How to Manage a Multi-Family Property
Do you have what it takes to successfully manage a multi-family property? In a business where things change at the drop of a hat, it is important to remember the simplest parts of running any type of property.
- Always be up to date on important information. What is your occupancy rate? How many move ins versus move outs did you have last week? Are there any problems at your property? These are all important things to know. Having answers to these questions will only help you to make your property even more successful. If your occupancy rate is low or if there are more people moving out of your property instead of moving in, you can improve your rates and increase move ins by marketing your property. Knowing about property problems will allow you to make sure these problems are addressed and fixed. Maintaining the well-oiled machine that is your property will help keep your residents happy.
- Keep your residents happy. Without happy residents, you will not be able to keep your property functioning properly. Keeping clients happy allows the property to remain running and successful. Upset residents will leave negative reviews or will spread the word to their friends not to live at your property. Keeping them happy will mean the opposite. Always make sure the property staff- specifically the office staff- are addressing any problems or concerns they have. Make sure that any problems they report are handled quickly and that all amenities your property offers are in working order.
- Visit your property often. Speak with property staff and residents. Having this experience will make managing current and future properties easier. Visiting your property is a great way to get the important information mentioned above.
- Stay focused. There will always be issues. It is important to keep calm and do your best to rectify any situation you find yourself in. Stay focused and this will decrease the odds of situations happening. Things are always changing at senior living properties and it is imperative to have a strong focus towards the operations of your property. Being detail-oriented is especially important if you are managing more than one company at a time.
These are just a few important pieces to helping you successfully manage a multi-family property. Keeping your residents happy and keeping up to date with important information will take you far on this journey.