Comments on: Apartment Building Management Tips

By: The Best Types of Properties for Rent | New Business Geek

The Best Types of Properties for Rent | New Business Geek — Tue, 15 Nov 2011 07:46:14 +0000

[...] of the units, you also need to take care of the whole property. That can be very expensive. Most apartment buildings are found in prime locations so owners must also need to pay high taxes. The expenses in this [...]

By: Chester

Chester — Wed, 20 Jul 2011 17:58:41 +0000

If you are actually the owner or manager of an apartment complex, a good money saving tip is to install sub meters on all the utilities. It is becoming more of a standard, but many older buildings still do not have them and it can be a huge cut in costs.

By: Jerry Humes

Jerry Humes — Mon, 13 Sep 2010 15:12:01 +0000

All of your advice is good but what if you are dealing with tenants that were there before you bought the building and there is a lauguage barrier. All the written rules are usless if they cant or won’t read them.

By: carla

carla — Sun, 09 Nov 2008 13:08:32 +0000

Very well said Ted, policies and agreement must be clear in both parties to maintain the cleanliness and safeness of the building. Both parties should have a clear understanding of what to do’s and don’t s while staying in a building.

By: MoneyMan

MoneyMan — Sat, 07 Jun 2008 20:35:55 +0000

Your so right. Put everything in writing so there is no confusion!

By: Commercial Mortgage Loans

Commercial Mortgage Loans — Sat, 07 Jun 2008 03:49:25 +0000

Great advice. I would recommend that investors build the management fee and a maintenance reserve into all pro-forma financial projections.

By: Nadine

Nadine — Thu, 05 Jun 2008 07:58:29 +0000

Repair and maintenance of the apartment is very important point. I am impressed that you put it into the rules. Many business people just stop with build stage and less is continue with maintaining.

By: stephan xiao

stephan xiao — Tue, 03 Jun 2008 06:11:56 +0000

the agreement is so important that both sides should know their responsiblities. you have blogged the details of writing an agreement between tenant and management, it’s necessary.

By: Charles Wilson

Charles Wilson — Mon, 02 Jun 2008 22:38:25 +0000

Ted,
You are so right about being clear up front so both management and the tenant know what the responsibilities for maintenance and cleanliness are for the whole complex, as well as their individual unit.
Getting the basics and ground rules up front makes it easier down the road. It will be clear cut and in writing. I know it made a difference when I was managing single family houses.
As I moved into apartments, it made a big difference. Keep up the good work.
Now, as a professional commercial real estate property scout, it is one of the things I look for in evaluating an apartment complex. Are there deferred maintenance issues and are there bad management and policies in place?
Keep up your good helpful blogs.
Thanks,
Charles Wilson
Professional Commercial Real Property Scout