🏠9 tips for multifamily property managers - Otonom Solution 💰

One of the most popular real estate investment strategies is the purchase of multi-family properties. Having several separate rental property units means greater stability and higher cash flow than single-family properties. 

However, even though they're in high demand, offering multifamily property management services can be a real challenge, especially for a novice property manager. 

Becoming a property manager is one thing, but running a successful multifamily property management company is quite another.

To be successful, a property manager needs a wide range of skills and knowledge, from marketing and leasing to accounting and maintenance. He or she must also be able to communicate effectively with tenants and landlords. 

Above all, they must be able to cope with even the most difficult situations. With so many potential obstacles, it's no wonder that many property managers fail to meet their customers' expectations. 

However, for those up to the task, managing a multi-family property can be a very rewarding experience.

Read on for 9 of the best tips for being a good multifamily property manager.

1. Start small

In the world of real estate, there's always a temptation to go big or go home. However, having a large multifamily property management operation too soon could easily overwhelm an inexperienced manager. 

When it comes to property management, it's often best to start small and gradually build up your portfolio. 

This will allow you to gain experience and learn from any mistakes you may make along the way. 

For example, if you're new to property management, you might start by working with a customer who owns a single multi-family home with only two families living in it. 

This will give you the opportunity to familiarize yourself with the various aspects of investment property management without being overwhelmed. 

As you gain experience, you can gradually increase the number of properties you manage. 

By adopting this approach, you ensure that you deliver the best possible service to your customers, while minimizing the risk of making costly mistakes.

2. Familiarize yourself with professional property management systems

Managing multi-family properties is a job with many responsibilities. 

Whether it's finding tenants, complying with state and federal laws, or managing maintenance issues, property managers have their hands full. 

The good news is that you can use technology to make your work less stressful. 

Multi-family property management software will help you manage a wide range of tasks, including property maintenance, rent collection, tenant acquisition and real estate advertising. 

With an Internet connection, you can manage your revenue building remotely and at any time. 

By automating some of the more common tasks associated with property management, you can free up time to concentrate on more important matters. 

What's more, by using software to keep track of important data, you can minimize the risk of human error. 

With such advantages, it's no wonder that more and more property managers are turning to technology to help them run their businesses.

3.add unique benefits

The multifamily rental market is becoming increasingly competitive as new investors enter the market. 

To stay ahead of the competition, you need to add a few unique advantages. 

One way to do this is to seek out and analyze new properties for your customers. 

This can involve studying local market trends, keeping an eye on new development projects and keeping abreast of changing zoning laws. 

By performing this due diligence on behalf of your customers, you can help them make informed investment decisions and stay one step ahead of the competition.

4. Set community ground rules and be diplomatic

When several families live in the same rental building, it's important to have written common rules that everyone is bound to respect. 

These rules must form part of the rental contract that residents must sign before moving in. This way, everyone knows what is expected of them, and can make an informed decision as to whether or not they are comfortable with these expectations. 

Of course, conflicts may arise between families from time to time. If this happens, it's important to intervene and resolve the situation as quickly and amicably as possible. 

Always try to resolve problems through negotiation rather than force. By taking these steps, you can help ensure that everyone enjoys a harmonious living environment.

As a property manager, you wear many hats. From maintenance and repairs to rent collection and contract enforcement, you're in charge of a lot of things. 

And while each of these tasks is important in its own right, diplomacy is perhaps the most crucial skill of all. 

After all, you're in constant contact with tenants, landlords, contractors and other professionals. 

To do your job effectively, it's essential that you're able to manage these relationships diplomatically. After all, a conflict that escalates into an ugly legal battle can be costly in time and money for all concerned. 

But by using diplomacy to resolve differences early on, you can often avoid these problems. 

In short, diplomacy is an essential tool in the property management toolbox - one that can help you keep your properties running smoothly and your tenants happy.

5. Choosing the right tenants

As a property manager, you know that one of the most important aspects of your job is selecting the right tenants. 

After all, if you don't select properly, you may end up with bad tenants who will make managing your multifamily property a nightmare. 

So how do you select the right tenants? 

First of all, you need to thoroughly screen all applicants. This means conducting a credit check, criminal background check and eviction history check. 

Next, you need to interview all candidates in person. This will allow you to get to know them and see if they're a good fit for your community. 

Finally, you should always trust your instincts. If there's something wrong with a candidate, it's probably best to move on to someone else. 

By following these steps, you can ensure that you find the right tenants for your property.

