What Services Does a Multi-Family Property Management Company Offer?

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What Services Does a Multi-Family Property Management Company Offer?

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Taking care of apartments and other multi-family communities is not an easy thing to do. With so many tenants and individual units demanding attention, a landlord must take on multiple responsibilities. They need to market vacant units, moderate disagreements between neighbors, arrange for repairs, and track finances. It can all be a little too much for one person. A multi-family property management company can help.

A multi-family property management company takes over many of these responsibilities on behalf of a landlord. The company typically has multiple people working for it, so the leadership can delegate duties. One employee may handle the books, while another handles the marketing and yet another handles the tenant relationship. This can free the landlord from unwanted roles and responsibilities, while also potentially making the properties more profitable.

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The Role of the Property Manager in Multi-Family Rentals

So what, exactly, does a property manager do? The answer will vary from one company to the next and even from one agreement to the next. Investors and property owners who hire property managers will create agreements based on the owner’s unique needs and goals. Here are some everyday tasks that a multi-family property management company will tackle:

  • Collecting rent. The property manager can collect rent on behalf of the landlord. If the tenant doesn’t pay on time, they will also enforce the rental agreement.
  • Setting rent prices. When units are vacant, the property management company can tap their local knowledge to choose the appropriate rent payment level to attract the right tenants and keep the property profitable and competitive.
  • Legal concerns. When legal concerns arise, property management companies can tap their knowledge of local tenant and landlord laws. This helps the property’s owner operate legally, without the need to study tenant law. It also protects the landlord in the event of a non-paying tenant or other eviction need.
  • Maintenance services. When something in a home or unit breaks, a property management company will arrange for maintenance and repair. Some have on-site maintenance pros, while others have connections with trusted contractors in the local community.
  • Tenant management. Tenant phone calls, screening, and negotiation are some of the more stressful parts of owning rental property. These are something the property management company takes over.
  • Bookkeeping and records. The property manager will keep records for each property under their control. This allows the property’s owner to better plan for expense and track profits. It also assists in maintaining a paper trail for any legal needs that come up.
  • Marketing. Multi-unit properties often have a steady flow in and out of tenants. This means vacancies can happen year-round. A property management company has the marketing and local community knowledge to get those vacancies rented to qualified tenants as quickly as possible, protecting the landlord’s income.

Without a property management company, each of these responsibilities falls on the shoulders of the landlord. With a property management company, some or all can be handled by a neutral third party, reducing the landlord’s workload significantly.

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Benefits of Working with a Multi-Family Property Management Company

When you partner with a multi-family property management company, your job as a landlord becomes much more manageable. The right property manager can increase the profitability of your properties by decreasing the vacancy rate and getting vacant units rented more quickly. This puts more money in your pocket.

Property managers also help keep tenants satisfied in their apartments or homes. These companies handle maintenance promptly and respond to tenant complaints, phone calls, and other communication. Prompt response to communication and proper repair of homes increases tenant satisfaction, which makes it less likely that the tenant will want to move out. Tenants who work with property managers are more likely to leave a positive review of the property as well.

Hiring a property management company does require a financial investment, but you will likely find that you make up for that investment along the way. Most investors have lower maintenance costs when they work with a property management firm because the firm can access professional contractors at the best price. This, combined with fewer vacancies, can quickly offset the cost of working with the property management company.

Finally, working with a multi-family property management company can give you peace of mind. You will know that you have a partner in your corner who understands the ins and outs of managing a multi-family property and will keep yours well maintained. As a landlord, you want to create a positive tenant experience. A property management company will help you do just that.