Having a multi-unit apartment complex can bring many financial benefits. Though many first time landlords of apartment complexes want to manage their buildings on their own, it is soon realized that there is an abundance of work involved. This is when you should consider using a property management company.
Below are a selection of services you should expect from any property management company that is going to manage your 5-15 unit apartment complex.
Keeping track of tenant requests can require personal and unique service, depending on the tenant. Keeping consistent and detailed logs of tenants requests should be expected from your property management company. Tenants can come with many different requests ranging from being locked out of their unit to needing repairs within it.
Having a large number of tenant requests being processed can be complicated. In worst case scenarios can lead to long term damage if not handled with due diligence. When keeping track of multiple units in your Long Beach rental property, making sure that there is an online logging system to record tenant requests is to be expected.
Just like keeping track of tenant requests, your Long Beach rental property also requires documentation when it comes to handling maintenance. A good property management company will be able to keep track of scheduled maintenance. They should also run routine inspections in the building in order to find anything that is broken or damaged to either be upgraded, or replaced.
A property management company should be capable of receiving, issuing and coordinating repair requests. Providing documentation during the process and completion of said repairs.
To make sure that your rental property is appropriately priced per unit, you should expect your property management company to be able to conduct rental surveys. They should be able to have a spreadsheet to compile the results of the rental survey with information such as:
They should gather data from as many comparable properties in the area in order to eliminate any outliers. You should expect a property management company to have enough information to be able to compile the data within the properties they manage and other ones in the area to determine appropriate rents.
The rental market is changing constantly, you need a company that can give recommendations to keep rent within the market rates. It's important to understand that rent can only be increased once annually and increases cannot exceed 5%. In order to keep up with the market a property management company may recommend changes in policy to allow pets. Or changing the exterior of the property to improve its curb appeal.
Increasing rent is important, yes. Keeping a high occupancy rate while increasing rents is what you should expect from a property management company. While making sure the condition of the building and individual units are adequate, tenants should feel comfortable and happy. Being upfront when signing a lease about rent adjustments and giving them ample time before the adjustment will keep tenants from feeling surprised. If you keep a tenant happy there is a higher likelihood of them considering rent increases as an acceptable cost to live in your building vs. moving to a new unit elsewhere.
If you are looking for a property management company to manage your new 5-15 unit apartment complex feel free to call us at (562) 888-0247 or feel free to fill out our
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