A multifamily manager assures that a property runs its day to day business operations in the most efficient manner. This includes filling vacancies, tenant screening, tenant communications, property maintenance, rent collection, and more.
Essentially, property managers take responsibility away from landlords and manage the property as if it were their own. Here are some of the duties a multifamily property manager performs.
Filling Vacancies
A property manager is responsible for filling vacant units and minimizing turnover rates. In terms of filling vacant units, employing different apartment marketing strategies is usually the best approach. Property managers have myriad offline and online options, including adding units on high-traffic listing sites, running paid advertisements to the property’s site, distributing marketing collateral, and more. Once there is a pool of applicants, a property manager’s next task is tenant evaluation.
Tenant Screening
Tenant screening is a crucial part of running a successful multifamily community. The intent of prospective tenant evaluation is to reduce a landlord’s risk. Experienced property managers know the importance of risk aversion and are skilled in identifying qualified candidates. Some of the details to look for include credit, income, eviction, and rental history as well as criminal background. After locating a candidate that meets all the requirements, a property manager must maintain satisfactory communications with all tenants.
Tenant Communication
One of the most important job duties a property manager is responsible for is tenant communication. A property manager is responsible for all inquiries, complaints, service requests, and anything that might concern the hundreds of tenants living in your property. Experienced property managers know exactly how to sort out issues and coordinate solutions. This is an important function as efficient communication leads to happy tenants which then are more likely to continue requiring your services.
Property Maintenance
A common concern of dissatisfaction for tenants is a poor living environment. For this reason it is of great importance to attend maintenance requests in a timely fashion. Leaking faucets, malfunctioning laundry sets, faulty electrical outlets, and broken air conditioning systems are just a few examples of things that may need fixing during the occupancy of a unit. Addressing issues quickly, efficiently, and inexpensively are signs of a quality property manager.
Rent Collection
Collecting rent payments from tenants is typically what property managers are associated with. However, property managers are also responsible for the property’s accounting. Ensuring that tenants submit rent and afterwards consolidating monthly reports for stakeholders to view and make decisions is part of the rent collection process.
With a qualified multifamily property manager by your side, running a successful apartment community can be a simple task. Quantum Residential is an Accredited Management Organization (AMO) with the Institute of Real Estate Management (IREM). We have over 50 years of experience in the industry and have built our reputation by helping landlords across the nation. In need of a property manager? Contact Us so we can show you how we can help.