Whether you own a duplex or a 125-unit apartment complex, it’s likely your main goal is to keep each unit filled with the best possible tenants to keep the rental income rolling in. In managing multifamily properties we understand that this can be a complex process. As a property owner, you need to balance cash flow, expenses, tenant needs and legal compliance—and make them all work together. Coldwell Banker Gold Key Realty Inc. has the experience and knowledge to bring it all together the way you need.
As a property owner, your most significant revenue generated by your property is the rents paid by tenants. Placing the right tenants dramatically reduces the risks of nonpayment and the costs of an eviction. Additionally, keeping the tenants happy will make them less likely to move at the end of their lease. The best way to fill vacancies is by avoiding them all together.
Each day that a unit sits vacant is lost revenue that can never be recaptured. So when a vacancy is unavoidable, quick tenant placement is essential. By employing an aggressive marketing strategy, being responsive to showings and converting rental leads into tenants will make all the difference in the level of your financial success.
Placing the Best Tenants
Placing the wrong tenant can cost you the equivalent of four to six months in lost rent. Hiring the right professional management company to perform tenant screenings and background checks is critical and will reduce your risk of financial loss. Coldwell Banker Gold Key Realty Inc employs a time tested and reliable tenant screening process by examining in detail the credit history, employment consistency, income, rental history, and criminal and terrorist background checks.
Cost Effective Maintenance
Maintenance is a necessary part of owning and operating a successful rental property. To adequately care for the unit, owners should expect to spend the equivalent of one month’s rent on maintenance and repairs each year. That figure could be less for new properties, and more for older properties. If you neglect to perform the necessary maintenance during the year, you risk higher tenant turnover and longer vacancies. However, when you adequately provide maintenance in a timely manner, your tenants are more likely to take care of the rental as well, which also helps to keep your maintenance costs down. With over 30 years experience, we have learned that being proactive with maintenance items and responding to tenant requests will save you a lot of money long-term.