How can you determine profitability in an investment property? Most often, it relies on the quality of the apartment property management. There are some general principles to follow to make sure that the property operations run smoothly.
A professional property management company should run the apartment building like a business. A reliable property manager will improve the tenants living experience while maximizing profits and minimizing costs. Expert property management abides by the Fair Housing Rules which prohibit discrimination based on race, gender, age, disability, marital status and sexual orientation.
A preferred property management firm will clearly state who is responsible for the repair and maintenance of the apartments. This is easily accomplished by writing out in the lease agreement who will take care of certain repairs. The property manager will put in the lease the tenant’s responsibility to maintain the cleanliness of the apartment and will pay for damage caused by neglect or abuse. It is the tenant’s responsibility to alert the property management group of any dangerous or defective instances like faulty wiring, water leaks, mold and fire hazards.
A professional property manager will post an official policy and procedure for complaints and repairs including the maintenance hours, response time and the maintenance staff. Also, tenants should get permission from the apartment property management before making certain alterations to the apartment.
Generally, maintenance and repairs need to be handled as quickly as possible to avoid further issues. Major issues should have a response time of 24 hours or less. Expert property managers will have good communication with the tenants to keep them informed of when and how the repairs will be made. Communication is essential for good relations between tenants and apartment property management.