Multi unit property management is a unique skill set that requires a special combination of knowledge and experience. There are a lot of moving parts, and you have to be able to coordinate multiple projects at once, all with a high degree of professionalism and efficiency. It’s important to use specialist software and standard operating procedures to ensure you can keep track of every detail, from rental marketing and tenant screening, through to financial reporting and accounting for the entire portfolio.
One of the biggest challenges is time management. As a multi-unit property manager, you will need to be on top of everything from bookings and reservations to maintenance issues and complaints 24/7. It’s also essential that you have a system in place for dealing with enquiries from prospective tenants, and that you can allocate each lead to the correct unit quickly and effectively. This could include using a phone app or a traditional paper calendar, depending on what suits your business model best.
In addition, it’s important to have a good understanding of the laws and regulations that govern your area. This will help you avoid fines, legal action, reputational damage and other risks that can be incurred by not adhering to local laws. This is where it’s often helpful to work with a legal expert specializing in property management and landlord law. These professionals will have a firmer grasp of what is and isn’t permissible, and can help you make the right decisions for your long-term success. multi unit property management