Multifamily Rental Property Management

By Frank Vogel and Winston Rowe & Associates

Multifamily Rental Property Management by Winston Rowe and Associate is written for investors and landlords who own a single-family home, condo, or apartment building.

 

This book covers everyday skills a hands-on landlord needs, including how to:

 

Find and retain good, long-term tenants.

Handle maintenance.

Avoid conflicts over late rent, unauthorized roommates, and move-out procedures.

Limit costly tenant turnover and vacancies.

Hire and work with repairpersons, lawyers, and other contractors.

Important check lists for everything from interior and exterior maintenance to tenant management.

 

Whether you're a landlord with a single rental property or a seasoned real estate investor with a diverse portfolio, effective property management is essential for long-term success.

 

Important Property Management Check Lists Included.

 

HVAC (Heating, Ventilation, and Air Conditioning)

Electrical

Plumbing

Apartment Interior Inspection

Exterior Building Inspection

Rental Property Roof

Tenant Move In

Tenant Move Out

Cleaning a Rental Unit

Landscaping Rental Property

Rental Property Security

Tenant Background

Property Maintenance

Tenant Evictions

Buy a Rental Property

Listing a Rental Property for Sale

Financing a Rental Property

Finding a Rental Property

Area Amenities

• Language: English
• Publisher: Frank Vogel
• Release date: Nov 14, 2023
• ISBN: 9798223982074

Frank Vogel

Frank Vogel founder of Winston Rowe and Associates is a national consulting and due diligence firm that specializes in short- and long-term financing solutions for the purchase, refinance, cash out and development of a variety of commercial properties nationwide.

Book preview

Chapter 1

Introduction Multifamily Rental Property Management

Multifamily Rental Property Management is written for investors and landlords who own a single-family home, condo, or apartment building.

This book covers everyday skills a hands-on landlord needs, including how to:

Find and retain good, long-term tenants.

Handle maintenance.

Avoid conflicts over late rent, unauthorized roommates, and move-out procedures.

Limit costly tenant turnover and vacancies.

Hire and work with repairpersons, lawyers, and other contractors.

Important check lists for everything from interior and exterior maintenance to tenant management.

Whether you're a landlord with a single rental property or a seasoned real estate investor with a diverse portfolio, effective property management is essential for long-term success.

Important Property Management Check Lists Included.

HVAC (Heating, Ventilation, and Air Conditioning)

Electrical

Plumbing

Apartment Interior Inspection

Exterior Building Inspection

Rental Property Roof

Tenant Move In

Tenant Move Out

Cleaning a Rental Unit

Landscaping Rental Property

Rental Property Security

Tenant Background

Property Maintenance

Tenant Evictions

Buy a Rental Property

Listing a Rental Property for Sale

Financing a Rental Property

Finding a Rental Property

Area Amenities

This book does not provide any type of legal advice. You should consult with a licensed Attorney for all legal matters.

Chapter 2

About The Author

Frank Vogel, founder of Winston Rowe and Associates is a 25 year veteran of the commercial real estate financing industry.

The following are links to easy to read, well organized reference books that every commercial real estate investor should have in their professional library.

Commercial Real Estate Finance

Beginners Guide Commercial Real Estate

How to Fix & Flip

Tips for Real Estate Investors

Commercial Mortgage Brokers Handbook

Multifamily Investing A Comprehensive Guide 

Self Storage Real Estate Investing 

Rental Property Real Estate Investing 

Additionally, Winston Rowe and Associates provides free advice and analysis for commercial real estate financing. You can contact us at 248-246-2243 or visit us online at this link to our website Winston Rowe and Associates.

Chapter 3

Multifamily Property Management Overview

A successful property management strategy begins with tenant selection. The right tenants can make your life as a property manager much easier, while the wrong ones can lead to headaches and financial losses.

Property management is the daily oversight of residential, commercial, or industrial real estate by a third-party contractor.

Generally, property managers take responsibility for day-to-day repairs and ongoing maintenance, security, and upkeep of properties.

