Multi Unit Property Management

Multi unit property management involves overseeing multiple properties and tenants simultaneously. It’s not an easy job, but it can be done well with clear communication, attention to maintenance and repairs, and the use of technology to streamline tasks. It’s also important to be familiar with landlord-tenant laws in your area, and to build positive relationships with your tenants to minimize any issues that may arise during a tenant’s stay.

Whether you manage your own multifamily homes or choose to hire a property management firm, you’ll need to set up an office and create financial records for each of your rental properties. These include accounting reports, monthly cash flow projections and income and expense estimates. To ensure that the firm you choose charges reasonable fees, be sure to ask for a written fee schedule and understand how they calculate their monthly management fees. Some firms charge a flat monthly fee while others base their fees on rent collected. A fee based on rent collected gives the firm an incentive to collect rents quickly so they can pass along the income to you.

A property manager will take care of all the day-to-day responsibilities involved in managing multifamily home rentals, including marketing vacant units, screening and approving tenants, collecting rent, maintaining the property and arranging for repairs. They will also have the knowledge and local community expertise to keep your rental properties in good shape and attract qualified tenants. They will also handle evictions and debt recovery, keeping accurate records and providing documentation for any legal action taken against your tenants.