Do you enjoy all the benefits of owning multifamily properties while avoiding common ownership mistakes? Let’s take a closer look at what a professional apartment property management company can do for your multifamily investments and your bottom line.
When you consider that there are many apartment management companies in Texas, it can be daunting to find one that is the right fit for you. There are certain traits that you need to look for in an apartment management company to make sure that you are aligning with a group of people who understand your needs and have your best interest at heart.
We are going to explore all of the different things a quality professional property management company can do for you. You should look for a business that can offer these benefits when looking for someone to manage your multifamily portfolio or if you are considering becoming a new apartment investor.
You Need A Plan
Investing in an apartment complex is a big deal. There is a lot of planning that goes into a successful investment decision. A good property management company can help guide your entrance and exit strategies. Both are equally important.
The acquisition aspect of the apartment business involves looking at multiple of apartment properties, analyzing occupancy, rent comps, physical structure, assessing current market conditions, envisioning future growth and more. It can be difficult to discern if accounting numbers are valid and whether there is hidden value or potential downsides. One of the best parts of having a professional property management firm at your side is they have done this hundreds of times and know exactly where to look. Experience pays for itself during the first professional due diligence. Smart investors never skip this step.
Craft Expert Walkthroughs
The biggest challenge of renting out an apartment property is finding quality residents. Detailed video walkthroughs of the apartments available for lease can provide a quick online assessment for a potential resident. Showcasing community amenities with a smile helps potential residents picture themselves living at your property and the fun they will have as a part of your community.
Sharing walkthroughs on social media is a great way to showcase your properties. This attracts people who otherwise may never know about your properties. More traffic equates to more leases.
Ask About Your Needs and Strategies
Sadly, there are companies out there managing your properties without addressing your personal needs or investment plan. Where do you want to be in five years? Ten years? Look for a company that is willing to sit down with you and listen to your goals. If you don’t have current goals or need to update your multifamily investment strategies, a good property management company can help you structure a laddered portfolio to build your multifamily investment portfolio in a methodical, proven manner.
If a property management company is unable to have this discussion, you may well be leaving money on the table. Management must have the ability to roll up the sleeves, dig in, stay on track and work with you closely to achieve your investment goals.
Prove They Are Knowledgeable
When exploring your options, you should always ask potential property management companies what kind of data they use to run their business.
A professional apartment management organization will have market driven data, experience, and resources. These folks should be able to pull solid information and show you what they’ve done in the past and what they can do for you today.
Their knowledge is crucial in ensuring that you are getting the best performance from your properties. Understanding not only property performance but performance within each given market area and that can rapidly change. Knowing what to do and when to do it can greatly affect your bottom line.
Everybody loves a deal
Everybody loves a good deal. Experienced property management companies often have close ties to vendors who service various facets of apartment maintenance and operations. Volume business can mean some good deals and these savings can be passed along to you and your bottom line. Landscaping, sprinkler systems, pool maintenance, phone systems, it all adds up.
Many property management companies operate their business as usual, and rarely look up. However, the laws are constantly changing, and it’s important to stay on top of the latest legislation.
A high-quality property management company is active in the community and talks to officials about changes occurring within the law. It’s important to make sure that your apartments are always within legal bounds. A professional property management company that has principals who are active at city, state and national levels and who have their finger on the pulse of industry legislation and breaking news make sure you and your apartment properties are their top priority. Finding industry leaders who advocate for positive change in the apartment industry is icing on the cake.
Passion is Required
With success, passion is important. When talking to an organization about taking over the management of your apartment portfolio, you should feel the passion during conversations. Look for companies that eat, sleep and breathe apartments. These are the ones that will help you bring your properties to life.
You can tell when someone doesn’t really care about what they are doing. They are in essence “phoning it in” and merely cashing a paycheck. It’s necessary to have people that LOVE their job because this translates to people who LOVE your apartment communities. Always work with people who are as excited as you are about your multifamily investments.
Make You Money
Let’s not mince words. The most important thing about hiring an apartment property management company is they have to make you money.
All of these steps in this article converge at “show us the money”. Look for a property management firm with transparent communication aligned with your short-term and long-term investment goals always at the forefront. A good property management company and operational partner brings you fresh, new creative ideas and is able to show you exactly where you stand financially every month.
Make Your Life Easier
Let’s wrap this up and put a bow on it.
At the end of the day, a great professional property management company knows how to help you make the most of your apartment investments. They are able to deliver impeccable service while making your life easier with professional guidance and processes in place. And, they make doing business fun.
Are you interested in growing your existing apartment portfolio? Are you eyeing Texas multifamily properties but you’re not sure where to find good deals? Do you own apartments in Texas but wish they could return better ROI? Take a look at our services here that are all offered under one roof.
Give us a call. At Better World Properties LLC, we love to talk apartments. Better yet, come visit. Bring your hat and your boots. We’ll grab an iced tea and take you on a Lone Star tour. We might even teach you to two-step.