Managing a multi family property requires a different set of skills than a single-family home. A landlord must market vacant units, moderate disagreements between tenants, facilitate repairs and keep track of finances. The list of responsibilities is long enough to require a dedicated team of experts, but that’s not always feasible. That’s when a property management firm comes in handy.
There are several advantages to owning and managing a multifamily property, including higher income potential and lower expenses per unit of maintenance. However, multifamily properties can also be more difficult to manage and sell, and they require a larger investment. The key to successful multifamily property management is finding the right balance between the pros and cons of these investments.
While many online resources can give you a good understanding of what to expect in multifamily property management, it’s best to seek advice from an expert. A lawyer specializing in real estate can offer you a more comprehensive overview of the legalities of managing multifamily properties, helping you avoid costly mistakes and make the most of any tax deductions you may be eligible for.
When choosing a multifamily property management company, be sure to interview representatives from each finalist. The interviews should be one-on-one and give you a chance to specify your requirements in detail. During these meetings, find out how the firm handles vacancies and whether they charge fees for screening tenants and collecting rents. Also, find out if the firm negotiates discounts with their preferred contractors and passes these on to you. multi unit property management