If you’ve taken on a new investment in the form of a multi-family housing complex then you have a lot to learn, and a lot to do. Multi-family property management isn’t easy, but there are a few things that you can do to make life easier. This article goes over those tips to help you get on your feet so that you can manage things more efficiently. If you don’t get the hang of it, you can also hire a multi-family property management company in Seattle, Redmond, or any of the surrounding areas to help you out. Let’s get started.
Write up Contracts
The very first thing that you should do as a new landlord is to write up contracts. Contracts should include your policies on repairs, any tenant screening you need permission for such as background and credit checks, your policies on damage, policies on hazards and damage, what is expected of the tenant, what is expected of you as a landlord, safety concerns, and what might cause the tenant to be removed from the property. You should get a lawyer or qualified real estate professional to write up these contracts. There are also some tenant contract tenants available that you can purchase and edit according to your own specific needs. Sometimes this is a faster, but less personalized, method of getting contracts.
Constantly Monitor for Damage
Another part of managing a multi-family residence is to monitor for damage. Most professionals recommend that you take a complete walk around the property at least once a week. This allows you to assess any damage, check to see where maintenance is required, ensure that tenants around the property are keeping their homes in good condition, and that you do not have to fix anything. Part of this is keeping a telephone line open that can be called 24 hours a day in case of an emergency. While you might not want to be called at 3 AM, you will if it means that the sewer in one of the houses is broken and ruining your investment!
One of the most important parts of managing a multi-family property is actually regular maintenance. Once you get the units filled you have to constantly keep up with the grounds. Any areas that are your responsibility must be mowed, cared for, and kept in good condition. You are also responsible for ensuring that roofing stays in good condition. In most cases this means mowing, regularly cleaning exterior windows, keeping the lobby (if there is one) in good condition, and making sure that everything inside stays in good repair.
Set aside Money for Repairs
Last but not least, it is always important to set aside money for repairs. While you don’t have to save everything, it is usually a good idea to calculate how much an emergency would cost and then save at least twice that just in case. Emergency funds should typically be prioritized higher than profit because if something goes wrong then it is absolutely necessary to have that money.
Managing a multi-family complex can be a lot of work and not everyone has the time for it. If you need help with it then you can hire SJA Property Management to help you with tenant acquisition, maintenance, handling disputes and issues, and even advertisement!