Know that there is a huge difference between managing multi-family real estate and handling a single property. Truth be told, a multi-family residential has multiple units in one building or several residential buildings within one complex. Because of this, you will have to think about the complexity of the properties and the tenants living in them and their housing needs.
When it comes to property management, there are a handful of factors to consider for a multi-family real estate. To keep you on the right track in managing such property, below are five practical tips you should consider.
1. Carefully assess investment opportunities
As a property investor, the first step to take is to evaluate the type of properties you want to invest in because there is a wide range of property investment opportunities for your advantage. You will also have to assess your investment options before you take the plunge. The best way to proceed is to consider purchasing a multi-family real estate. This is because having multiple units means a handful of tenants, which can give you a stream of income and huge returns.
2. Be highly responsive to your tenants’ needs and concerns
After having invested in a multi-family real estate, you have to carefully screen and seal contracts with a handful of tenants. As far as property management is concerned, your tenants should always be your top priority. True management means constantly attending to your tenants’ needs, issues, and concerns. If they need repairs and constant maintenance, make sure that you are available. If they have issues concerning the units and the neighborhood, you have to address them promptly as well.
3. Take advantage of property management software
There is a wide range of software solutions that can assist you in your property management efforts. This software program provides seamless communication between you and your tenants, accepts and monitors rental payments and security deposits, and records property concerns and tenant issues. When it comes to property management, such technology will be able to make your tasks much easier to handle.
4. Hire a property manager to handle your multi-family real estate
As mentioned above, there will undoubtedly be separate levels of complexity in managing multi-family real estate. The larger your property is with plenty of units, the more tenants you’ll have, meaning more people to attend to and concerns to address. As the complexity levels differ, it’s best to hire a property manager who can do the job for you instead.
A property manager can screen tenants for you, maintain your properties, handle payments, and even tenants’ issues. All these tasks will go as smoothly as possible with their help.
Managing a multi-family real estate will indeed prove to be quite challenging. You have to be on top of everything – from making the right property investment to attending to your tenants down to maintaining all the units. To make everything go as smoothly as possible, make sure to follow the tips outlined above so that your tasks will be much easier to handle.
We are a true property management service with various clients in the NYC area. Whether you’re seeking professional assistance for single, commercial, or multi-family properties, we’re ready to give you a hand. Get in touch with us today!