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Owning and running a multifamily property is no small feat. Especially if you’re the one who owns the property and runs all the maintenance tasks, because it involves a lot of legwork as well as some serious managerial skills to maintain the property in tip-top condition, you might have to deal with multiple tenants of the property, fix things that break down, and ideally prevent things from breaking down, as well as ensure that everything is running perfectly well. If your property management skills are not on par or you just need a crash course in organization, then this article is the best read for you. Here are a few tips that could help you out immensely:
1. Transparency About the Rules and Responsibilities
When you have new tenants moving in that would be the perfect time to discuss the house rules with them and communicate what behavior you expect. If you discuss these details before signing a contract it will help you ensure you and your tenants are on the same page. Walk them through all the important factors like parking guidelines for the property, the noise curfew hours and any policies related to pets or gardening etc. Basically, all the dealbreakers that there are, communicate them to your tenants transparently so they know what they’re signing up for. You will prevent countless future conflicts by just being transparent up front.
2. Keep Good Relations
Another way you can make the property management easier on your nerves is by being on good terms with your tenants. People are more likely to understand you and come to a mutual solution to any conflict if you already have good communication in your relationship with them. When your tenants express any needs or concerns that are reasonably within your power, help them out. You will be cultivating a mutually beneficial connection with your tenants that way, and it will help you always keep an open line of communication with your tenants, as well as ensure they will be willing to listen to you in times of need. Do regular check-ins in person or via phone to show them you care about their needs, and they will be that much more willing to help you out with the management of the shared property.
3. Be Proactive with Repairs and Maintenance
One of the major concerns expressed by tenants is around the proactiveness of their landlords when it comes to repairs and maintenance of their property. One rule of thumb to follow is that you should schedule annual, bi-annual, and monthly maintenance check-ins for the property’s interior and exterior so they don’t have to come up to complain to you about a broken tap or a crack in the ceiling. If something is missed on your maintenance checks, your tenants should be able to contact you, and you should immediately rectify their problem. One way to be proactive about maintenance, is to invest in quality multifamily supplies that are built to last and run smoothly.
4. Become Tech-Savvy
You can make the management all the easier for yourself if you automate some of the management tasks, like sending automatic reminders for rent, for instance. You won’t have to reach out to them to remind them; it will save you time and effort and help maintain your tenants’ privacy. Look into using a property management system if you own a larger property that you share with multiple tenants. It can help you automate maintenance task reminders, keep a log of rent and other dues, and take some of the tenant communication out of your hands. Your tenants can also use the system to file any maintenance complaints with you. If you’re still struggling to maintain the property all by yourself despite automation, or maybe the property is too sprawled and you have a huge home and multiple tenants, you can seek the help of a property manager.
Conclusion
Managing a multifamily property is not an easy job. Still, with careful planning and a proactive approach you can not only help manage such a property easily but also make it possible for your tenants and your business to thrive.
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