Managing an apartment complex can be a financially and socially rewarding job. As a property manager, you’ll have the unique opportunity to meet with new and current tenants and assist them throughout their stay at your property.
However, if this is your first time serving as a property manager, you should know that there’s quite a bit to learn. Here are four tips on property management for dummies to help bring you up to speed.
1. Get Organized
The best landlords are those with great organizational skills. It takes quite a bit to make an apartment complex run efficiently on a day-to-day basis.
You’re in charge of collecting rent, keeping up with late fees, hiring office and maintenance staff, fulfilling maintenance requests (if necessary), keeping up with current pricing trends, advertising your properties, and so much more. We haven’t even discussed attracting new tenants.
In short, you’ll have to wear plenty of hats as the manager of an apartment complex.
Therefore, it’s important to compartmentalize everything accordingly. The more organized you are, the more well-run your complex will be.
2. Start With A Small Apartment Complex
Because an apartment manager has to do so much, it’s recommended that newcomers begin with a small apartment complex. You’ll still get a feel for everything it takes to run a successful property but on a smaller, more manageable scale.
Once you’re comfortable with the ins-and-outs of residential management, you can invest in another apartment complex or move to a larger area.
3. Prioritize Resident Security
Your tenants are more than your customers, they’re practically family in some instances. At the end of the day, nothing should be more important to a manager than their tenants.
Investing in security for your complex is certainly recommended.
When it comes to how to make your residential complex secure, you have a number of options to choose from. Security cameras, access gates, and security personnel are all great resources, especially when combined with regular police patrols.
Investing in complex security also puts your residents at ease and can even help you retain tenants concerned about their safety.
4. Brush Up on Landlord-Tenant Laws
No landlord wakes up hoping they’ll have to evict a tenant. But in some unfortunate circumstances, it becomes a necessity.
Be sure to brush up on basic of landlord-tenant law to stay informed about your rights and the rights of your residents. These laws can vary from state to state, however, so make sure you’re finding the most accurate, up to date information.
You’ll also want to have a real estate lawyer on hand to protect yourself, your tenants, and your property investment.
Property Management For Dummies: Everything You Need To Run an Apartment complex
Working as a property manager can be an exciting career choice, even if it comes with its own set of unique challenges. So if you find yourself overwhelmed, feel free to consult this property management for dummies guide at your convenience.
Ready to advertise your hot new property? Be sure to consult our list of management strategies so you can attract new tenants easily.