More than 36% of Americans live in rental properties. That’s more than 120 million people! If you own an apartment building, you face stiff competition from other landlords.
If you are an apartment owner and are looking for tips, we can help. Read everything you need to know about improving your property management!
1. Do background checks
Having people live on your property is a serious commitment. That’s why it’s so important to know who you’re renting to.
Do a thorough background check before allowing new tenants to enter the building. The best way to ensure proper inspections is to hire an agency to do them.
2. Create a point of contact
Some landlords like personal contact with tenants. Others prefer to keep a little distance between themselves and tenants. In any case, tenants must have a clear contact person when a problem arises.
When tenants first enter the building, make it clear who they should contact if they have a problem. Ideally, you should include both a phone number and an email address.
3. Keep it clean
Keeping your building clean should be one of your top priorities. Depending on the size of the building, you may need to hire cleaning services to clean the public areas of the building. You will also need to clean individual apartments between tenants thoroughly.
Consider working with commercial pest control companies to keep your building clean and safe!
4. Insure the apartment complex
Your apartment building will likely be one of the most valuable things you own. So if you manage apartments, it makes sense to get insurance.
This would include insurance against fire, theft, and other perils. Several accredited insurance providers can help protect your investment. A basic policy may be worth your peace of mind.
5. Take care of the corridors
In a large apartment complex, you may have a lot of separate apartments to take care of. Although it takes a lot of time and energy, it is important to take care of the corridors as well.
Your tenants walk through these hallways every day. They should be clean and safe. Do regular checks on these areas and consider adding a potted plant or some artwork to brighten up the space.
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By putting in a little extra effort, you can get a lot more out of your apartment complex. When people enjoy living there, you’ll find it easier to attract and retain quality tenants.