Questions to ask when choosing the right tenants

Here are some of the questions to ask when choosing the perfect tenants for your multifamily properties:

What are the reasons for your move? Good tenants will give answers such as "I'm changing jobs" or "We need more space".

What is your monthly income? - This will give you an idea of the tenant's ability to pay the rent comfortably. People who don't have a lot of money are likely to be late with rent, so it's best to avoid them if possible.

Have you ever been evicted? - If the answer is yes, investigate further before allowing the tenancy. Evictions can be costly and time-consuming, so you want to make sure the tenant is stable and reliable.

Do you authorize a credit or background check? Anyone who objects must be treated with the utmost suspicion. 

A credit check will help you determine whether the tenant is responsible with his or her money, while a background check will reveal any criminal history that might be cause for concern.  

By asking these questions, you can ensure that you find the perfect tenants for your property.

6. Regularly maintain your multi-family properties

Multi-family properties are made up of several units, which can make maintenance very laborious. 

As a landlord, you need to ensure that your tenants are happy and comfortable by maintaining pleasant living conditions. 

This involves responsibilities such as repairing damaged structural elements, controlling pest infestations, eradicating mold and other toxins, and repairing appliances when they break. 

By taking care of these things, you can create a safe and comfortable living environment for your tenants. 

In turn, this will help you keep your tenants happy and loyal, which is good for business.

Types of inspections to be carried out

There are four main types of inspection:

• Move-in inspection - This checks the condition of the property before a new tenant moves in.
• Moving inspection - This verifies the condition of multi-family homes immediately after a tenant's departure.
• Drive-by inspection - This is a quick assessment of the exterior of a rental property.
• Seasonal inspection - Seasonal maintenance includes tree pruning and snow removal in winter, and gutter cleaning in fall.

7. Install energy products

As a rental property owner, you're always looking for ways to cut costs. 

While products such as low-flow toilets and faucets, EnergyStar-certified refrigerators and LED light bulbs may cost more up front, they will significantly reduce the costs of your rental property in the long run. 

What's more, these products are good for the environment and will help you stay in line with the adoption of more environmentally-friendly legislation. 

Finally, the use of energy-efficient products will attract more potential tenants, as they will be able to save money on their utility bills. 

All this can only satisfy your customers. So switch to energy-efficient products today and make your customers happy!

8. Have a WebMarketing plan

Marketing is one of the most important roles in multifamily property management. 

You need the right strategy to market your property and attract potential tenants. 

Since most people use the Internet to search for accommodation, the first step is to list your rental property on sites such as Craigslist. 

Be sure to provide a detailed description of the rental property and information on local amenities. 

Don't forget to include plenty of good quality photos showing every angle of the investment property. 

In addition to being listed, use social media sites such as Facebook and Twitter to promote the property. 

By using a combination of online and offline marketing strategies, you'll be able to reach a wider audience and increase your chances of finding qualified tenants for your multifamily property.

Before you start worrying about finding tenants, it's important to put a webmarketing plan in place to attract customers and landlords. 

An SEO-optimized website, social media and tapping into your local network will help you get started and attract your first customer. 

You should also consider working with local real estate professionals, such as agents and mortgage lenders. 

By getting involved in your local community, you'll be able to better understand the needs of both landlords and tenants. 

What's more, you'll be able to build a reputation as a trustworthy and reliable company. With a solid marketing plan in place, you'll be well on your way to attracting customers and growing your business.

9. Use teamwork

Having a team to help you manage your multifamily property can be a huge relief and allow you to get more done. 

Initially, your team may consist of yourself, an assistant manager and a leasing agent. 

As a property manager, you will deal with all sensitive and landlord-related issues. Your assistant will be the main point of contact with tenants. 

The leasing agent will arrange tours of the property and process all rental applications. As your portfolio grows, you can add insurance, accounting and maintenance services. 

Having a team in place will ensure that all aspects of your property are taken care of and that your tenants are satisfied.

In short, multifamily property management is a demanding but rewarding career. To succeed, you'll need to be an excellent communicator, a hard worker and demonstrate a high degree of transparency. 

By following the tips outlined above, you'll be able to attract more customers and build a successful career in multi-family property management. 

Key elements of success include maintaining regular communication with your customers, being responsive to their needs and concerns, and being transparent about your fees and services. 

By providing quality service and developing strong relationships with your customers, you'll be able to build a successful career in multi-family property management.

Otonom Solution can help you simplify your payments and collections.

We offer centralized processing of your rents, condo fees and other recurring payments. 

Our services are like a universal bank: manage all your accounts from all banking institutions in one place!

Contact us to find out more about our time-saving services.