It’s summer. Multifamily property managers are more likely to see kids outdoors – playing tag, enjoying the pool, and generally just hanging out after months of sitting behind a school desk. It’s time to get the bike out of winter storage and find out who has the coolest ride, who can pop the longest wheelie and who can make it up the hill without gasping for air.
The decision to invest in property management ventures is often seen as a way to build a cushion for the future. Whether you assume a dual-role of owner/manager, or you provide management services to property owners, successfully managing your assets ensures the property lives up to your expectations financially.
Managing properties within a college area can be incredibly lucrative. College towns tend to be excellent fodder for property management companies, because the high maintenance nature of these rental properties often provoke landlords into seeking out professional help. Landlords and property management companies need to anticipate some challenges when renting to college students, but overall it is usually a profitable endeavor.
According to the National Emergency Number Association, there are roughly 240 million 9-1-1 calls in the United States every year. The NENA reports that in some communities as many as half of all calls come from cell phones. Sadly, non-emergency calls for things like losing a passport or locking yourself out of your apartment clog the system and slow down response time for legitimate emergencies.
Jeanne M. Salvatore, senior vice president and consumer spokesperson for Insurance Institute Information, recommends that all homeowners take time to make a complete list of personal property to control their assets. Salvatore’s recommendations also apply to property managers. Working from a proactive vantage point, residential property managers who commit to an annual review of physical inventory stand to gain greater control over their return on assets.
Maintenance and repair costs can eat quickly into any landlord’s income, especially first-time landlords that don’t adequately protect themselves. If you’re looking for some ways to reduce your overall maintenance and repair costs, you’ll need to plan things through from the very beginning.
As the owner of rental properties, whether it be one or multiple units, annual inspections are a vital part of the process. Sometimes, you might have a long-term tenant that religiously renews that lease year after year – and you appreciate that. However, unless you employ a property manager to handle daily operations, property upkeep is your responsibility and you’ll need to perform the occasional inspection while a unit is still occupied.