My clients who own multifamily properties like the cash flow, but not everyone likes the property management side of the business. Fortunately, there is a lot of information available to help you make the task run more smoothly. We always have good tips and advice on everything from where to get the latest rental agreement form to dealing with a problem tenant. Call us today if you would like to discuss your situation.
This article hits the nail on the head of running your multifamily property investments like a business; it offers many valuable insights:
5 Habits You Didn’t Know Were Essential for Landlording
There’s no such thing as landlord school. Most landlords just do a little reading online and dive right in. Which is fine – but it also means many new landlords are ill-prepared for the work of being a successful landlord. Far too many landlords fail to bring a level of professionalism to their landlording side gigs.
As you manage your properties, professionalism should be your guiding force. The author of this article asserts that your professionalism should be exhibited in these different ways: 1) Strictly enforce your lease agreements to the letter. 2) Do the behind-the-scenes work, even when it doesn’t feel critical. Conduct property inspections twice a year, and watch out for lease violations and work that needs to be done. 3) Budget for repairs. Don’t get caught by surprise. 4) Think long-term to reduce tenant turnover. Don’t fill your units with warm bodies; look for good tenants. 5) Keep detailed records; if that kind of attention to detail isn’t your specialty, then hire someone to do it.
Effective landlords have effective habits, that revolve around thinking long-term and embracing minor headaches today to avoid massive headaches tomorrow.
Property management is a skill that can be learned and developed. Even if your investment properties are a side business now, that doesn’t mean the endeavor shouldn’t be undertaken with professional care. Whether you do this full time or part time, you want your business to grow!
A good commercial broker can help you understand how to maximize your investment by managing your properties well. The professionals at Pacwest Commercial Real Estate are Eugene multifamily experts. Call us today if you would like to discuss this further at 541-912-6583.
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