With the growing size of apartment buildings, running an apartment complex is a full-time job. As an apartment manager, you’re not only responsible for maintaining your apartment building, but you’ll also need to focus on keeping your tenants happy. Whether you’re considering pursuing a career as an apartment manager or trying to do your job more efficiently, here’s how to effectively run an apartment complex.
Make security your top priority.
Although owning a residential building is a wise investment, it can be risky, especially if you’re a first-time property manager. Without the right security measures, you risk significant financial loss if something goes wrong. To protect your investment and keep your tenants safe, you’ll need to make security your top priority.
Instead of dealing with the hassle of running building wiring or installing in-unit hardware, consider investing in an apartment intercom. Two-way communication systems allow tenants to open doors using their smartphones, issue access to visitors, and view who’s at the front door on a mobile app. In addition to adding and revoking access to residential buildings, smart intercom systems also help property managers reduce installation and maintenance costs while maintaining a high level of security.
Always screen potential tenants.
Renting out properties can be stress-free, but you’ll need to choose the right tenants. Of course, it’s illegal to discriminate against tenants, but it’s essential to screen tenants before renting your property to anyone. Screening potential tenants can help ensure that your residents are financially reliable to pay rent each month and do not have a criminal background.
Your screening criteria should be the same for every applicant. Make sure to run a background check on each applicant, obtain their credit report, ask for references from previous landlords, and obtain proof of income.
Find an affordable electricity provider.
Comparing different electricity providers and suppliers, as well as different electric plans and rates, can be a tedious process. However, taking the time to compare providers can help you and your tenants cut costs on electricity bills. When comparing different plans, it can help to figure out your average building usage, each provider’s green energy rating, the length of each contract, and each supplier’s cancellation fees.
If your residential building has both natural gas and electricity, you can save more money by bundling both services with the same provider. Bundling means you’ll only have one bill to keep track of, but the market is also highly competitive, with many gas and electricity suppliers offering discounts and rebates on annual bills when you renew your contract.
Maintain a friendly relationship with your tenants.
As a property manager, it’s your responsibility to maintain healthy relationships with your residents. For the best results, you’ll need to find ways to effectively communicate with your tenants.
If your budget allows, consider investing in an apartment management software that offers communication tools. With management software, you can cater to the unique needs of your residents, post notices, and send messages to everyone when needed. You’ll also be able to keep track of everyone’s rent payments and maintenance requests.
Perform Regular Maintenance
To keep your apartment building functional and desirable to prospective tenants, you’ll need to perform maintenance regularly and prepare for emergency repairs. If you can’t perform maintenance on your own, make sure to vet a few local repair services and ensure they operate 24 hours a day. If you’re not sure where to start, check out HVAC specialists and plumbers, as residential buildings may experience emergency heating, cooling, and pipe problems that need immediate repair.
Additionally, to make sure everything in your building is safe and up to code, schedule regular inspections of the property, especially if you’re renting apartments in an older building.
Managing an apartment building might seem like a time-consuming task, especially if you’re dealing with difficult tenants. Above all else, taking steps to run your apartment complex smoothly and efficiently can help make your job easier while keeping your tenants happy.