April 23, 2020

How to Hire a Novi Real Estate Management Team for Multifamily Property

In his book, The Importance of Living, author Lin Yutang made the following, airtight observation: “Those who are wise won't be busy, and those who are too busy can't be wise.” If you own multifamily rental property in Novi, you know how true this is. With all of the distractions floating around your work and home life, it’s easy to let 'business' replace 'wisdom.'

However, if you hire a Novi real estate management team, you can say goodbye to an overwhelming schedule and say hello to more stress-free income. However, rental property management is not for the faint of heart. It takes specific skills and experience—as well as razor-sharp business acumen. Here are some tips for how to hire the best management team for your multifamily real estate ventures in Novi.

Find a Trusted Partner Within the Community

Earning trust is often easier said than done: it takes more than doing right by a few people a few times. Trust, particularly when it comes to property management, requires a consistent track record of prudent decisions that help owners get the most value out of their real estate portfolios. If you can find a real estate management company that has earned the trust of several people, you’ll be off to a good start.

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Why You Should Shop Local for Novi Real Estate Management

The Novi area is constantly growing and changing. With new folks moving in every year, there are tons of opportunities for getting the most out of your multifamily investment property. However, to make sure you are well-positioned to take advantage of all the Novi community has to offer, you will need Novi real estate management that’s based in Novi. Here are some reasons why:

  • They understand the people: Even if two areas have similar demographic makeup, the thinking and culture of those who live there will invariably be different. Someone positioned in or near the community will understand these subtle yet important, differences. They can also help you use them to get more tenants.
  • They know the local legal ropes: Every community has regulations and restrictions that may affect the management of your properties. A nearby company that knows the ins and outs of the legal landscape can save you a lot of trouble. Ordinances can vary by city as much as they do by state, so this one is crucial to consider.
  • They have connections in the area: Business connections can make a big difference when it comes to the success of your multifamily property. A Novi real estate management company is going to know local professionals, retailers, and other service providers and can use these relationships to save you money when it comes to managing your units. Local businesses won't always be shuttered: when we get past the COVID-19 crisis as a community, having these connections will be a perk.

Find a Novi Real Estate Management Team That Specializes in Multifamily

Managing multifamily real estate is a completely different animal than single-family residential real estate management. Experience in regular residential management doesn’t necessarily help equip a real estate manager to deal with the intricacies that come with multifamilies.

For example, some multifamily homes may experience issues that affect more than one—or all—of the residences on the property. While handling the problem may take only a phone call or two, facing the concerns of the residents who live there may be another issue. When an issue affects multiple tenants, you have to carefully manage each tenant’s reaction and figure out what will help give them peace of mind as soon as possible. This skill comes only with experience.

A power outage, for instance, may leave one tenant without internet, while another may be able to tether off their phone or mobile device. The outage will, therefore, affect one differently than the other. Perhaps an elderly tenant may have electronic devices that they need to maintain their quality of life, while their younger neighbor will be more concerned about the refrigerator getting a little too warm. The variables are endless, and only someone experienced in multifamily properties is ideal when seeking Novi real estate management.

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Visit the Company’s Properties

After getting some good referrals (or finding some great Google reviews) that show your prospect is a trusted management company and making sure the company is experienced with multifamily real estate management, it’s time to check the pudding for proof.

  • Ask the management company if you can visit some of the properties they manage.
  • You can ask them to suggest ones that would be good for you to check out, or you can specify which types you need to see to make the most informed decision.
  • You may decide to see ones that are in or around the area where you will need management services.
  • Alternatively, you could choose properties that are similar in size or style to yours.

The difference between having business smarts and business wisdom may be found in how you manage your time. To help cultivate the kind of wisdom Yutang described, you should choose the right Novi real estate management team.

Let JMZ Management be your guide to real estate management in Novi! Don't settle for less when you could have the best: contact us to learn more about our multifamily management options!

Topics: Investment Portfolio, Multi-Family Property Investing, Property Investing Tips