.
Property Management for Small Properties
Investors who manage their own small properties deal with the following challenges.
Payment Problems
Not getting rent on time is a key issue that all landlords encounter. Most renters have a variety of reasons for failing to make payments. Missed, late, and check payments generate anxiety and can cut into earnings.
Handling a Tenant and Their Complaints
Tenant complaints might continue to stream in on a regular basis. These concerns vary from minor difficulties with other renters to severe issues with the property’s condition. The majority of complaints, though, are about repairs or fixing something on the property. It might be about the lighting in the common areas and requests for better lights, or it could be about the driveway potholes.
Every concern must be investigated and cannot be dismissed, especially if it indicates possible structural issues with the structure. Tenants should also feel that their complaints are being addressed and that suitable action is being taken.
Maintenance Issues
Some of the tenants in your small properties may have issues when it comes to properly managing your property. Individual houses need ongoing maintenance when it comes to aspects such as plumbing and electrical issues. Any issue can arise at any time, and repairs must be completed immediately to prevent inconveniences to tenants. However, if a negligent tenant is causing these issues, you may feel overwhelmed to keep repairing them.
