In order to ensure an apartment building runs successfully and profitable, there needs to be a quality professional property management company. Most buildings with 20 or more units have an apartment management company, and often, buildings with less than 20 units are normally managed by the owner and an on-site property manager. Here are some tips and principles to keep in mind to ensure everything runs smoothly.
An apartment building should be run as a business with the residential management being as efficient as possible. For example, the property management group should improve the tenant living experience while minimizing costs and increasing profits.
Property management professionals know the Fair Housing Rules (prohibit discrimination based on race, gender, age, disability, marital status and sexual orientation) and abide by them when finding tenants.
Apartment property management will know who is responsible for the repair and maintenance of the apartments. Each apartment lease should clearly state the responsibilities of the property management, the owner and the tenant. There are federal and state laws, which state an owner cannot turn off essential utilities if a tenant fails to pay rent.
Also, the lease should clearly state the tenant’s responsibility to keep the apartment clean and to pay for any damage due to neglect or abuse. The tenant should tell the apartment management company if there is any faulty wires, water leaks, mold or fire hazards. The residential management provides tenants with the policy and procedure for complaints and repair requests. An expert property management firm will handle the maintenance and repairs as fast as possible to avoid further issues. The property management group will keep the tenants informed about when and how the repairs will be done and reasons if there is a delay.
All Area Realty Services knows what it takes to run buildings smoothly and efficiently while keeping both tenants and owners happy. With over 30 years of experience, and many clients with us for decades, you can trust All Area Realty Services with taking care of your building and tenants.