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Posted over 3 years ago

THE PEOPLE WHO WILL MAKE YOUR PROPERTY SUCCESSFUL

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I would argue that multi-family properties are nothing without a successful management team. And that’s because most investors are drawn into this industry because it provides them with passive income. And passive does not mean worrying yourself with the day-to-day activities. That’s where a property management company steps in. Think of them as the officers of your company. Without them- your bottom line won’t even be worth it.

There are several different types of roles that are necessary to fill in order to attract and keep tenants throughout the year.

  1. Property Manager

Ah, your eyes and ears. A property manager will keep everyone in check, including you. Property managers thrive on efficiency and transparent communication between all the tenants and crew. She is the foundation on where your success rests upon. Without her it would be chaos and disgruntled tenants. So do yourself a favor and find a good one.

  1. Leasing Agents

These are your sales people. The people who show prospective tenants your available units. Who utilize the uniqueness of the property in order to sell, sell, sell. So, choose these people wisely, as they are one of the first people that a prospective tenant interacts with. Leasing agents are also in charge of all the underwriting. They will assist tenants with filling out the application and essentially approving or denying those applications.

  1. Maintenance

This crew will probably be your most valued asset. I lived in an apartment for four years and had at least five to six maintenance requests a year. And I was just one out of hundreds of tenants in that building. So, hire yourself a crew, or one guy if your property is smaller. This will make you tenants happy, who in return will not only pay their rent, but also renew their leases annually.

  1. Legal Department

No one is perfect, starting with you. I don’t care how amazingly well you maintain your property. You are always going to run into some legal issues. And don’t fret, this is completely normal and to be expected. From disgruntled tenants to cost-consuming local regulations- you are going to need someone knowledgeable in the legal profession who will help protect your property when these issues arise. Hire an attorney who is up-to date with all the current laws and regulations pertaining to property and landlord- tenant law.

Topic: Real Estate, Investment, Management

Source: Sterling White, https://www.sterlingwhiteofficial.com/blog/2019/12/18/a-must-top-5-roles-in-property-management-company



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