While there are some similarities between managing a single family property and an apartment complex, there are also numerous differences and complexities. By adopting some best strategies and practices, you can successfully manage an apartment complex that not only functions optimally but continually attracts and retains renters. The most successfully run apartment complexes boast a 'positive apartment community.' Not only are buildings and grounds well maintained, but there is also a shared sense of camaraderie among tenants that's supported by the staff. Apartment complexes that can boast a positive community tend to have better satisfied tenants. There is less turnover and more interest among apartment hunters. Poorly run apartment complexes do not enjoy these benefits.
As an investment, apartment complexes can be lucrative or owners, but the success of the investment is closely tied to the efficiency of the complex's management. Poorly managed complexes lose money in a number of ways, ranging from tenant turnover to inefficient maintenance of the property. In order to achieve a well-run operation, a successful property management company will perform the following tasks efficiently and consistently:
Recruit and Manage an Experienced Onsite Property Manager
A well-trained and experienced property manager is integral to a successfully run property. This person must demonstrate outstanding customer service skills. Property management companies would do well to instate their own training programs to ensure that property managers master the skills most important to the company. A successful property manager should possess traits like reliability, honesty, and friendliness. They should have demonstrable problem-solving skills and have the ability to diffuse situations and effectively manage their support staff. Organizational skills are a must. In addition, they must also be able to show firmness when confronting staff and tenants about non-compliance with company policies or rental agreements.
Repositioning and Rebranding
When an apartment complex isn't generating expected income for its owner, a successful property management company can turn things around with repositioning and rebranding techniques. A property might fail for any number or reasons. It may be poorly managed and poorly operated. An experienced property management company can come in and evaluate the situation, determining where deficiencies occur. They can then develop strategies designed to eliminate deficiencies and inefficiencies in order to boost the apartment complex's sense of community and financial well-being.
Managing Expense
The goal for a commercial apartment complex owner is, of course, to make some profit on their investment. For that to occur, there must be more income coming in than money going out. An experienced property management firm understands how essential money management is to the success of the property. To protect the investment, they understand that it's not merely about reducing costs; it's about spending money wisely. Property managers must maintain the property while striving to keep costs low. If they cut too many corners, they will anger renters. If they spend too much, they'll disappoint property owners. Fiscal management is a balancing act, and that's why it's important for a property management firm to have a solid command on all financial aspects of the operation.
Dynamic Management Style
Every property owner is different. They have different goals and differing investment capabilities. We understand how important ROI is to our clients. A winning property firm has the ability to adapt to the needs of each owner. Moreover, each property is different and may have unique challenges. An experienced company will be able to customize their solutions to suit the property and its owner.
Property Sale
An experienced property management company can also assist with the sale of the property. Property owners want to achieve the most lucrative sale they can. A well-managed property with clean, accurate accounts helps the owner market their property. Good accounting and well-maintained property are key selling points for this type of commercial real estate sale. Also, the management company can continue to ensure that the exterior and interior features of the property are skillfully and attractively maintained.
Comprehensive Account Management
It's important for property owners to find a property management company that can faithfully manage all aspects of the property and keep consistent records of all accounts and expenses. For example, our property management firm manages the following for our clients:
- Current renter roll
- Copies of new leases
- Year-to-date and monthly profit / loss statements
- Insurance policy and payments
- Tax bills and payments
- Utility bills (i.e. water, gas, electricity)
- Trash and sewer bills
- Pest control services and payments
- Pool maintenance
- Landscape services
- Business permits
- Marketing costs (to advertise vacancies)
- Maintenance services (vendor agreements and payments)
- Coordination with legal services when needed
Peace of Mind
Finally, a great property management affords the property owner peace of mind. Whether you're an owner with one apartment complex or many, you want to know that your properties are being managed by competent professionals who have your best interests in mind. They fulfill your obligations to renters on your behalf, care for your property as needed, and report to you with timely information so you know exactly how your investment is performing. When you have a strong relationship with your property management firm, you can focus on other important aspects of your own career, business, or personal life. A poor management company is, in fact, little more than a liability for a property owner.
Choose a Property Management Firm that Prioritizes Your ROI
Property owners want a good return on their investment. A poorly run property in poor condition will not prove a success. Our firm has a proven track record for success. We have many procedures and processes in place that are essential to an optimally run apartment community. While there is no one-size-fits-all solution, we have the ability to adapt our services and solutions for each property in our care.