If you've decided that managing your own apartment building investment property isn't right for you, or you have a management company but aren't satisfied with their performance, finding a great management company can be a challenge. The best management companies will maximize the profitability of your investment, while relieving you of the huge time commitment and stress of managing on your own. But poor management can lead to financial losses, and bring a great deal of stress to your life. Follow these tips to ensure you find the best management company to handle your investment.
Pick a company with significant experience managing apartment buildings. Many property managers have experience managing single family homes, but may not have the experience and know-how to effectively manage a larger property like an apartment building. Apartment buildings can present unique challenges, but with the right management they can be incredibly profitable. Make sure your management company has extensive knowledge of the intricacies of running apartment buildings, and understands all local laws governing landlord and tenant relationships.
Choose a company with a proven track record of renting vacant units quickly, and maintaining very high occupancy rates. Low occupancy rates can cut deeply into the profitability of your investment, so a good management company will know how to get empty units rented quickly and effectively. A good management company will screen tenants properly to avoid problematic tenants, and will be well equipped to handle problems with tenants should they arise. Handling evictions can be a delicate issue, so make sure you trust your company to properly deal with such situations.
Make sure your chosen management company has an efficient system for tracking the expenses, profits, and occupancy of your building. Reporting should be detailed, consistent, and transparent, and you should have easy access to all records. Ideally, go with a company that uses a high quality software for tracking and reporting, and gives you simple, straightforward access via an online interface. That way you can easily keep an eye on the performance of your investment.
Maintenance can be a huge part of successfully managing an apartment building, so a management company should be well equipped to handle any maintenance or upkeep of your building. They should have a network of reliable maintenance and repair contractors capable of handling any issues that come up. And the best management companies will make sure work is handled quickly and efficiently.
Contact us today to discuss if hiring a property management company for your apartment building is right for you.