5 Creative Hacks of Apartment Operations for Multifamily Properties
A multifamily property is an excellent investment. However, you have to consider all the apartment operations needed to ensure your tenant’s safety and comfort. A team comprises maintenance crew, leasing staff, and property manager.
Everyone in your group will work together to create successful apartment operations. Here are some of the things you can start with:
Get a premise report from the local police department.
Receiving the premise report regarding the criminal activities around your properties gives insight about the next step you need to do. For example, if the report says that there were apartment break-ins, you might want to opt with the more advanced security systems around the area.
Often, you might receive some negative feedback from previous tenants. You can consider some of them as constructive criticisms to make essential changes. You may also correct inappropriate online reviews if necessary.
You need to watch out for incidents that typically happen around your apartment. These can be apartment break-ins, property damage, domestic violence, or car break-ins.
Arrange maintenance works.
Another thing you need to consider is the maintenance works your apartment needs. That’s why proper training is essential. Start a preventative maintenance plan your staff can follow through.
Repairs come with several aspects. Furthermore, you need a sufficient budget to work with the extensive range maintenance. The areas you can focus on are fitness centers, elevators, plumbing, air conditioning system, security systems, and more.
If you have more advanced amenities inside your properties, you can make a list of the possible budget and essential repairs.
Hire working staffs to oversee your apartment operations
Some of the real estate owners’ mistakes are by leaving their apartment to a single team without proper training. Of course, the number of your hired members depends on the number of your units. It is for your business development and tenants’ satisfaction.
According to the National Multi-Housing Council, there is a 55% turnover rate among leasing staff, while 43% is for maintenance technicians. There’s more cost in retraining a new team than implementing an enhanced hiring process.
Have smart electronic access to each unit.
Advanced technology could be a plus point to your potential tenants. Concierge app is one of the latest technologies to help them have their personal assistant. If possible, having it on your multifamily properties adds to their convenience. It also saves time on your part. Your staff can focus on more important things and leave other things to this new technology.
Managing resident complaints.
When some complaints occur from residents, you need to address it immediately. Adhere to your apartment operations policies before talking about the problem. The common problem could be the security deposit refunds, rent increases, noise, and repairs.
If you receive complaints frequently, it might cause interruptions of a workflow. That’s why it is better to resolve the issues early. You can put a tenant exit survey for exiting residents. Read the common complaints to fix it immediately.
The points stated above can help you what to put in your apartment operation policies. Having these checklists can improve business interactions between you and your tenants.