They usually work for the owners of investment properties such as apartment and condominium complexes, private home communities, shopping centers, and industrial parks.

Their main roles are to manage routine tasks delegated to them by the owners and to preserve the value of the properties that they manage while generating income.

Understanding Property Management

Property developers generally want to move on to the next project as soon as each one is completed. Even if they continue to hold title to the property, they prefer to delegate the day-to-day operations to an outside company.

The responsibilities of a property manager generally involve the following:

Screening potential tenants

Drafting, signing, and renewing leases on behalf of property owners

Maintenance of properties, including landscaping and snow removal

Arranging for necessary repairs to properties

Setting up and adhering to budgets for property maintenance

Understanding state and national landlord-tenant laws and regulations

Marketing properties

Supervising other employees

Handling taxes

Types of Property Management

Just as property comes in many types, so do property managers. Some firms are specialized in providing management for a particular type of property, while others offer management services over a range of property types. A huge range of property types can be managed.

Residential Property Management

Residential property managers are typically hired for rental properties, and they manage the rental process. They can be hired to manage:

Single-family homes

Vacation rentals

Multifamily homes

Town houses

Condominiums

Apartments

Landlords, for example, hire property management firms for a variety of reasons.

Some may have multiple rental properties in their portfolios and lack the time or expertise to maintain the properties and deal with individual tenants.

Owners only have an interest in owning rental properties and earning profits from them. When this is the case, they hire professional property managers.

Absentee landlords also make use of property management services. Some property management companies cater to individual landlords who rent out a single property such as a vacation home.

Property owners who participate in affordable housing programs tend to use property management services because their rental properties are subject to complex federal guidelines that require specialized expertise.

Certain real estate brokers also operate as property managers. For example, a broker in a resort town may provide buyer and seller agent services as well as property management services.

When this is the case, the real estate broker lists, shows, leases, and maintains vacation rentals for several property owners.

Property managers are generally responsible for the day-to-day operations of the real estate, from screening tenants to arranging for repairs and maintenance, and are paid via a fee or a percentage of the rent generated by the property.

Every state has its own laws regulating the activities of property managers, so it’s important for property owners to check that potential property managers are properly licensed for their state.

Additionally, Winston Rowe and Associates provides free advice and analysis for commercial real estate financing. You can contact us at 248-246-2243 or visit us online at this link to our website Winston Rowe and Associates.

Chapter 4

Tenant Screening

Using due diligence in the tenant screening process will save you from damaged property, lengthy vacancies, and ultimately leave more money in your pocket.

Tenant Screening.

A standard tenant screening provides credit history details, criminal background, and eviction checks. Additionally, you can also perform a rental history screen and get some references from current or previous landlords.

For landlords or property managers, it helps assess whether the tenant will abide by the rules of the lease or rental agreement, care for the property, stay long-term or short-term and identify potential risks such as non-payment of rent, noise complaints, or poor credit scores.

Tenant Screening Process:

Set up a repeatable process you can follow every time you need to find a new tenant for your property.

Online Pre-screening:

Google your tenant’s name and email to see what you can find online in their social profiles. You can help confirm their identity online.

Phone Pre-screening:

Pre-screen the tenant on the phone after he/she applies and ask them questions.

Ask about their job and income, rental history, why they’re moving, and other things that may be important to you.

Background and Credit Check:

You can use credit reporting services to perform background and credit checks. Looks for government liens that may indicate criminal convictions.

Red Flags:

Look for troubling signs like if a tenant wants to move in right away without seeing the apartment, doesn’t have sufficient proof of income, or wants to skip the background check.

These are warning signs of potential tenants you may want to avoid.

Employment Verification:

Don’t use the employer contact number they provide. It’s easy for a friend to pretend for them. You can verify their employment by requesting an official letter from the tenant’s employer. If not, most companies can be found online.

References:

Ask for 1-2 professional references, including a previous landlord. Verify the previous landlord’s name by asking your realtor or lawyer to do