Apartment buildings are the ultimate real estate investment. They provide significant economies of scale along with an ever increasing gross revenue. However, professional investors know that their return on investment is a function of several factors, including; price paid, value added measures, expense controls being among them, all of which come under the heading of management. Many people can buy a building but few have the professional management skills to make it work successfully. This is why the majority of apartment building owners choose to have trained professional managers operating their property.
Professional management is not an expense, it is an investment in lower costs, and higher returns, making your property worth more.
The Management of Income Property Involves 5 Key Facets to generating the best return with the least expense. These are;
Using property applications, leases, notices, to protect the owner, as well as legal forms pertaining to the Tenant Protection Act and timely rent increase notices to protect the cash flow.
The collection of rents, timely pursuit of delinquent accounts, financial scheduling of maintenance, preparation of detailed monthly statements for tax use.
The checking of references, preparing the leases, scheduling maintenance, reporting income and expenses monthly, the provision of 24 hour emergency access, the keeping of all other records.
- The Physical Structure
The ongoing upkeep, repair, replacement and maintenance of the building, systems and grounds. This protects the value of your asset.
- Business Relations
Dealing with tenants concerns, mortgage and insurance representatives, city, zoning, tax and fire officials, landlord and tenant court work and rent control regulations.
Tenant Selection Systems
Consequently, selecting tenants and tenant relations is of a paramount importance to successful management. Because managing real estate is all we do, we have developed exclusive systems and procedures for every aspect of property management including; applications, screening and leasing procedures which are designed to filter out those less desirable tenants and create an environment more protective for the owner and property.
Maintaining your Asset
Income real estate that is clean, well maintained, attractive and is occupied by respectable, financially responsible tenants on leases, who pay regularly and inflict minimum wear and tear on the property, will always be easier and cheaper to insure, refinance, and eventually sell for the maximum profit.
Contact us today!