What, exactly, does Novi multi family property management do for your investment? The best way to understand the role of those who handle multi family units is to spend a few minutes listing out everything you have to do as a landlord if you have no one to help you out.
- List out the day-to-day tasks.
- List out the maintenance measures.
- List those you hire to handle all issues, big or small.
- List out all that’s required in keeping tenants happy.
Once you’ve done that, think about the financial aspect of your investment portfolio.
- List out what you need to do to keep money flowing in.
- List the effort expended in finding new ways of enhancing your revenue stream.
The completion of that master list would comprise most of what a Novi multi family property management company would do for you.
Does that sound like a lot? It is, but the beauty of a property manager is they have systems in place to help make it all happen—and with a fraction of the effort of the average landlord. If you thought property management was hard enough before the introduction of social distancing—and in some cases, a complete lockdown—then you can see the initial value of bringing in a property management partner during these trying times.
Novi multi family property management companies who are experts at what they do have the tools and technology in place to handle even the most challenging elements of running your Novi multi family units—even during a community-wide crisis like the COVID-19 pandemic.
While you're sheltering at home with your loved ones, here are some of the specifics of what your property manager does for you.
They Help Keep Your Novi Multi Family Units Full
Property managers, particularly those who have earned the distinction of being a Certified Apartment Manager (CAM), understand what it takes to keep your units occupied. Even during a pandemic, your prospective renters still need a safe, comfortable place to call home! Novi occupancy rates are not results of random chance; there are several factors that are in play when units are well-occupied.
By the same token, the things that tend to plague under-occupied units are also identifiable. Novi multi family property management knows how to not only increase occupancy rates: they also know how to eliminate obstacles that get in the way of keeping your Novi multi family units full. Some of these measures may involve:
- Getting the right tenants using appropriate screening measures
- Marketing units in a way that helps draw more residents
- Properly pricing units so tenants can afford them without negatively impacting your ROI.
They Keep Your Properties in Tip-Top Shape
Novi multi family property management from the right team can help keep your properties looking and functioning well. One of the best ways to enhance revenue is to make sure the product is worth the money the user is paying. A property manager focuses on accomplishing this by doing things such as:
- Inspecting the property on a regular basis to identify current and future issues
- Performing the necessary maintenance your Novi multi family units need
- Organizing service requests and working with specialized contractors.
They Analyze the Performance of Your Investments
A property manager isn’t just focused on polishing your properties; they focus on how they’re making you money and what can be done to help them make you more. This may involve considering complex economic factors and figuring out how they impact your investment.
For example, if the demographics of the neighborhoods in which you have investments are changing, a property manager may be able to find ways to use that to your advantage. There may be certain upgrades that you can implement that would attract these new renters in Novi and justify raising the rent. They can also take into account how new investment in the local area may impact the values of your investments.
While responding to short-term changes is important for providing a professional appearance to your renters, major upgrades, or changes to your multi family units should always be made with respect to your long-term goals.
They Can Manage Your Books
When you’re not used to accounting principles and practices, managing your books can be a real headache. Effective multi family property management can take that burden off your hands.
For example, at JMZ Management, you can check on the status of your portfolio online using our Owner's Portal. We provide access to monthly cash-flow statements and financial advising for our property owners when it comes to tax-time deductions that can help you save big! Of course, these are just a few of the financial services we provide to the investors we serve.
They Communicate with Residents
When it comes to keeping residents happy, no tool is as powerful as communication. Knowing what’s on their minds and how to keep them satisfied takes time and effort. Simply swinging by for a few minutes may not get the job done. The experts in Novi multi family property management know that now more than ever before, your renters need a collected and calm response to the COVID-19 crisis. Professional management services help you provide that level of care—and more!
When it comes to all that a multi family property manager does, the list goes on and on. For many investors, their primary skill is identifying sound investments. This takes time and effort, and may not leave you with enough energy to tackle the rest of what needs doing—with or without a pandemic to worry about.
Learn more about how multi family property management can benefit you as an investor—especially in a time of crisis. As a community, Novi has always been strongest when we stand together!