Managing an apartment isn’t actually that much different than managing a house. Sure, there are a lot of key difference here and there but essentially, isn’t it all just the same?
So if you were an apartment owner but were a house owner before this, how much different was it actually was for you? Or maybe it’s vice versa and you are now a house owner but were previously an apartment owner? I would certainly hope so because that would mean you just had a glow up.
Let’s keep this simple. Let’s see how apartment owners actually manage said apartments.
Follow legal protocols (duh)
- Get a good lawyer
- Purchase insurance
- Write a lease
- Ask tenants for a security deposit
- Let them know about the environmental hazards
First things first, legal stuff needs to be done perfectly when managing an apartment. If there is ever something that you should be complete without any mistakes, then it is the things that involves legal things. Then when everything is done, make sure that you tell your tenants about the environmental hazards too.
Maintain the property
- Create a comprehensive budget
- Hire a property management service
- Do regular property inspections
- Make sure the tenants are actually doing their part
- Keep the apartment appealing and secure
- Stay organised
This is basically us saying that you should clean. Make sure that everything is at least appealing to potential tenants and current ones. Do so by hiring some property management services if you wish to not do it all yourself. Let your tenants know to do their part as well. After all, if they’re going to be living here, they have to put in some work too.
Managing tenant relations
- Advertise your rentals
- Create a written application
- Run a background check for your applicants and get a credit report
- Select good tenants
- Make sure the rules are perfectly clear
- Promptly do the necessary upgrades and repairs
- Listen to them
- Take the proper legal action when necessary
Now for your tenants themselves. One of the things that you need to make sure about them is that they aren’t, you know, insane. Avoid housing a possible serial killer by actually doing some background checks on them and obtaining a credit report. When you’re sure they aren’t going to go and kill the other tenants (or you) in their sleep, tell them the rules. Listen to them too, when they have complaints. Do the necessary upgrades n repairs and most of all, take legal action if deemed necessary. Avoid scandals, fights and literal bloodshed by properly doing the necessary legal actions.
So, after all that, is all this really any different than when you are managing houses?
Obviously. But still, legal actions and maintenance are the same. And if you so happen are taking in tenants, then all the more similar.