Ways A Property Manager Can Help You If You Own An Apartment Building

Posted on: 8 March 2017

Investing in an apartment building can be an effective way to earn land and make a profit from tenant rentals. However, depending on the number of the tenants you've got, the location of the building and your own schedule, it's not always easy to take on such a large responsibility. You might need a property manager to help you keep everything sorted; pay attention to the following ways they can help you.

Collecting Tenant Rents

Collecting rent can be a time-consuming task for any landlord who has multiple tenants. It's even more troublesome when some tenants pay late or need to be evicted. A strong property manager can track rents for you and provide you with monthly reports about who is and is not paying on time. They can follow up with late payers and if someone needs to be evicted, they can begin those proceedings on your behalf.

Dealing with Tenant Complaints and Repair Requests

When there are complaints and disagreements among different tenants in your building, you may simply not have the time to deal with the situation. A property manager can interview the tenants involved and gather information so that they can resolve the situation.  If a stove breaks down or a tenant doesn't have heat, you won't need to head over to the property to get a better look; your property manager can dispatch the appropriate personnel so repairs are done.

Building and Grounds Maintenance

Even if there are relatively few repair requests from tenants, it is likely that they expect to have the hallways and public areas kept clean and orderly. A property manager can schedule carpet cleaning, HVAC inspections and other tasks that are a part of regular building maintenance.

It's also important to remember that it's not only the interior of the building that will need regular maintenance. The grounds, walkways and parking lot will also need attention to ensure that they are safe for tenants and presentable to the public. Property managers can use existing relationships with landscapers, snow removal personnel, and others who can keep your property looking its best.

With all the help you can get from a property manager, you can more easily manage the building you own. Good property management might even enable you to purchase additional properties, making you even more money. Speak to some of the property management companies in your area to get more specific information about how they can assist you.