5 Tips for Operating a Safe and Profitable Apartment Complex
More than 36% of Americans live in rental properties. That’s over 120 million people!
If you own an apartment complex, you face stiff competition from other landlords. So, how do you make your building stand out as one of the best in your area?
If you’re an apartment owner and you’re looking for tips, we can help. Read on for everything you need to know about improving your property management!
1. Carry Out Background Checks
Having people living in your property is a serious undertaking. That’s why it’s so important that you know who you’re renting to.
Before allowing new tenants to move into the building, carry out a thorough background check. The best way to ensure proper checks is to hire an agency to conduct them.
2. Create a Point of Contact
Some landlords like to have personal contact with tenants. Others prefer to keep a little distance between themselves and their renters. Either way, it’s important that tenants have a clear point of contact when there’s an issue.
When tenants first arrive in the building, make it clear whom they should contact if they have an issue. Ideally, you should provide both a phone number and an email address.
3. Keep it Clean
Keeping your building clean should be one of your main priorities. Depending on the size of the building, you may need to hire cleaning services to scrub down the public areas of the building. You’ll also need to have individual apartments thoroughly cleaned between tenants.
It’s also important to keep your apartment building pest free, as an animal infestation could lead to complaints and potentially legal action from tenants. Consider working with commercial pest control companies to keep the building clean and safe!
4. Insure the Apartment Complex
Your apartment building is likely to be one of the most valuable things you own. So, if you’re managing apartments, it makes sense to take out insurance.
This would include insurance against fire, theft, and other dangers. There is a range of accredited insurance providers who can help to protect your investment. A basic policy can be well worth it to give you peace of mind.
5. Look After the Hallways
In a large apartment complex, you might have a lot of individual apartments to take care of. While these are bound to take up a lot of your time and energy, it’s important to take care of the hallways, too.
Your tenants walk these hallways every day. They should be clean and safe. Carry out inspections in these areas regularly and consider adding a potted plant or some art to brighten the place up.
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When you put in a little extra effort, you’ll get so much more out of your apartment complex. When people love to live there, you’ll find it’s easier to attract quality tenants and keep them.
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