6 Property Management Tips for Multi-Tenant Buildings of All Types

Managing a property is a really challenging and responsible task. It requires your full dedication to all of the tenants in order to create a good, sustainable and safe living environment. It doesn’t matter which property type you are running because every building needs a carefully thought-out strategy regarding the management of finances and the maintenance of the entire property.

This will keep your tenants satisfied and safe, and your property will be functioning in perfect order with no additional costs. Here are six essential property management tips.

Communicate with your tenants

In order to retain as many tenants as possible it’s really important to have an open channel of communication with them. This is a great way to resolve any issues which could otherwise deter some of your tenants. You can succeed in creating a great sense of community in your property which will definitely ensure tenant retention. In order to achieve this, you can take a few actionable steps.

Apart from a good curb appeal there is nothing better than a warm welcome. Your new tenants are surely going to have a lot of questions upon first arrival, because they do not know the local neighborhood.

If you make sure to welcome them properly and supply them with all of the necessary information you will build long-term trust and you won’t have to waste time and resources trying to get them on board later on.

Secondly, organize move-ins and move-outs, this will help you prepare for the chaos that comes with moving days and you will be more prepared for new tenants to come. In addition, you can provide the requested amenities such as parking spots or janitorial services. Your tenants are willing to pay for these features, so it is a good investment.

Follow the seasons

Managing a property with what you have is already challenging enough. You definitely do not want to be creating extra problems and costs by allowing property damage which could have easily been prevented, especially with commercial buildings. Seasonal changes are the main culprit here. This entails thinking and planning ahead of time.

You will want to consider your local climate and act accordingly. Before every winter it is a good idea to get all of the necessary equipment which will end up costing you a lot less during the off-season and you will eliminate the necessity of working during harsh winter days.

Another essential thing to consider is getting plenty of salt and arranging snow clearing services ahead of time. Because of the rapid drop in temperature, it is a good idea to check your insulation, heating equipment and boilers. On top of that you should also alert your tenants to individually prepare for the upcoming season. This goes the same for the summer season, you want to protect your property and tenants against any fires which are quite common during extremely hot and dry days.

Maintain your roofs

One often overlooked aspect of handling a property is regular and consistent roof maintenance. There are several things you should look out for during roof maintenance. One of the things to pay attention to is keeping your roof clear from snow, mud and other heavy debris, as this can drastically improve its durability and quality over time.

Another really important point of roof maintenance is to ensure maximum safety with anchor certification and testing, which is mandatory for keeping every roof access point secure for the maintenance professionals. This is also going to prevent any problems with the safety inspections.

Make a budget

In the real estate industry, it is extremely important to keep to a budget. This will optimize your annual operating costs by tracking income and overall expenses which includes everything from general maintenance to upgrades.

This will allow you to gain a clear estimate of the money that you have left in case of any emergency repairs. Some other things to keep in mind are; utilities, changing locks and copying keys, amenity fees, property taxes as well as insurance costs.

Check for mold

Mold is a silent killer for any property manager, because it can create tremendous costs. This is because treating mold damage will require you to empty the building before people can use it again. That is why you should regularly check any water sources and plumbing fixtures.

Leverage the latest technology

In order to make property-management less arduous you can leverage the power of the latest IoT technology which does half of the work for you by supplying you with extremely useful data. This information is regularly collected using all of the smart devices integrated into the local network of your property.  Now you can easily manage your costs, and resource expenditure.

Summing up

Managing a property is no easy task. There are a lot of things to cover, however you can do a very good job if you focus on the right things such as; communicating with your tenants, preparing for seasonal changes, maintaining your roofs, budgeting, preventing mold and using the latest technology.