Thursday, April 18, 2013

How to Manage an Apartment Complex

Running an apartment is a full time job. As the owner or the landlord, you should be familiar with the legal concerns involved in rental properties. Ignorance of the law can make you face possible lawsuits. You should be responsive to your tenants’ requests. Happy and satisfied tenants are more likely willing to pay their rent on time.

The following are some of the things that will help you manage your apartment properly:

Be organize
    There is no better way to keep track of your daily transactions by keeping all your documents in one place. You should have a filing cabinet where you can store your tenants’ records which include copies of their lease, payment receipts, application, maintenance requests and log of all your correspondences with the tenant. It would help if you also have a soft copy of all these records that will serve as your back-up. Soft copies are easier to manage and retrieve on demand.

Know the right contacts.
    Find a reliable source of maintenance workers such as cleaning service, handymen, plumbers, exterminators, etc. Hiring new people every time you have a job to fulfill is costly. When you have built a relationship with a set of maintenance workers, it is easier for you to ask for a discounted fee as their returning customer. And you can be sure of the quality of their work because they’ve work with you for a long time.

Create a payment schedule.
    You can help your tenants pay their rent on time by reminding them. After the grace period, you can visit your tenants and serve notices to those who did not pay. Be visible around the property and talk to your tenants from time to time. This will help you know your tenants better. Tenants respond to a landlord better whom they know as someone who is also concerned with their well-being.

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1 comment:

  1. Great post! This is so informative. Managing an apartment complex is never an easy task. This is sometimes complicated. With proper organizing, this could be fun, too. This article helps so much as well. With all these brilliant ideas, managing an apartment complex would be easier.