Tips for Landlords: Multi-Family Property Maintenance

No tenant or landlord enjoys the task of property care (regardless of whether managing large or small properties).

After all, maintenance can be a hassle for both parties. However, it is a necessity for any property, especially a multi-family home. When it comes to good maintenance, it?s not just about the typical thorough clean once a renter has moved out; there?s much more to it. 

Landlords and renters both have a role to play in ensuring that each rental property is safe and functional. Let?s take a look at what those components are and how to easily manage your property.

Establish Ground Rules for the Community

When numerous families live in the same rental home, difficulties are bound to develop as they interact. For example, some tenants may have a habit of throwing loud parties that bother everyone else. Others may have harmful pets that might endanger the children of their neighbors. Hence, it is essential to have written community regulations that all residents must follow. 

These regulations should be included in the tenancy agreement that occupants sign before moving in. If family feuds start, intervene and resolve them as quickly and pleasantly as possible. Before turning to fines, fees, or legal action, make every attempt to resolve difficulties via amicable dialogue. One of the most critical property management skills is diplomacy.

Have a Solid Property Management Marketing Strategy 

One of the most crucial jobs in multi-family property management is marketing and keeping up with housing trends. You must have a good plan in place to raise knowledge about your home and entice potential tenants. Because most individuals look for properties on the internet, the first step should be to post your rental property on sites like Craigslist. Make sure to include a full description of the rental property and information on nearby facilities. 

Don?t forget to add plenty of high-quality images of the investment property from every perspective. In addition, use social media platforms like Facebook and Twitter for marketing the property. Offline advertisements in newspapers, journals, and flyers might also be effective. Remember that before you can worry about finding renters, you must first develop a marketing strategy to attract clients and property owners. 

Setting up an SEO-friendly website, utilizing social media and your local network, will assist you in getting started and landing your first customer. Consider collaborating with local real estate specialists such as agents and mortgage lenders.

Learn About Professional Property Management Systems

Multi-family property management is a job with many duties. Property managers have a lot of responsibilities, from locating renters to complying with state and federal requirements to dealing with maintenance difficulties. The good news is that you can utilize technology to make your job less stressful. Multi-family property management software can assist you with various duties, such as property upkeep, rent collecting, tenant acquisition, and property advertising. 

You can manage the income property remotely anytime with an internet connection. 

Maintain Your Rental Property Regularly

Managing a multi-family property, or multiple types of properties entails more than just collecting rent, paying operational costs, and banking the profit. As a landlord, it is your job to ensure that your renters live in safe conditions. This includes, among other things, removing mold and other pollutants, controlling pest infestations, restoring damaged structural components, maintaining HVAC systems, replacing roofs, and repairing broken appliances. In addition to complying with habitability standards, property maintenance helps keep renters happy and satisfied. 

Furthermore, satisfied renters mean fewer vacancies. In general, most landlords only perform four types of property inspections. They are as follows:

  • Inspection before a tenant moves in.
  • Inspection when a tenant is moving out to check for damages or subletting.
  • Seasonal inspection, such as snow removal.
  • Drive-by inspection to assess the exterior of the property.
  • Energy management

If you need help with anything (or more) that was covered in the article and are looking into property management companies that can do an excellent job, contact us for more details.

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