Planning to rent out a multi-family investment property as a landlord?
Over a third of Americans are currently renting, and that number seems to be rising further every year. Fortunately for landowners, this leaves an opening where you can create an income for yourself while offering a space for people to live their lives: unfortunately, the work goes beyond just owning the land.
If you’re eager to get your multi-family residence up and going, whether renting to long-term or short-term tenants, these are some tips and advice to keep in mind.
Keep Up with the Property’s Roof and Siding
The roof and siding of any multi-family residence will be what keeps it comfortable inside and helps lower the heating and cooling costs of the building. Synthetic stucco is awesome for a unique look, while board and batten siding will make a building look taller and more modern.
Remember to keep up with your roof as well! Roofs are one part of property ownership that need regular maintenance. The roof should be cleared of debris at least twice during the autumn and should be regularly checked for any broken or bent shingles and any signs of aging.
Need roof repairs? That’s one thing you don’t want to DIY.
Start With Flooring and Materials That Can Handle Anything
Multi-family houses have many people going in and out of them on any one day. Because of this, it’s vital that you take the time to get flooring that can handle as many feet as possible.
Although carpet might seem higher risk because it can get worn down, it has the added perk of being great at absorbing sound. In multi-family property hallways and spaces that clients share, it could be a great idea to use durable carpets that can handle anything.
Have an unattractive concrete floor on your property? Here’s how to brighten it up.
Ensuring the Parking Area is Clear and Clean
The parking area is one of the first areas prospective tenants will see of your property, so it needs to shine! Look into how to remove oil stains from driveways and make sure the paint is clear and easy to follow for parking.
If you can offer areas with overhangs to protect the cars, that’s a good start, but things like great lighting and easy access to the apartments are vital.
Have HVAC and Electrical Systems Tested Yearly
The HVAC and electrical systems your property works off of are important to how happy your tenants are. If renters feel like the property is falling apart or doesn't work properly, you'll quickly see them trying to terminate their leases or refusing to renew them.
The longer these systems go without maintenance or check-ups, the more likely you’ll deal with a major issue.
Bring in a professional service, or hire maintenance workers who can check the HVAC and electrical systems at least once a year. Remind your tenants that they need to change out the filters at least once every other month to get the best air quality possible.
Make Sure Mailboxes and Rooms are In Great Order
One of the fastest ways to stress out a tenant is to have their mail go missing or show up late. People want to know the things they pay for or that their loved ones sent them arrive on time and according to what they expect.
When setting up multi-family mailboxes, consider if they'll be indoors or outside and how close to the buildings they'll be. If they're in the open air, it's a good idea to have great lighting and a roof over this area to protect tenants and their property.
Consider Waste Management Early On
How your building will handle and get rid of waste is vital to consider if you’re building this property from scratch. From the major questions of cesspool vs. septic tank to the more common questions about where your tenants can take their trash, it’s one topic you’ll want to give serious thought to.
Trash can quickly build in any space, so make sure you have a clear schedule for when it's picked up that all tenants are aware of. Not only will this allow them to be prepared for when the garbage will be collected, but it'll also help avoid a trash overload from someone missing a week.
Keep Contact Easy and Open
A smart landlord who wants their property to look great and last as well as possible is available for their renters to contact. Let tenants know how they can easily contact you, and make sure to respond in a timely manner when you can.
Not only will this allow them to build trust in you, making them more likely to stay and willing to pay more when rent prices are raised, but it also ensures that they contact you the moment anything goes wrong. Quick responses can help you maintain the value of your multi-family property.
People who are unsure how to contact their landlord may avoid saying anything in a situation that could lead to an injury or emergency. You don't want anyone hurt on your property or to deal with the lawsuit that could result from it. And you don’t want to have a major repair that could have been avoided through fast response times!
The Bottom line
Maintaining a multi-family property is constant work. There are countless things to do in a multi-family residence at any one time. Make sure to keep ahead of the work, and don’t be afraid to hire or ask for help if you need it!
If you are self-managing a rental property and looking for new and improved solutions, reach out to us at CGP or check out short-term rental management help by Koti.