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Multi Unit Property Management
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When starting out in real estate investments, a portfolio should contain either
single-unit or multi-unit properties. Every form of property with more than one unit
that must be rented out qualifies as a multi-unit property. While renting out a
single-family home has numerous benefits, owning a multi-family home significantly
increases your income potential.
Multi-Units Are a Smart Property Investment
Multi-unit rental properties contain multiple rental units such as apartments,
condos, or townhouses. These properties have several benefits, including:
- Increased rental income: One of the main advantages of multi-unit properties is the potential for increased rental income.
- Reduced vacancy risk: With multiple units in a building, the owner has a reduced risk of experiencing a vacancy. Even if one unit is vacant, the other units can still generate income, helping to mitigate the impact of the vacancy.
- Lower maintenance costs: Multi-unit properties tend to have lower maintenance costs per unit than single-family homes.
- Easier to manage: Managing a multi-unit property can be easier than managing several single-family homes scattered across different locations.
- Diversified investment: Owning a multi-unit property can diversify an investor’s real estate portfolio.
- Potential for appreciation: Multi-unit properties can appreciate in value over time, particularly in areas with strong population growth and high demand for rental properties.
- Financing options:Financing a multifamily rental property can be easier than financing several single-family homes.
Our Services for Multi-Unit Properties
While there are many benefits to owning and renting a multi-unit property, they can also come with their own share of headaches. Tenant requests will happen more frequently and you are more likely to deal with turnover more often, which is problematic, even if that turnover has less of an effect on your profit.
Using a good property manager can provide several benefits for property owners, including:
Using a good property manager can provide several benefits for property owners, including:
- Security: Security services may include installing and maintaining security cameras, access control systems, and on-site security personnel to help prevent theft, vandalism, and other security issues.
- Cleaning: Multi-unit properties often have outdoor areas that require regular maintenance, such as trash removal, dusting, vacuuming, and sanitizing. These services can help improve the property’s appearance and make it more attractive to tenants.
- Quality tenants: A good property manager can help screen and select quality tenants who are reliable and pay rent on time, reducing the risk of late payments, missed rent, and eviction.
- Reduced vacancy rates: Property managers can help ensure that vacant units are advertised effectively and filled quickly, reducing the time that units are vacant and increasing rental income.
- Professional property maintenance: Property managers can oversee maintenance and repairs, ensuring that properties are well-maintained and that issues are addressed promptly, increasing the property’s value, and improving tenant satisfaction.
- Legal compliance: Property managers can help ensure that owners comply with local, state, and federal laws and regulations, reducing the risk of legal issues and potential penalties.
- Effective communication: Property managers can act as a liaison between owners and tenants, providing effective communication and handling tenant complaints and concerns, which can help maintain positive relationships between owners and tenants.
- Save time and reduce stress: By handling the day-to-day operations of a property, property managers can save owners time and reduce stress, allowing owners to focus on other aspects of their business or personal life.
Types of Multi-Unit Properties
At Rentomatic, we help rental property investors with a variety of different types of real estate. When it comes to multi-unit properties, we focus on the following types of properties:
- Duplexes
- Fourplexes
- Small Apartment Buildings (Between 5-10 Units)
Affordability
Affordability is a key consideration in property management, and we strive to
provide affordable pricing options to meet the needs of our clients’.
call today for more information
Our experienced professionals are always ready to assist you and provide you with
the best solutions for your multi-unit property management needs. Get in touch
with us now to learn more about our services and how we can help you maximise
your rental income.