Author: Brett Knox
September 20, 2024 - 5 MIN. READ
Effective property management is crucial to the profitability of multifamily properties. Meticulous property management keeps your property well-maintained and your tenants satisfied. High curb appeal and positive reviews attract high-quality tenants, maximizing your income.
Experienced property managers know the importance of maintenance. The right property management supplies streamline your operations and cut your expenses.
According to a recent survey, landlords spend between 30% and 50% of their rental income on repairs and maintenance. Obtaining the best maintenance supplies at the lowest cost will boost your profit margins.
Some supplies you need are:
Streamline your maintenance by:
Preventing problems cut costs.
Property management is increasingly focused on sustainability. Greener operations will draw environmentally concerned tenants. Reducing energy usage lowers your bills.
Items such as LED lighting and low-flow fixtures will further decrease your energy costs. Newer Energy Star appliances may also qualify you for tax credits.
Property managers must protect multifamily properties and tenants from intrusions. One of your options is purchasing commercial security cameras.
Locking systems are one choice to restrict access, but you must ensure smooth entry by tenants and their visitors. Windows are also access points. Try monitoring them either with cameras or sensors.
Lighting enhances security for outdoor spaces. Tenants need both access control and illumination for amenities such as pools and play areas.
Nothing is more critical than tenant safety for the reputation and worth of your property. Conducting thorough inspections will enable you to detect hazards before they cause accidents.
Ensuring your property is up to code minimizes risks to your tenants and bottom line. Safety equipment such as smoke and CO detectors should be in working order. Tags on your fire extinguishers indicate if their certifications are current.
It is a good idea to make a plan to handle emergencies. Maintaining a safe and secure property will reduce liability and insurance costs.
With rising rents, tenants expect more and better amenities. Some trending preferences are:
Many tenants also prefer to carry out rent-related tasks online. Providing internet-based leasing and rental payments is a plus.
Tenants also look for common areas with fitness equipment and attractive furnishings. Your internet bandwidth should be sufficient to support smart home technology such as Alexa-linked devices.
Providing the most desired amenities leads to referrals, lease renewals, and positive reviews.
Reduce the cost of procurement by seeking bulk discounts for multifamily property managers. Negotiating prices with vendors and maintaining long-term supplier relationships will lower your costs while ensuring supply availability.
Using a buying platform, you will purchase from multiple suppliers from one access point. Try saving time by requesting quotes electronically. Using analytics helps you find the best pricing and predict future costs.
As a property manager, you control inventory. Aside from the maintenance materials you keep on hand, office equipment and supplies can represent a significant expense. Your inventory may include:
Managing your inventory will reduce waste and costs. A simple way to manage your inventory is by dividing items into three categories: critical, moderately essential, and low-value. Pay the most attention to the items in the first category and replace them immediately whenever they are damaged or depleted. Those in the second category can be replaced on a schedule. The third category can be replenished when you have the time and resources.
Another option is the just-in-time (JIT) method, which simply means that you order things when you need them. This is not the best strategy for items you cannot readily obtain. In an emergency, you may get hit with expensive upcharges.
If you have storage space, you can keep safety stocks as a buffer.
Inventory management software is the most comprehensive solution to maintaining relevant stock at acceptable levels. It tracks your inventory in real time. The software reorders automatically. It also works with your accounting system, eliminating human data transfer errors.
You can ensure your property is safe and protect yourself from fines by conducting a yearly review. Refresh your knowledge of local regulations and safety standards on an annual basis.
Conduct an inspection to ensure you are up to code. You may want to hire a professional inspector if your properties are large or the regulations are complex.
By reviewing your lease agreements annually, you will ensure they comply with any changes in the law. Items to check include fair housing regulations and late fees.
It is also essential to check your insurance coverage to make sure that it is up-to-date and adequate, particularly for liability.
Consider what changes you need to make for the current year. You may also want to get a head start on a plan for next year.
Having the right supplies makes your maintenance more efficient and effective. Sustainability practices cut costs and make your property more attractive to tenants.
Security and safety are essential for protecting your tenants and reducing your liability. Offering favored amenities leads to more tenant satisfaction and improved occupation levels.
You can access cost-effective procurement strategies that save you time and money. Managing your inventory reduces waste and costs. Inventory management software is a comprehensive solution.
Conducting a yearly review helps you ensure regulatory compliance. Your property will be safer and won't incur penalties and liability.
Well-chosen property management supplies contribute to your tenants' satisfaction and increase your profits. Assess your current needs and make strategic choices. Raiven can make your strategies a reality. In the Raiven Marketplace, you can access pre-negotiated discounts on Grainger, Graybar, Illumini, and many more top-level suppliers. Reach out to learn more.