As the owner and landlord of a multifamily home, there are several important responsibilities that you must take care of on a daily basis. Otherwise, if these concerns are not addressed in a timely manner, the condition of your property will gradually diminish, tenants will move out and you’ll lose business. To help ensure that you avoid this nightmare scenario, try practicing these proven tips.
The Landlord’s Guide to Operating a Multifamily Home
Property Management
Believe it or not, you don’t necessarily have to manage the multifamily home all by yourself. There are essentially two viable options to choose from when it comes to handling the daily workload of your multifamily property:
- Do it yourself
- Hire a property management company
Keep in mind, if you decide to hire a property management company, you will have to pay them, of course. These companies are professionals at managing multifamily properties, so they’re well-versed in these policies and will ensure that everything runs smoothly.
However, if you decide to take on the whole job yourself, you will be able to keep all of your profits. Unfortunately, many property owners aren’t necessarily experienced with managing buildings, especially multifamily homes, and there’s a lot that you have to learn. Luckily, we’re here to give you some helpful tips!
Fielding Requests
As the sole party responsible for a multifamily home, you must always be prompt and thorough when it comes to fielding maintenance requests and any other related concerns.
If you do not respond to your tenant’s issues, you will likely damage your relationship and reputation, causing them to potentially move out. Not to mention, there are plenty of other serious legal and punitive damages that can result from landlord negligence.
Creating a System
So, when it comes to tenant’s concerns, create some sort of system or procedure for fielding and responding to requests. Whether it’s a digital or physical mailbox or even some voicemail system, make sure you keep up with them. It’s best to actually list out all of your daily responsibilities and check them off as you go.
Procedures
Whether you’re the landlord of a multifamily home or a skyscraper apartment building, you’re always going to need a defined set of rules, policies and procedures for all of your tenants to abide by and follow closely. Otherwise, you will have no basis for maintaining order in your building.
If you don’t create a strict code for living in your property, tenants may take it upon themselves to create their own set of rules. Have policies written out beforehand so prospective tenants can agree to them prior to moving in. This way people will know what they’re signing up for and won’t be surprised when you enforce the policies.
Managing a multifamily home isn’t such an easy task. However, when you put these tips into practice, it will become a whole lot simpler.
