Managing a large rental property is akin to being the mayor of a small community. For example, apartment complexes and condo developments that have hundreds – or thousands – of residents are essentially small towns unto themselves. Needless to say, if you’ve never overseen a property of this size, doing so is likely to seem overwhelming. Fortunately, with the following tips at your disposal, you can make the job of managing a large rental property considerably less stressful.
Hire a Knowledgeable Maintenance Staff
Property maintenance is a large part of any landlord’s job – and the larger the property, the more maintenance it’s going to require. Since you can’t be expected to personally fix every problem your residents encounter – especially if you’re not particularly skilled at handyman tasks – it’s in your best interest to recruit knowledgeable, dependable maintenance personnel. For example, if you’re managing a property with hundreds – or even thousands – or residents, you’re going to receive a fair number of maintenance requests on a daily basis – regardless of how new or well-maintained the property is.
In short, maintaining a sprawling rental is a full-time job, and to ensure that it’s done successfully, you’ll need to recruit individuals with abundant handyman experience. Furthermore, since your maintenance personnel are going to be interacting with residents on a consistent basis, look for people who are personable, courteous and unlikely to garner complaints. Property investors in the Sunshine State looking to keep Palm Coast real estate in prime condition should make hiring skilled, self-driven maintenance personnel a priority.
Hire a Knowledgeable Property Manager
Not all landlords choose to make property management their full-time occupation. Many landlords have day jobs that are completely unrelated to property management and regard their rentals as passive income-generating side gigs. However, while working another job may be perfectly feasible for someone who owns a single-family rental, it’s considerably harder for someone with a large multi-unit property to manage.
If you don’t wish to oversee your property on a full-time basis, you’d do well to recruit an experienced property manager. As the title suggests, this person will act as your proxy and assume responsibility for every aspect of property management. From processing tenant requests to fielding complaints to collecting rent payments to delegating maintenance tasks, a skilled property manager can be an invaluable ally for any time-pressed landlord. (Of course, regardless of how reliable your property manager is, it’s still recommended that you check in with them on a regular basis.)
Even if you are interested in managing your property full-time, you may want to consider bringing a property manager on board to help relieve some of your burden. Additionally, depending on the size of the property, effectively managing it may require more than one person.
Screen Rental Applicants
Although proper screening can prove tremendously helpful to any landlord who wants to avoid taking on high-risk tenants, a baffling number of landlords pay little mind to the screening process. However, regardless of how bothersome and tedious you find it to be, thorough screening can prove highly conducive to profitability. For instance, depending on where your rental is based, evicting tenants who are unable or unwilling to pay rent may take a very long time – and during this time, you won’t be making any money from their respective units.
Good screening entails taking a hard look at each applicant’s credit score, income situation and background – after obtaining their permission, of course. You should also make a point of contacting any references they list, especially employers and previous landlords. If you don’t have the time or inclination to personally screen rental applicants, consider delegating this task to a property manager or a dedicated screening service.
It’s easy to see why managing a large rental property would induce feelings of stress, particularly in first-time landlords. After all, certain rental communities are home to thousands of residents, and if you’ve never managed a property of this size, it’s entirely understandable that you’d become overwhelmed. While there’s no denying that rental property management has its share of challenges, there are numerous steps you can take to make this job far less stressful. Fledgling property owners looking for effective ways to keep their stress in check will be well-served by the pointers outlined above.
